TLDR: $37,810.70 total debt, monthly bills without groceries or gas is $3808, combined salary is $3000 per month, credit score 662.
I am seeking financial advice on my debt, and wondering what options I have for consolidating it, acquiring a personal loan to pay off the high interest amounts, etc. I am in Nebraska if that matters..
So here is the situation.. I was making $65,000 before COVID. Got furloughed and eventually was asked to come back on terms I could not accept. It took me 3 months to receive unemployment with the stimulus added, and this is why my debt increased significantly. I am currently unemployed still, although I have started my own business and am starting to get some jobs coming in. The salary I can take from here right now is low, like $1500 a month at the most, and my husband takes the same.
So here is the damage-
$3000 per month coming in.
$3808 monthly bills including rent and all minimum monthly payments, daycare, insurance, etc. (does not include groceries, gas, diapers, or anything extra) ($150 per month from this amount doesn’t need to be paid until January for student loans) Typically I try to sell some personal stuff to make it by.. if I absolutely have to, I ask for help from my parents.
6 credit cards totaling $21,669.50 as of now. Average interest for these accounts is 20.81%. I do have some interest free purchases, so what I consider to be my high interest debt is $14672.50. Minimum monthly payment for all credit card accounts totals $522.00.
One loan for a Jeep at 4.24% with $5,827.34 remaining. ($180 per month)
7 student loans totaling $10,313.86 (currently do not know the interest rates because they turned interest free until January 2021 and each account just says 0% right now, but highest loan is $2501.29 and lowest is $916.91 and if I recall, the interest rates varied from 1.5%-6%)
So my total debt is $37,810.70 if I were to pay it off today.
My credit score was 704 in October, and now is 662. Debt to income has screwed me along with high utilization rates.
SOOOOO…. Yeah, I know this is bad and I really need some help because its causing me so much stress and anxiety. I thought about getting a personal loan of $20,000 to pay off all the high interest debt and Jeep, but it seems my credit score will only get me about $8000 with an interest rate of 25% or so. I’m crying as I type this because I can’t figure out how to get out of this massive hole.
Thanks for reading. I really need your help.
Edit: Link to view a breakdown of everything.
Submitted August 23, 2020 at 04:13PM by shadybitchh https://ift.tt/3hAUrox
