Agonizing about that most likely I will have to file bankruptcy.
Posted 04-12-2022 at 03:02 PM by TNSLPPTSO13
In too deep...the futility of even trying to get out of debt is becoming much better defined as time passes...and even by controlling the use of my cards and paying my minimums;always on time...the drop in the total balance of debt is minor.
I'm currently paying $2244 a month in minimum payments...that's all I can pay..Yet,I was charged $1092 in interest...so that's only a reduction of $1152 from the previous month.
But $2244 is almost 57% of my take home pay...Every month I seem to have a small deficit,for which I have to take another cash advance from the credit cards or take a loan from my employer.
Though I can still pay my debts on time...have 100% on time payment record for over 10 years...the stress takes its toll...If I didn't have debt payments;I could even begin to have some type of saving for emergencies(Too late for retirement savings as I have -0-). Bankruptcy seems to be the obvious remedy...
But...I have to file Chapter 13..my income does not let me enter a Ch.7 BK.;so I still will have to make some type of payments.
Being a renter...if/when I have to look for a new apartment;having a BK in my credit report will be a negative thing;making it even harder in this unnafordable city to find a decent place to live.
I'm approaching 80% usage on my credit cards;so no room for any worthwhile balance t ransfers to save some interest...My current Lending Club loan will be paid off by March 2023;but at around the same time my car lease will be up for renewal. I won't be able to buy the car...and with the BK,my rate will be legal usury.
What a friggin' desperate situation
I'm currently paying $2244 a month in minimum payments...that's all I can pay..Yet,I was charged $1092 in interest...so that's only a reduction of $1152 from the previous month.
But $2244 is almost 57% of my take home pay...Every month I seem to have a small deficit,for which I have to take another cash advance from the credit cards or take a loan from my employer.
Though I can still pay my debts on time...have 100% on time payment record for over 10 years...the stress takes its toll...If I didn't have debt payments;I could even begin to have some type of saving for emergencies(Too late for retirement savings as I have -0-). Bankruptcy seems to be the obvious remedy...
But...I have to file Chapter 13..my income does not let me enter a Ch.7 BK.;so I still will have to make some type of payments.
Being a renter...if/when I have to look for a new apartment;having a BK in my credit report will be a negative thing;making it even harder in this unnafordable city to find a decent place to live.
I'm approaching 80% usage on my credit cards;so no room for any worthwhile balance t ransfers to save some interest...My current Lending Club loan will be paid off by March 2023;but at around the same time my car lease will be up for renewal. I won't be able to buy the car...and with the BK,my rate will be legal usury.
What a friggin' desperate situation
Total Comments 1
Comments
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I'm sorry to ever hear that somebody has to file for bankruptcy. It can be a big hit to recover from, but most likely is an easy way to avoid the avoidable. Imagine making thousands a month in interest payments. That would be a nice change.Posted 04-14-2022 at 06:16 PM by Squidlife
