by Hope
| Debt Description | Current Total |
|---|---|
| CC - Frontier | 3,857 |
| CC - USAA | 5,000 |
| CC - AMEX | 894 |
| CC - Apple | 500 |
| CC - Amazon | 1,497 |
| CC - Sams | 1,106 |
| CC - Wander | 1,630 |
| Car Loan | 19,581 |
| Student Loans | 22,121 |
| Personal Loan #1 | 2,500 |
| Personal Loan #2 | 2,500 |
| Total | $61,186 |
That’s it. That’s where I’m at right now.
I’m plenty ashamed of how far I’ve back tracked so no need to rub it in. And as soon as I get a job I will be on it.
But for now I am borrowing from peter to pay paul at every turn.
Details:
Credit card, credit card, credit card – those are pretty self explanatory. I’ve been using them to keep afloat since the beginning of the year.Four of them are new cards as of this year. Two of them I’ve cut up and am just making the minimum payments. None have late payments. But I am just paying the minimum, and then often using whatever credit is available.
Car – this debt/payment will go away come January when Gymnast takes it over. We are reviewing the options of refinancing it into his name versus him just making the payments and leaving it in my name. I’d like option #1.
Student Loans – have been in deferment for most of the year and will be at least through December. Payment will be $306 per month.
Personal Loans – both taken out in September, 2023 from a friend and a family member. In both cases, there may be the option to work them off. At the time of the loans, I asked for a 6 month term to pay off.
Hope is a creative, solutions-focused business manager helping clients grow their business and work more efficiently by leveraging expertise in project management, digital marketing, & tech solutions. She’s recently become an empty nester as her 5 foster/adoptive kids have spread their wings. She lives with her 5 dogs in a small town in NE Georgia and prefers the mountains to the beaches any day. She struggles with the travel bug and is doing her best to help each of her kids as their finish schooling and become independent (but it’s hard!) She has run her own consulting company for almost twenty years! Hope began sharing her journey with the BAD community in the Spring of 2015 and feels like she has finally in a place to really focus on making wise financial decisions.
oh Hope, I just don’t even know what to say….my comments are NOT intended to shame but to get you to open your eyes. Why, why, why are you carrying a $20K car loan on a child who has already totaled a car. There are safe used cars out there for 1/3 of that, my young adult child who is a registered nurse with an excellent income and perfect driving record AND borrowing less than that needed a co-signor, there is no way you will be able to drop off that loan. With this level of debt incurred in a very short time frame you should not even be considering ANY form of travel, ANY household help or employees, ANY new pets or even keeping a childs pet for them, paying ANY storage fees, or $30 almond milk. You need to NOT use cards for miles or points or anything clearly. You need to take ANY job that will hire you ANYWHERE to start paying off those cards. Not concerned about the student loans, but the rest of it you need to pay. This list doesn’t have your mortgage, your insurance costs, your phone costs and other monthly obligations. I also think you should look at some sort of finance twelve stop program. You seem to be a religious woman so it may be a good fit. You seem to tie your self worth into purchasing things for yourself and your kids. They will love you even if you dont pay for everything, you will be doing the best thing you can for them by getting yourself stable financially. They have to be terrified right now that they will have to support you for the rest of your life. I truly wish you well but this just feels like an endless cycle of bad choices since day one.
Have you always had that many credit cards? I was under the impression you just had one or two.
Is that car loan new and I missed an update where you bought it? Why is it so much, if for gymnast I would be concerned about insurance cost on an expensive car, since he’s had some pretty bad wrecks so far.
I’m sorry, I missed the sentence where you said 4 cards are new. Could we have the minimums for all those cards, since you said that is what you are paying?
Yes, I will update with more details shortly.
Is the car loan new? I thought it was lower? He doesn’t need saddles with such a high car loan. Your unable to find a part time job with the job you have now?
I have a part time job now, and am looking for another one. But really what I want/need is a full time job and then also a part time job too for a while. My real focus is on getting a full time job, but another part time job in the meantime.
The car loan is a new surprise and am I right that it’s been over a year since your last debt update?
I’m hoping at this point you have had a legit come to Jesus with every penny and canceled absolutely everything. I’m thinking back to the business subscription post a few months back as an example.
For the love of everything, prioritize the roof over your head. You’ll get through this.
Yes, keeping the four walls has been the priority. I will provide more details; however, I am sure my reasoning will be seen as excuses.
But I am determined to spend more time here and be so transparent it hurts to get back on track.
Hope, don’t panic, it isn’t as bad as it could be. The car loan will soon be gone if your son takes it over. That’s huge. I will repeat my suggestion from before to get a part time job at a store of restaurant to get some extra money and stop the bleeding. If you can keep from making the debt worse, paying it off is still obtainable. Good luck!
Thank you, Denise. As ashamed as I am to be here again. I agree that pay off is obtainable. And frankly, being “kid free” takes a good deal of the pressure off as I do not have to support anyone else while I try to dig myself out.
I‘m not criticizing – you’re in a tough spot and you’re doing the best you can. I was in a similar situation once years ago and it only resolved when I increased my income. But I remember having nine credit cards at one point.
I do think though that the time has come to 1) look into a second job …Walmart, fast food..2) look into selling things and 3) check again into benefits you might be able to get. No shame in using a food pantry for example.
1. Yes
2. Yes
3. I don’t think I qualify for anything these days. Evidently $500 a week should be plenty to support a single person.
You need to apply for the SAVE program. With your low income I’d doubt your payments would be more than $30 a month. That’s assuming your loans are federal and not private.
no need to be ashamed. stuff happens. I’ve been following your posts for a long time. you got this girl. sending a hug cause we all need a hug from time to time.
Thank you, LB. I greatly appreciate that. And a hug is always needed these days especially with my kiddos having moved away.
Thank you for posting your updated debt situation. Can you please clarify if you are still working a part time job? The way you worded “as soon as I find a job” makes it sound like you aren’t working. I also think you should consider being more active here including the comments area. I know it’s easier to hide your head in the sand but people here have been trying to help you for literally years and there are many good suggestions given that are ignored. At least approve comments in a timely manner once you’ve decided to post.
I am still working my part time job that brings in right around $500 per week.
And yes, keeping my head in the sand has kind of been my MO lately. Hard to battle back after being swatted down so often.
Are you bringing in any income right now? And I assume all EF and savings are totally wiped?
Yes, I believe I wrote a post early summer or spring, not really sure, that all reserves which included my existing CC were dried up/maxed out.
I still have a part time job that brings in about $500 per week.
Hi Hope,
what are the interest rates on those cards?
i have no experience with them, but habe read about them on other blogs: could debtors anonymous be a good resource / place of accountibility for you?
I will update with more details soon.
There are a few things that bring up red flags here. Hard times can happen to anyone. We have all been there. It’s how you handle those hard times that are important. You are applying for credit cards like an 18 year old who has gotten a bunch of offers in the mail. That’s dangerous.
Gymnast is what 18? I am not sure that at his age and lack of credit, he would be able to get financed at that amount without a cosigner and if he were able to, the interest rate is going to be horrendous. I agree with the others, that’s a lot of money on a car for a teenager.
If you haven’t already, look into apps like Survey Merchandiser, Mobee, and Field Agent. These are all apps where you can make extra money at places like Target, Walmart, your local grocery store, etc. Also, Kask Kick gives you extra money for playing games on your phone. I got $40 the other day for playing some casino game. look into other things you can do online to make some extra cash. surveys, focus groups, etc. This will at least bring something in while you are looking for a job. Also look into apps that give you money back, ibotta, fetch rewards, coinout.
Apps like Raise and Slide can also help you save money. They give you money back for buying gift cards. For example, yesterday I needed an Uber. I found out how much my ride was, went onto Raise and bought an Uber GC for that amount, and got 1% for my purchase. It’s not a lot of but it’s something. Other stores have higher %s. good luck. keep us posted on how things are progressing. you seem to be going through a lot. I pray everything gets better for you.
Thanks, Ellen, I have looked into merchandising and mystery shopping before. In fact, when my youngest two, my only children at the time, were younger I took advantage of those types of jobs. Unfortunately, where I live there are few to no opportunities like that. But I am looking for another part time job while I keep looking for a full time job.