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$92k in debt...10 credit cards...1 Lending Club loan . they range from 12% to 28% with the Lending Club
at 22%....I'm 100% current on all accounts,with 100% on-time payments and a real Fair Isaacs Fico of 670.
Credit card usage is at 78%. I've fallen in the inescapable trap of high interest on huge balances and I can only pay the minimums.Every month I get billed appx. $1300 in interest so that the amounts applied are less than $1250 on total payments of appx $2530.I will mathematically never be able to pay off debt when you include the compounding interest.My take home pay is appx. $55k /year or $4600/month. I pay health insurance through my employer.
Minimum debt payments currently taking 55% of my take home pay.....26% of take home pay goes for rent
5% for food,pet stuff.personal/hygiene items/household stuff....5% for medications(Currenly on nine)after my co-pays ..the other 9% goes to electricity,cable/phone/internet,auto insurance,gasoline,etc. I've been tracking my expenses since at least 2011...I NEVER eat out;no lattes or avocado toast,rarely buy cooked food or have food delivered. Yet,very frequently I have a cash flow deficit in my budget that makes me take even more debt on to keep my 100% on time payment record.
No car payment but will need one sooner than later as the car is 21 years old and besides the cosmetic factor,has become unsafe to drive...Can't see out the rear windshield and also out of the closed windows because the window tinting became cloudy after 21 years of Miami heat,and trying to remove the film just made matters worse when the actual glass became stained. You can't read the odometer,radio or clock display even at night....the LED's just dimmed out...At least read in 2018 it was 96,000 miles. Have to add power steering fluid once a week and the transmission button seems to get stuck at least once a week.
No cell phone payment. Have a flip phone with Go Phone that my employer adds $100 a year or so to
be able to keep in touch with co-workers.
No savings of any type....don't own property...No children to mooch off from ...No friends or relatives to ask help from...NO HOPE.
I'm 63...not in the best of health.Already work 50-55 hours a week that I can barely handle.Haven't been to a movie or a concert since 2007, I've been on 2 vacations since 1996 and they were both family-related.
Don't smoke,drink,do drugs or have sex with another person ..and don't have "Joneses".How I got in this situation is irrelevant at this time....the toothpaste is out of the tube and can't be put back...mistakes were made that were so severe that even a prolonged purgatory is not enough...Maybe only a time machine would help.
So....I give up...Bankruptcy is the obvious choice....but I won't qualify for Chapter 7 as my income is above the Florida median..My Social security according to the website will be $3205 a month at age 70,
but I doubt I will make that far...and even then I will still be in massive,hopeless debt.
I don't even want to bring up other solutions I've considered.
You have some nerve to come in here and say you've got $96k in debt and you won't mention any of it, implying instead that you've lived like a stoic monk all this time.
You have some nerve to come in here and say you've got $96k in debt and you won't mention any of it, implying instead that you've lived like a stoic monk all this time.
Okay, whatever. Sure, declare bankruptcy..
I clearly mentioned the debts,unless you mean for me to list the credit cards by name,amount owed,interest rate,etc. I can do that but...what for?
i also admitted that mistakes were made...I blamed myself.....nobody's fault but mine...too late to go back...sorry I made you angry at my lack of responsibility.
I wish I were as perfect as so many commenters in personal finance websites seem to be.
Venting is a first step but won't help you long term. I'd see a legitimate credit counselor. Just make sure you don't go to a scammy one that charges ridiculous fees. It sounds to me like you are bankrupt, but I don't know for sure.
$92k in debt...10 credit cards...1 Lending Club loan . they range from 12% to 28% with the Lending Club
at 22%....I'm 100% current on all accounts,with 100% on-time payments and a real Fair Isaacs Fico of 670.
Credit card usage is at 78%. I've fallen in the inescapable trap of high interest on huge balances and I can only pay the minimums.Every month I get billed appx. $1300 in interest so that the amounts applied are less than $1250 on total payments of appx $2530.I will mathematically never be able to pay off debt when you include the compounding interest.My take home pay is appx. $55k /year or $4600/month. I pay health insurance through my employer.
Minimum debt payments currently taking 55% of my take home pay.....26% of take home pay goes for rent
5% for food,pet stuff.personal/hygiene items/household stuff....5% for medications(Currenly on nine)after my co-pays ..the other 9% goes to electricity,cable/phone/internet,auto insurance,gasoline,etc. I've been tracking my expenses since at least 2011...I NEVER eat out;no lattes or avocado toast,rarely buy cooked food or have food delivered. Yet,very frequently I have a cash flow deficit in my budget that makes me take even more debt on to keep my 100% on time payment record.
No car payment but will need one sooner than later as the car is 21 years old and besides the cosmetic factor,has become unsafe to drive...Can't see out the rear windshield and also out of the closed windows because the window tinting became cloudy after 21 years of Miami heat,and trying to remove the film just made matters worse when the actual glass became stained. You can't read the odometer,radio or clock display even at night....the LED's just dimmed out...At least read in 2018 it was 96,000 miles. Have to add power steering fluid once a week and the transmission button seems to get stuck at least once a week.
No cell phone payment. Have a flip phone with Go Phone that my employer adds $100 a year or so to
be able to keep in touch with co-workers.
No savings of any type....don't own property...No children to mooch off from ...No friends or relatives to ask help from...NO HOPE.
I'm 63...not in the best of health.Already work 50-55 hours a week that I can barely handle.Haven't been to a movie or a concert since 2007, I've been on 2 vacations since 1996 and they were both family-related.
Don't smoke,drink,do drugs or have sex with another person ..and don't have "Joneses".How I got in this situation is irrelevant at this time....the toothpaste is out of the tube and can't be put back...mistakes were made that were so severe that even a prolonged purgatory is not enough...Maybe only a time machine would help.
So....I give up...Bankruptcy is the obvious choice....but I won't qualify for Chapter 7 as my income is above the Florida median..My Social security according to the website will be $3205 a month at age 70,
but I doubt I will make that far...and even then I will still be in massive,hopeless debt.
I don't even want to bring up other solutions I've considered.
Thanks for reading
Debt consolidation loan or BK and I don't mean Burger King
One of your other posts on a different topic said you have a collection of over 10,000 vinyl LPs. These days, vintage vinyl is making a comeback, and there is a demand for the good stuff, the classics. Why not make a list of all your LPs and get an appraisal. You might have an actual gold mine in the record collection that could pay off a big chunk of that debt. Are you still buying records and other stuff for your collection?
"My Social security according to the website will be $3205 a month at age 70,
but I doubt I will make that far"
From the sounds of this, you are not already collecting SS. Why not?? Sure it would be at a reduced amount but it would still be a few thousand a month that you could be applying to the debt. You should apply immediately for SS.
"My Social security according to the website will be $3205 a month at age 70,
but I doubt I will make that far"
From the sounds of this, you are not already collecting SS. Why not?? Sure it would be at a reduced amount but it would still be a few thousand a month that you could be applying to the debt. You should apply immediately for SS.
sounds like a good idea. put the entire amount towards your debt-highest interest one 1st.
you will get 2000 month ss. in 4 years you out of debt. cut up the cards. you have a house? I would get a 0% card and payoff some of the higher debt. I have 1 card and when I get up in the morning I make sure it says 0.00
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