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Only a complete IDIOT would give "tithe" to the church.....let alone when they're in such financial mess. No wonder the OP is in this mess. The mentality is the problem. Not surprised.
Now, want my advice, cut the tithe out, cut the cell in half (costco),, and boom, you got yourself an extra 300 bucks.
Shaking my head......
Hi. Are all of your student loans federal? If so, those loans never go away- not even if you file for bankruptcy. Also, your student loan in deferment is still accruing interest. If I were you I would borrow every dime I possibly could from credit cards and pay off as much of the student loans as possible. So what if you default- you are effectively bankrupt, anyway. In fact you might as well borrow as much as you can from payday lenders and use that money to pay off the student loans as well.
The other thing I'm surprised no one has brought up: are you attractive and in good shape physically? Your easiest and most likely way out is to attract a man that makes a decent living.
The other thing I'm surprised no one has brought up: are you attractive and in good shape physically? Your easiest and most likely way out is to attract a man that makes a decent living.
You won't like hearing this but your car expenses are far far too high. And why are you paying so much on life insurance? Are you married? And 55 monthly for dry cleaners?
I'm upside down on my car, so I'm pretty much stuck with it. Life insurance.... I honestly don't know. Dry cleaners, well, I need my clothes nicely kept because I buy them really really really cheap and they have to last.
Quote:
Originally Posted by Aredhel
^^^Agree. Ditch the dry-cleaning and the life insurance. You don't need it, and you can't afford it. That right there will give you an extra $180/month to use on your debts.
'Tis the season when stories are hiring extra help for the holidays. I'd look for a second job (evenings or weekends, whatever works with your primary job's schedule) to pull in some extra income. I'd also start seriously looking for a better job!
At 31, you aren't "learning adulting," you ARE an adult. Time for a mental shift.
Thanks! I really do need a side job but my job keeps me busy to the point that I'm super tired when I do have time off.
Quote:
Originally Posted by Thinking-man
Only a complete IDIOT would give "tithe" to the church.....let alone when they're in such financial mess. No wonder the OP is in this mess. The mentality is the problem. Not surprised.
Now, want my advice, cut the tithe out, cut the cell in half (costco),, and boom, you got yourself an extra 300 bucks.
Shaking my head......
Honest question, did you read the update at all?
Quote:
Originally Posted by Lowexpectations
Kill that life insurance, if you die the debt goes with you
How will my family afford to bury me?
Quote:
Originally Posted by PinaCarlotta
How in hell did life insurance go from $25 to $125? Is that a typo?
No. It's not. See above post.
Quote:
Originally Posted by dysgenic
Hi. Are all of your student loans federal? If so, those loans never go away- not even if you file for bankruptcy. Also, your student loan in deferment is still accruing interest. If I were you I would borrow every dime I possibly could from credit cards and pay off as much of the student loans as possible. So what if you default- you are effectively bankrupt, anyway. In fact you might as well borrow as much as you can from payday lenders and use that money to pay off the student loans as well.
The other thing I'm surprised no one has brought up: are you attractive and in good shape physically? Your easiest and most likely way out is to attract a man that makes a decent living.
I only have 1 student loan and yes, it's federal.
I am in great shape and exercise daily. However, honestly, I am not attractive and will probably not attract a man who makes a decent living.
It's not your problem. You'll be dead. And in that state you won't care much about what happens to your remains.
See any piles of rotting corpses lying around your city? Dead bodies get disposed of one way or another; if your family can't manage it, the state will. Don't waste money that could be used to significantly improve your current life on preparing for possible spoiled meat disposal in the future.
I am in great shape and exercise daily. However, honestly, I am not attractive and will probably not attract a man who makes a decent living.
That student loan should be your absolute top priority in my opinion. I say this as someone that has worked closely to the student loan industry over the past 25 years. Forget your credit- borrow the money from some other source, because its better to owe a bank than the federal government. (EDIT: keep in mind, when that loan becomes due and you can't make the fully amortized payment, it will soon default. When that happens, they can and will garnish your paycheck at 25% of your gross pay- this is inevitable)
As to not being attractive, if you are in great shape you should have no shortage of suitors. I'd borrow the money to get your teeth fixed, too. Are you dating? Guys at your church, the gym, work...these are all possible sources. If you are really in great shape and you aren't getting asked out there is probably something else wrong that you are unaware of.
To be brutally honest you are probably going to end up bankrupt no matter what you do as your debt load is well over 100% of what you make PLUS you are have a low income. That's a brutal combination.
Focusing on $20-$30/cuts here and there isn't enough. If you're making just $2300 a month, that's just $27,000 a year. That's a pretty low income. Obviously the debt load is too high, but the better your income is, the more manageable the debt becomes. You need to focus on increasing your income. I know the job is reimbursing you for the usage of your personal car, but probably not fully by the time you account for wear and tear, depreciation, etc. I had about your same level of monthly payments, and even at more than twice your income, it was tight.
As someone who also got into the negative equity mess on a car, unless you have the cash to get out of the negative equity, you're pretty well stuck with the car, and many lenders won't touch it for a refinance until you're either right side up or the negative equity reaches a certain threshold. It would be worth talking to a local credit union to see what can be done. My car at the time was financed through Hyundai Motor Finance, and I was able to refinance through a local CU for a little under 2% interest last fall on a 2013 model. I was paying nearly 5% through Hyundai. This also came with "ninety days - no payment" which gave me time to pay off a credit card. My payment went from just under $500/month to under $200/month. That gave me some wiggle room to hoard cash until I could get the negative equity cleaned up, the car sold, and a good used car bought in cash.
Many jobs have some sort of basic life insurance as part of the job. Mine has a $50,000 policy. Like you, I'm single and 31, but this would pay for my parents to put me in the ground. I'd see what your job has and maybe cut it entirely. Check and see what you have on offer.
That student loan should be your absolute top priority in my opinion. I say this as someone that has worked closely to the student loan industry over the past 25 years. Forget your credit- borrow the money from some other source, because its better to owe a bank than the federal government.
As to not being attractive, if you are in great shape you should have no shortage of suitors. I'd borrow the money to get your teeth fixed, too. Are you dating? Guys at your church, the gym, work...these are all possible sources. If you are really in great shape and you aren't getting asked out there is probably something else wrong that you are unaware of.
To be brutally honest you are probably going to end up bankrupt no matter what you do as your debt load is well over 100% of what you make PLUS you are have a low income. That's a brutal combination.
I did something similar and I would do it only as a last ditch effort in hindsight.
What she could do, though I wouldn't recommend it, is take out a personal loan with some group like Prosper or Lending Club. That will allow her to pay off the student loan, but the interest on an unsecured personal loan may be double or more of a student loan. My theory was that if TSHTF later, that would be the first thing I would have defaulted on. A personal loan can be washed out in BK. I'm sure there is some clawback period but if it's a year or more, it may get lumped in with all other debt and come out in the wash.
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