Alright, so I’m pretty embarrassed to say the least.
About 4 years ago I claimed bankruptcy, I had got ill in my early 20s unexpectedly and all my utilities got racked up, medical bills, and a few small credit cards. I was getting sued by a collection company and they were moving to garnish wages. So I claimed bankruptcy at age 26.
All was well after that I got a small credit card and built my score back up to about 700.
However, my mom almost immediately after had an accident and had no income for a while. She is now on disability but that was a lengthy process. So because I was always paying in full and repaired my credit my lines got bumped up rather quickly. I think writhin a year. I should have known better. But I was trying to support myself and my mother on $17 an hour. Which isn’t an easy feat in Rhode Island.
So credit cards became my option for many things. Because we needed, food, electricity, and other essentials.
Don’t get me wrong some of that spending wasn’t the brightest. I am not innocent in the matter.
Anyways, I’m now stuck spinning my wheels in the mud. I’m pretty much only making minimum payments and the interest is killing me. I’m not making any traction. Only paying the minimum is leaving me with like $100 to feed myself and buy gas for two weeks. (I’m paid biweekly) Which as you can imagine is damn near impossible.
I can’t get approved for consolidation loans. I know that it can hurt your credit but I closed anything with available credit so I would stop making it worse for myself and closed all but one card.
The only thing I can think to do at this point is just stop paying. I hate to do that though. My on time payments are at 100% on my credit report for the last 7 years. And I know they can then garnish my wages. There has to be a better way.
I just don’t know what I can do to get this debt down.
Here is a break down of my expenses
I’m paid $2k a month for take home
I luckily am now renting an in-law apt from family and only pay $375
Car loan $347
Insurance $125
Cellphone $42
Heat and Electric $250
Internet/cable $100
Medication/Medical $70
Credit Card Minimums around $430
As you can see it’s around $1,739
Only thing I can cut is internet and cable which I’m planning on but still that isn’t giving me much here.
I’m not getting much back for taxes and I’m planning on using that to pay towards debt but I’ll only have roughly maybe $1700.
Edit: To add to the post
I have been trying to get a second job. I’ve been on a couple of interviews. However my options are limited unfortunately. I work presently making $19.61hr M-F (Saturday every 5weeks) 10:30-7pm. I have some medical issues that require a job where I’m mostly sitting.
Trying to find a job that works with my current jobs not flexible hours and my medical requirements is pretty useless.
I also don’t think that I can get rid of this car. I only got it in November. I live in an area with very limited public transportation and only was able to come up with about $500 when my 2001 car’s engine went. I didn’t want a car loan but I wasn’t in a good position.
Submitted January 25, 2020 at 08:14PM by CosmoLifexx0 https://ift.tt/2tHxL2d
