I make 52,400 a year before taxes. I am currently carrying $45,500 in credit card debt, a 401k loan that takes $220 a month out of my checks (about 6k) and a debt consolidation loan (ha!) that costs me $130 a month ($2.3K).
I feel like I am drowning. For example I have a discover card with 6k out of $6500 on it. Monthly payment is $180, I pay $200, the interest comes in and it's $110. I feel like I'm not making any leeway here and I don't know what to do. I'm so tired of living like this.
I have 15 credit cards. 1 (store card) has a $0.00 balance, 1 has a a 48% utilization and all of the others are 80-99% utilization. I have never once (in about 13 years) been late on a payment, that's pretty much the most positive thing I have going for me here. I just don't know if I should or can say fuck it and try for bankruptcy. Any advice? I work/commute 50 hours a week and in my spare time I've been doing surveys and whatnot online for pennies here and there.
Edit: I want to thank everyone who commented here. I think what I really wanted to hear was that bankruptcy is a fucking terrible idea and I should definitely not do it and that digging myself out of debt without going bankrupt is still completely possible for someone in my situation. Seriously, thank you. This is gonna suck but if it's still feasible, I'm gonna do it.
Submitted April 24, 2018 at 11:30AM by PassportSloth https://ift.tt/2JkOElk
