My best friend told me to post this here. 4 years ago while I was in college, I learned about life the hard way. I got into major debt. The year I went to college, student loans weren't available. Not enough credit to get another loan elsewhere. So, I got tons of credit cards to pay for college. Big mistake. I'm 25 and I learned a lot in the last 7 years. I'm much better now than I use to be. However, I went from a 400 credit score to roughly 630 now. I'm getting there.
I have way less debt than I use to too. So, I still have a lot. Just 3 months ago, I had about 18,000 worth of debt with 15 credit cards and loans. Now, I have $15,300 on 10 credit cards and loans. I pay about $1,000 a month towards my debt. However, interest rate is extremely high on a $3,000 loan. Last year my job shutdown for 2 months, my car got totalled. It was a bad show. So, this December my job will give up two bonuses. I plan to use those to pay off the $3,000 loan. I pay $150 a month but it hasn't even made a dent a year later.
However, $1,000 a month that im paying towards the debt is making a difference, but not quickly. My living situation isn't the best. I have a step family member who reminds me of the debt all of the time. It's causing my depression to go up. I'm doing my best. However, my parents keep telling me to look into bankruptcy. I have a 2016 Honda Civic. I went from a lemon car that always cost me tons of money, and slowly worked my way up to this car. I rather not file bankruptcy. I don't want to chance losing the car. I'm so close to getting the debt paid down giving it another year seems logical to me. I just don't know the wisest choice. I learned a lot. I'm just ready to have things paid off so I can have my own place again. I still can't find any consolation loans as my credit score isn't high enough just yet. I've tried to lower my interests on some accounts but companies don't want to lower it usually.
Any advice is welcome. Thanks so much and I hope you have a great week! Just wanted to at least see other people's opinion on the smartest way to attack the debt and not have to live with family. (I use to have a place that I shared with a roommate with. Killed me when this person barely payed 30% of the living costs and then ended up bailing. I learned to not rent a place with someone unless I can fully afford the costs myself worse comes to it)
Submitted September 30, 2019 at 11:20PM by ChemicalEmilyBoo https://ift.tt/2nhUFKa
