TLDR: got into debt during 2020-2022 from failed biz and crypto/gambling debt. Now unemployed due to team lay off and looking for best option on how to go about $25k in closed account & collection debts. Never told anyone.
Long story:
At the age of 22/23 I started an eCom business, around this time Covid hit and while the majority of the industry boomed, I tanked due to low profit margins and high cost of goods.
My business failed in 2020 and I failed to maintain and pay the debt that came with it (at that time it was about 15k) and instead of maturing and “bossing up” I let it sit despite getting a job (which I just got laid off from) that paid pretty well, low cost of living (live at home, etc. I spent the funds I should’ve paid the debts off with on gambling/crypto addiction during the last 2 years. Last Monday, my job fired me and my entire BDR team due to lack of results (i was the best on the team, just hard as heck to get leads for specific industry). Just wanted to make it clear it was not due directly to bad habits just mentioned.
Finally, I decided enough is enough, after getting laid off I’ve decided slowly but surely I want to go from unemployed, in debt, broken to building a business again that’s successful, be debt free, flourishing , and all the rest.
I’ve closed all of my crypto, gambling, and stock/trading accounts as of Jan 1st. I plan on being successful through business long term via hard work and grit not scam tokens and casino gambles.
However as of today, I’m now unemployed Approximately and 25k in debt (19k in CC debt and 6k in collections).
Based off some research I did I understand there’ll be impact whether I settle the debt, pay in full, collections, etc. I do plan on hustling my ass of and pay this off aggressively unless there’s other options.
I have a gf, plan on getting An apartment in a year, no car, but live near Nyc @ home. Ranging from bankruptcy, debt consolidation, settling or just paying off outright. What do you suggest?
Worth to mention all CC accounts are now closed as well and have not been paid in years. Yep, I know I fucked up.
I have $2500 in cash to hold me over.
Rent & utilities: $600 (live at home but chip in) Gym: $40/m
Credit card debt: $18,910
Amex: $2133 Capital one: $8945 Aspire : $1941 Wells Fargo: $5891
Collections debt: $6372
Collections 1: $767 Collections 2: $1264 Collections 3; $4341
Your input, comments, experience, and advice are appreciated.
Submitted January 26, 2023 at 03:52AM by newprojct https://ift.tt/BbeMk1P
