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Look at each of your expenses and see how you might reduce each one. How much is your cellphone? I pay $34. a month for two phones, with Consumer Cellular.
Can you trade in your car for a paid for used car? The insurance will be less too.
Is there any subsidized housing near you?
You just need a reset to get yourself back to a comfortable place. You will gain back what you lost, but give yourself the gift of not being over extended.
I would sell the car if it has equity, if not, I would release it to the lender, being that your credit is trashed anyway.
I would get a bus card(if applicable).
I would be very submissive(compliant) and helpful( chores, expenses) to those I'm staying with.
I would not be buying tobacco, beer, luxuries etc....
I would be working two jobs and saving every cent possible for a beater car.
I highly recommend you read "The Total Money Makeover" by Dave Ramsey to learn sound personal financial skills.
It is absolutely crucial that OP not do this if the lender for the car is the same bank as OP's checking or savings account. They can easily sell the car for less than the amount owed and seize funds from OP's bank account(s) to make up the difference without even getting a court order first.
Even at a different bank, they can sit around like a hawk for OP's income to go up, then swoop in and start garnishing it. Yes they would have to file a lawsuit first but if the amount is large enough, they are likely to do it.
I am recently divorced pretty much lost everything and my credit went in the toilet. I live in pa with family in a very uncomfortable situation. I work full time but after taxes I make $1500 a month. I have a car payment , car insurance and cell phone bills which are $700 per month leaving me $800 left over which with gas and odds and ends don't go far, I can't seem to figure out how in the world I can ever get a place alone and afford rent, electric, etc. What programs besides food stamps are out there for someone like me to actually be able to live. Cause I honestly feel hopeless.
Make more money, 2nd job, 3rd job...
Sell your car, and buy a beater, find cheaper insurance, and get rid of your fancy cell phone for a cheap prepaid one.
You cannot afford the comforts people have come to believe are needs.
It is absolutely crucial that OP not do this if the lender for the car is the same bank as OP's checking or savings account. They can easily sell the car for less than the amount owed and seize funds from OP's bank account(s) to make up the difference without even getting a court order first.
Even at a different bank, they can sit around like a hawk for OP's income to go up, then swoop in and start garnishing it. Yes they would have to file a lawsuit first but if the amount is large enough, they are likely to do it.
This is highly unlikely and even if they did he should have time to get a beater. Maintaining a high payment and insurance is a huge detriment. He could also talk to the lender about selling the car and financing the difference if he is not too underwater. Only he knows this.
I highly recommend you read "The Total Money Makeover" by Dave Ramsey to learn sound personal financial skills.
That crackpot's plan isnt for poor, its for people who already have money.
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