35 year-old male
Background:
I used to have great credit, but after a year of clinically debilitating depression, had trouble paying bills due to lack of employment. No longer depressed, I secured employment in my field of study, presently making $6,508 monthly (after taxes), or $78,096 annually (after taxes).
Present debt is $19,000 (not counting monthly car payments toward $20,000 loan). Monthly expenses amount to $3,680, NOT including credit card payment (daycare: $1,300; car: $530; gas: $1,100; insurance: $180; utilities: $570). Monthly expenditures will increase to $5,480 in April 2019, after second kid comes along and I need to pay for a second daycare (though first kid will graduate out of daycare later that year). Wasn't approved for mortgage, which is solely in my wife's name. With exception to the car loan, and accrued credit card debt, no existing loans. I use to have double the debt, but paid off ~$18,000 (credit card debt on another account, which is now is $0) with money made in bitcoin market. No savings at this time. Transunion credit score = '634,' and Equifax credit score = '618' ("fair"). I'm very poor with financial management, and honestly cannot generate a plan to recover from present situation. Monthly payments to the credit card are negligible, as APR consumes some of the balance I paid off.
Can someone please offer suggestions or insights as to how recover from this situation. I hate having little money to my name at the end of the month, unable to pay for things as basic as new glasses, as current ones are scratched as f*ck. How would I be able to pay off this treacherous credit card balance? Continue monthly payments on present card (APR on last statement was 15.74%)? Open loan with wife or mother as primary person and me secondary? Try to secure personal loan through bank? Bankruptcy or debt consolidation (though I feel/hope current debt is manageable such that I don't want to seriously ding credit score)?
I would REALLY appreciate some guidance and advise. Being in my mid 30's, neither my wife nor I are able to put money towards savings, let alone retirement planning.
Submitted August 28, 2018 at 08:59PM by HonestPlatypus https://ift.tt/2wnGnsR
