Heyo everyone, and happy New Year! Sending each and every one of you the best of vibes for a happy, healthy, and successful year full of joy :)
I'll keep this as brief as possible, but of course, if there are any critical details missing I'll add them in and respond immediately.
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I'm graduating from university in May (so stoked!!), and was recently hired by a company. My salary will be $85,000. I will also have a signing bonus of $5,500, and am entitled to an annual bonus in addition to my salary. I'm also fortunate to have benefits such as a phone plan and full insurance coverage, so those are other costs I don't have to worry about.
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Earlier in my college career, I took out two credit cards. Long story short, I missed payments and am now in a situation where both accounts have been closed and I've been in this loop where I'm being charged the minimums, but the balances aren't moving at all because I haven't been able to afford to pay either off in lump sum.
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Every month, after rent, I'm bringing in about $800.
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But my credit cards bill me for about $2-300 each month.
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Credit score somewhere in the 500s.
Overall, I've accepted the loss of the credit cards. I was dumb, life came up, and it just needs to be dealt with. I'm confident that between my salary (which I'm fortunate to have, especially fresh out), and a secured credit card (from reading threads around here), I can build my credit up relatively quickly (is that a fair assumption)?
But even so, this debt is eating away at my income now. And I hate that I'm paying money that ultimately isn't doing anything because interest doesn't allow the balances to move...
Though I'm obviously ineligible, I'd really love to receive a loan that allowed me to pay off debts, and have one consolidated monthly bill that allowed me to have more income now (which would allow me to save for relocating, and have a savings before I start receiving a paycheck), and then pay that loan off in full once I start working which would be very easy.
Ah, and I forgot to mention: Between the cards, my total outstanding balance is just about $5,500.
Any advice for this situation would be sincerely helpful. Because the credit cards bill me, I just end up living nearly paycheck-to-paycheck after I purchase groceries, and I really wish I could be moving effectively for debt rather than throwing money at buying time.
I love you all, and happy new year!! Thank you so much for your time !! :)
Edit: Also, if I were to call the credit card companies, do you think they might be at all sympathetic and would offer a resolution that didn't impact my credit further?
Submitted December 31, 2017 at 05:24PM by radspacecowboy http://ift.tt/2ltw3tI
