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I'm still not clear on how the $134K of debt came to be. Did the entirety of this debt stem from the financing of stock trading ventures? -It wasn't to pay medical bills, cars, international travel? It was all to borrowed money to put into the stock market?
Assuming you could qualify for a Chapter 7, why wouldn't you do that?
Virtually all of this looks to be unsecured debt. Chapter 7, or maybe even debt abandonment, would probably be logically preferable to however long it is going to take you to repay all this.
OP, I would consider bk. Unless you can get a higher paying job. It's ok. File bk and start saving money instead. A few years ago we took a 401k withdraw and paid off all our debt. Then we started to save money. That was the best thing we ever done.
I don’t mean to be unempathetic, but I don’t think it’s right to be irresponsible and then declare bankruptcy.
5) Line of Credit = $12,000 ($738 @ 17.24% and $11,262 @ 15.49%)
6) Credit Card 5 = $15,501 @ 0% until 4/24 and then 29.99%
7) Credit Card 6 = $5,359 @ 21.99%
8) Credit Card 7 = $5,239 @ 19.24%
9) Loan 1 = $19,998 @ 9.9%
10) Loan 2 = $17,606 @ 15.99%
11) 401k loan =14,528 @ 1.5%
12) 401k loan 2 =8,068 @ 3.1250%
Total Debt = $134,593
Monthly payments = $2,525 (not including 401k payment)
Monthly interest = $1,324 (not including 401k interest)
SUNDAY 3/12/23 UPDATE
Quote:
1) My Loan 1 = $20,000 @ 15.99%
2) Her Credit Card 1 = $22,660 @ 0% until April 2024
3) Her Credit Card 2 = $12,200 @ 0% until November 2023
4) My Credit Card 1 = $2,619 @ 19.49%
5) My Credit Card 2 = $20,000 @ 2.9% until December 2024
6) Her Cash Loan = $28,000 @ 0%
7) My 401k loan 1 = $13,856 @ 1.5%
8) My 401k loan 2 = $7,763 @ 3.1250%
Total Debt = $127,098
WEDNESDAY 6/7/23 UPDATE
1) My Loan 1 = $19,701 @ 9.99%
2) Her Credit Card 1 = $21,760 @ 0% until April 2024
3) Her Credit Card 2 = $5,600 @ 0% until November 2023
4) My Credit Card 1 = $2,513 @ 19.49%
5) My Credit Card 2 = $19,276 @ 2.9% until December 2024
6) Her Cash Loan = $26,500 @ 0%
7) My 401k loan 1 = $12,774 @ 1.5%
8) My 401k loan 2 = $7,394 @ 3.1250%
Total Debt = $115,518
Figured its time for a brief update. Working my ass off with 3 jobs:
-My primary job with a little bit of OT (they've been limiting OT now that were fully staffed which sucks).
-My 2nd job where I work 3 nights a week 8pm-2:30ish am.
-My 3rd job once a week on Sundays from 1pm-11pm.
Been picking up extra shifts whenever I can (when someone calls off, when someone goes on vacation etc). I got my tax refund back in May ($1200) and threw it directly onto my debt so that helped. Trying to do a little DoorDash here and there but it's not really great around my area. I'm still trying when I can though.
My credit score has improved so I refinanced the interest rate on "My Loan 1" and brought it down from 15.99% to 9.99%. In January/February I paid a ridiculous $1400 in interest payments per month! Last month in May I only paid $290 in interest payments which is freaking amazing! My sister said she's cool with me doing additional balance transfers on her cards once they're paid off so right now I'm focusing on paying off "Her Credit Card 2" and after that I plan on attacking "Her Credit Card 1".
Not going to lie, I absolutely hate this, I'm tired as hell and I know I still have a long way to go but I'm staying positive and determined. I'm going to slowly but surely claw my way out of this dumb mess I made and promising myself I'm never going back into dumb debt ever again!
Then attack that Her cc #2, $5,600 at 0% but only to November.
Do small balance first, to show progress.
3rd your 401K loan $7,394 at 3.125%.
Getting these 3 out of the way lets you concentrate on the others!
Probably do Her cc #1, $21,760 0% but only to April. don't be an April Fool & pay interest!
Maybe pay $500/month on her Cash Loan of $26,500. Don't make her wait to be last paid off.
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June 2023 Update
