I make a little over $15 an hour as a Visual Merchandiser at IKEA. My raise is only 3% a year, and there's no promotion I'm interested in. I've kept an eye out for a better paying job, man I don't see one.
I have: a debt consolidation loan through BestEgg, 18k in high interest credit card debt over 2 different cards, and only 4k remaining in student debt.
I have tried and failed to qualify for a second debt consolidation loan to stop bleeding out from interest. Last week I successfully applied for a 0% interest balance transfer card. It only accepts $750 in balance transfers, and it's interest free for 15 months. A drop in the bucket and I didn't want another card, but I'm struggling so much with this interest I had to try.
My credit score is 680. I have never been late on a single payment. I've been struggling with this debt for years since leaving a financially/emotionally abusive husband, and I'm exhausted. Because I live paycheck to paycheck, I sometimes feel I have no choice but to use the high interest card for emergencies (plane tickets to see sick relatives, for example). I have nothing in savings. Saving feels impossible and has for years. Sometimes I'm late on my rent. I don't own a car or a computer, but bankruptcy still feels like a bad idea.
In September, my debt consolidation loan will be paid off. My current plan is to apply for another debt consolidation loan at that time with the hope that it will lower my interest charges and whittle down my debt more.
I live a simple life and I don't need to feel wealthy. I'm frightened of retirement, and frightened to have no savings.
I am so open to advice. Lordy.
Edit: Thank you so much for all of the good advice! I feel I have a clearer sense of direction now.
My parents live across the country and both are in poor health - sick is a classy way to say possibly dying, so for my life priorities that does indeed qualify as an emergency. And no, I'm not going to take a management job that would make me miserable every day for the sake of paying off my debts more quickly. I see the burnout rate and I'm not interested. It is already a balancing act to keep my body healthy enough to earn income, let alone adding that level of stress for a few bucks an hour.
But I appreciate the guidance about different approaches to managing debt. You've been very helpful, thank you so much.
Submitted January 26, 2019 at 08:21PM by Mithrakana http://bit.ly/2FQZ5iK
