Hey everyone! I'll try and keep this structured and concise, however I would really appreciate any help/insight!
I am a (M) 25 year old pharmacy student. I am currently preparing for my licensing exams. Studying for these exams are extremely time consuming; I study nearly every day between 8am to 1am (that's obviously exaggerated since I have to cook, shop, eat, take breaks, etc. in there but you get the idea!). Basically, I would have difficulty maintaining a part-time job while prepare for those exams.
Current Debt:
Student debt: $32,000 - Payment: $300/month
Credit Card(s): $12,000 - Payments: $290-300/month
Total: $590-600/month
"Income" pretty much comes from family financially supporting me: Approx. $650-700/month. This amount is relatively constant but I don't know how I could use it to land a loan/line of credit. Why do I need a loan? Well, I applied for a change/upgrade in credit card type (on the card that has the bulk of the CC debt) to reduce my interest from 23% to 11%. Turns out due to new laws, monthly payments must reflect an 3-5% of the total debt (plus normal interest). Basically mymonthly CC bill increased by about $200. From $290-300/month to $490-500/month. I cannot sustain this!
"Income" = $650-700/month
Old Debt Payments = $590-600/month
New Debt Payments = $790-800/month
If I could just transfer my credit card debt onto a personal loan then I would be able to make ends meet until I get my license and start working but that could take up to 2 years. Besides is there any way I could prove my "income"?
How could I land a loan in this situation? Any help is welcome! I'm honestly panicking and don't know what to do.
Thanks in advance everyone!
Edit1: The Student Debt is taken from my parents' Line of Credit (I am paying off the interest I owe them)
Submitted November 07, 2019 at 07:36PM by Disposable0011 https://ift.tt/2oY4PR3
