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Well...credit card debt sucks. I currently get about $1400/mo tax free from a medical settlement (is this considered injury payments) and I have about $7000 in credit card debt, plus a car I'm paying for ($358/mo) and car insurance ($220/mo), and a personal loan ($240/mo). The car I got when I had a decent job, but now I'm having trouble finding work. I am making payments for the car on time, as well as payments for the personal loan (I had a cosigner on the personal loan, and I refuse to allow them to be saddled with it)...but I'm falling way behind on the credit card debt.
My ultimate plan is to leave America and move to Russia, where $1400/month is about 3x the average salary per month in the most expensive city (Moscow). I love the culture, it's a beautiful country and I'm learning the language. Obviously I'd go to a language program there for a year first and then possibly get a job as a translator, but until then, I'm not totally sure what I should do to get to that point and to get out of this situation.
After a year you are a long long way from being a translator or interpreter not matter what some back alley institute will promise you.
Oh, I definitely know that. It'll take me more than a year there. But on $1500 a month, you can live incredibly comfortably and even support a family there. Rent for a decent apartment in the middle of the city is probably $200-$300 a month, and food is extremely cheap, as is private health insurance that is far better than what we have in the U.S.
My father is an accountant, and usually, he tells me these ideas are absolutely idiotic and that I'm stupid for even considering it, but this is one of the few times he doesn't think it's an awful idea because of my guaranteed income and the cost of living there.
Unless you're willing to put all the details here - and I'm not sure I would - it might be best to find a credit counselor or adviser you trust to look at everything and work out the most efficient plan for paying everything off. Balances, interest rates and (for loans) terms are the most important elements, but sometimes things like grace periods and late payment penalties need to be kept in mind. (No point in gaining a little on one card if one slip will set you way back.)
Other than generalities about making all minimum payments and then putting extra where it will gain the most leverage on a month by month basis, you might consider selling/trading down the car; going to cheaper auto insurance (no comp/collision on a basic driver), and selling property and assets you are not likely to take with you. Your situation is different since you have a hard and major breakpoint planned, rather than just continuing in place indefinitely. You can be more aggressive about shedding excess and turning it into debt reduction.
Unless you're willing to put all the details here - and I'm not sure I would - it might be best to find a credit counselor or adviser you trust to look at everything and work out the most efficient plan for paying everything off. Balances, interest rates and (for loans) terms are the most important elements, but sometimes things like grace periods and late payment penalties need to be kept in mind. (No point in gaining a little on one card if one slip will set you way back.)
Other than generalities about making all minimum payments and then putting extra where it will gain the most leverage on a month by month basis, you might consider selling/trading down the car; going to cheaper auto insurance (no comp/collision on a basic driver), and selling property and assets you are not likely to take with you. Your situation is different since you have a hard and major breakpoint planned, rather than just continuing in place indefinitely. You can be more aggressive about shedding excess and turning it into debt reduction.
I have already considered just calling the bank and voluntarily asking them to reposses the car...my credit is going to be absolutely ruined anyway, I might as well just find a job close enough to walk to. Unfortunately, I can't do no comp/collision because of the lien. The reason my insurance is expensive is because I'm only 21, and it's a 2017 so of course, my insurance is more expensive.
Oh, I definitely know that. It'll take me more than a year there. But on $1500 a month, you can live incredibly comfortably and even support a family there. Rent for a decent apartment in the middle of the city is probably $200-$300 a month, and food is extremely cheap, as is private health insurance that is far better than what we have in the U.S.
My father is an accountant, and usually, he tells me these ideas are absolutely idiotic and that I'm stupid for even considering it, but this is one of the few times he doesn't think it's an awful idea because of my guaranteed income and the cost of living there.
Have you actually spent much time there or is this what you have read?
Have you actually spent much time there or is this what you have read?
I have asked plenty of Russians both here, and friends who live in Moscow, and they said that 95,000p/month ($1450/mo or so) is more than enough to live decently in Moscow (the most expensive city in Russia), and is enough to live like a wealthy person in many cities like Novosibirsk, Vladivostok, Arkhangelsk and most other Russian cities besides for St. Petersburg (which is about on par with Moscow for cost). In fact, you can easily afford to live for that much in some of the best cities in Russia.
While it's a bit of a historical curiosity at this late date, you might review the biography of Lee Harvey Oswald. He was going to be a Russian citizen forever, too.
While it's a bit of a historical curiosity at this late date, you might review the biography of Lee Harvey Oswald. He was going to be a Russian citizen forever, too.
Except I have nothing in relation to him because I'm not a Inutcase who has ever thought about assassinating the president. Also, he was going to be a SOVIET* citizen forever, not a Russian citizen. There is a difference.
EDIT: I felt as though you were implying my thought process is as bad as his, so I did get a bit defensive.
I have asked plenty of Russians both here, and friends who live in Moscow, and they said that 95,000p/month ($1450/mo or so) is more than enough to live decently in Moscow (the most expensive city in Russia), and is enough to live like a wealthy person in many cities like Novosibirsk, Vladivostok, Arkhangelsk and most other Russian cities besides for St. Petersburg (which is about on par with Moscow for cost). In fact, you can easily afford to live for that much in some of the best cities in Russia.
I'm not trying to rain on your parade and I know nothing about Russia. I'm just a person nearing retirement that has spent a lot of time researching and visiting places to retire. By far, the top advice I get from ex-pats is to spend some time (living not vacationing) in a place before making permanent moves. How a place looks from the outside is not the same as it looks from the inside. The grass is always greener.
I often hear the "you can live like a king on $50 per day" line but that means living like a local not as you are accustomed. And the local definition of "comfortable" may be quite different. You also won't have the lifetime familiarity and knowledge so factor in a lot of mistakes. How close are these friends? Having a local support network can be a difference maker.
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