Hi everyone,
Recently my biological father passed away, and I was cheated of my inheritance. I would have received a couple of million, but instead all I'm left with it the life insurance he took out for me. The life insurance amount is 9854 dollars.
When he passed away, I quit my job and am yet to find a new one. We can assume I'll make about 422 dollars a month when I start working next month.
I really want to get my life on track. I don't think my credit score is particularly good. I live in an abusive household, and would really like to pick up my life and try to move out soon. I know I don't have the means to do this yet, but I'm working with what I have.
I have a lot in debt - 2111 dollars to be precise, and I pay about 140 dollars every month in minimum dues. I also owe my boyfriend about a 1000 dollars for helping me get by difficult times.
I'm confused about whether I should withdraw the life insurance amount, clear up my debt and reinvest it. It hasn't matured yet. In 2020 the life insurance amount will go up to 14,077 dollars.
Pros (withdrawing the life insurance):
I will clear my minimum dues
Improve my credit score
Reinvest the remaining money
Cons:
I lose out on 4000-ish dollars
Here are all the figures. Please help me plan.
Life insurance amount: 9854 (if withdrawn now) or 14077 (in 2020)
Current bank debt: 2111 dollars (Minimum due is 140 a month)
Debt to boyfriend: 1000 dollars
Expected salary once I resume work: 422 dollars a month
Please help me decide what I should do. Thank you.
Submitted February 14, 2019 at 08:36PM by laurastars http://bit.ly/2IdPxjV
