Situation: I have $4k savings, $2.5K in credit card debt and 35 payments of $317 each remaining on a new car lease ($11,095). I make a $42k a year salary (approx. $2600 per month in take home pay). My rent and utilities typically add up to about $1000 per month.
My dad recently co-signed on the car lease with me and expected me to keep the money I received from insurance on my previously totaled car untouched in a savings account to make the new lease payments. However, I privately used $8k of the $12k from insurance to pay off credit card debt, leaving me with the $2.5k in debt I have now.
I am 100% committed to doing what it takes to make the car payments each month, but want to level set on how deep in I really am. I am terrified to come clean to my parents about the specifics of my situation and how much credit card debt I was in. Although they are in a position to help me, I would like to figure this out on my own without involving them further if possible, but the guilt and uncertainty are eating me alive right now.
Any insight or tips would be greatly appreciated.
Submitted March 07, 2017 at 04:40AM by bm8561 http://ift.tt/2mwnjVd
