resjudicata
New member
@skelly I don't agree that bankruptcy is the best option at all. If you declare bankruptcy, it will severely impact your credit score and you won't have the ability to buy a house, car, or any leasing assets until your 40.
I know that this seems like the end of the world but it's actually easily fixable.
Step 1: Go to therapy or a Anonymous meeting group to break the habit of whatever got you in this position (AA, gambler's anonymous, etc). The most important thing is that you change the root of the problem as soon as possible.
Step 2: once that's done, fixing the financial problem will be the easier part. Live at your parent's house. Boom $1500 of monthly expenses cut out right there. Also be sure to help around the house, do errands, etc. don't be a burden for your parents to have around the house.
Step 2: end your car lease. If you need transportation for work bike for now or carpool. Another $403.
Step 3: At this point make a budget. You likely have additional expenses such as groceries that you aren't including. Include EVERY expense and the amount you wish to budget. I use mint personally and like it a lot.
Step 4: dedicate any of your savings to paying off your cc debt. Let's say you will bring home $2000 and this is very conservative considering no promotions from work. You will pay off your debt in less than 2 years! It's gonna be hard work not being able to go on trips but that will be very short compared to the rest of your life. You'll be proud of yourself and you will be able to use your new saving skills to invest and build real wealth by the time you're 40 or 50.
Don't give up OP. Definitely don't apply for bankruptcy and develop your plan. You got this!
I know that this seems like the end of the world but it's actually easily fixable.
Step 1: Go to therapy or a Anonymous meeting group to break the habit of whatever got you in this position (AA, gambler's anonymous, etc). The most important thing is that you change the root of the problem as soon as possible.
Step 2: once that's done, fixing the financial problem will be the easier part. Live at your parent's house. Boom $1500 of monthly expenses cut out right there. Also be sure to help around the house, do errands, etc. don't be a burden for your parents to have around the house.
Step 2: end your car lease. If you need transportation for work bike for now or carpool. Another $403.
Step 3: At this point make a budget. You likely have additional expenses such as groceries that you aren't including. Include EVERY expense and the amount you wish to budget. I use mint personally and like it a lot.
Step 4: dedicate any of your savings to paying off your cc debt. Let's say you will bring home $2000 and this is very conservative considering no promotions from work. You will pay off your debt in less than 2 years! It's gonna be hard work not being able to go on trips but that will be very short compared to the rest of your life. You'll be proud of yourself and you will be able to use your new saving skills to invest and build real wealth by the time you're 40 or 50.
Don't give up OP. Definitely don't apply for bankruptcy and develop your plan. You got this!