Let’s get started. I currently have two personal loans totalling $13,000 each, one personal loan totalling $2,500, and one more personal loan totalling $18,000. I owe a rented automobile $10,000. In essence, everything comes to seventy-k.
My monthly income, after taxes and deductions, is $5900.
What should I do, in your opinion all? Insolvency? My credit score is 710, so I am unable to get approved for any other consolidation loans.
No additional costs.
You ought to visit the financial audit of Caleb Hammers. How the hell do you have $70,000 in debt with no expenses or student loan debt?
Here, I’m completely lost. with all of my own bills and the payment for my house truck. housing costs, food, and family Even though I’m paying down my debt of well over $160,000, my income is not nearly as high as yours. You live at home with no bills and you need assistance? Take out a grand a month for your expenses and allocate $4k towards your bills. How challenging is that? I’d exchange you for you any day, dear.
For you, I have wonderful news. After expenses, your take-home earnings is also $70-K. There’s no reason why you can’t pay this off in two to three years. Dispense with your bills.
You should be able to pay this off without going bankrupt, in my opinion. Is it possible for you to earn extra money to pay off your debt by working a second job or donating plasma? Are there truly no additional expenses for you? Is your food, petrol, insurance, phone, etc. paid for by someone else?
You should be able to pay off everything in three years if you don’t really incur any extra costs. I would start by trying to get your lenders to lower your interest rate or by bargaining with them. or begin working on your lowest-interest debts. I would advise taking on a second job, but that is not the problem. Money management is the problem.
Is the car financed or leased? It has never truly made sense to me to pay for something you will never own. It’s as if you’re paying someone else’s financing for ownership.
In any case, it’s wise to start with the highest interest rate and work your way down. Transferring credit card balances is essential. side jobs to supplement your income.
It might feel like you’re facing a mountain of debt, but with your income and your parents’ support, I believe you can overcome it.
I had a similar amount of debt (from student loans) in my early 20s, and thanks to my mom letting me live with her, I was able to pay it off in three years. With your monthly take-home of $5,900, how much can you allocate towards the loans each month?
While selling the car has been suggested by others, and it’s not a bad idea, if it provides reliable transportation, you might want to keep it for now. Continue making the payments on it while focusing on paying off the highest interest loans first. Once you’ve tackled some of the bigger debts, you might then consider trading the car in for something more affordable.