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25K in debt and drowning- need advice on what route to take


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5 replies to this topic

#1 831debtjourney

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Posted 19 April 2017 - 10:40 PM

The situation is this, we have $25K in debt. 5 CC, 1 car loan, and 1 personal loan. We also have a leased vehicle my wife uses for work. We are young (27 and 28) have made a number of poor financial decisions in the past and have spent the past 6 months really buckling down and taking care of things. Our CC debt went from over 23K to about 16K. We have no missed or late payments. We've gotten collections off both of our reports and have not used credit cards since 6 months ago when I was out on disability from my job. Overall we're doing very well. 

However, we are at an impasse. I work in a job that is no longer sustainable for my mental health, and i am suffering a great deal. I need to leave ASAP in order to keep my sanity and my family afloat. However, I was and am making really good money there. There is nothing comparable in my field $ wise, and so saving my mental health means I will lose 15K a year at least. And with us barely skating by on the money we have now, it seems something needs to change. We’ve cut the eating out, don’t spend frivolously, have only basic plans for everything (no cable/netflix/etc). No gym memberships or other luxuries. We live in an expensive area and pay $2100 a month in rent and $400 in PGE/garbage/water. I’ve done all the budgeting i can and we have no more wiggle room. My wife works 2 jobs and cares for our child 24/7, so having her work more or change income is not an option either.

 

So it’s been suggested to look into credit counseling as well as bankruptcy. I don’t know where to start. We cannot lose our vehicles or ruin our credit (as renters, landlords often run credit checks and a bankruptcy would ruin our chances for housing). We NEED to lower our monthly debt so that I can have a different job but I don’t know where or how to start. Please help.

 

 

Our debts- total payments 1076 per month (minimum)

 

in my name Chase southwest 3743.11 (16.24)

barclay 2390 (21.24) 

chase amazon 4207.06 (19.49) 

 

in my wife’s name 

chase amazon 2447.32 (in repayment program, 2%) 

discover 3120 (21.24%) 

 

joint loans through credit union 

Car- owe 3223 (4.24%)

Personal- 6128 (12.25%) 

 

leased car through honda (lease ends 3/28/18) ($494 per month)


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#2 breeze

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Posted 19 April 2017 - 10:49 PM

Sounds like you and your wife would be candidates for credit counseling. There are several companies discussed here - I know Greenpath is one. I can't recall any others but people have posted their experience.

 

You just want to make sure it's a non-profit, and that your card company accepts their program. If one card company refuses to work with the C.Counseling Co, then you will have to continue to pay that card yourself. Do not get involved with a "debt settlement" company. It will trash your credit and you will probably still owe the money.

 

You can contact them, answer some questions, and see if you qualify.



#3 831debtjourney

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Posted 20 April 2017 - 10:04 AM

Thank you, Breeze. I will look into greenpath and see if anyone else has recommendations as well.

 

 


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#4 Txgirl

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Posted 20 April 2017 - 06:57 PM

We are in our 3rd year with Greenpath. Initially our scores took a hit but within the last 6 or so months my husbands score went to around 750 and mine right about 700. We recently had to purchase a vehicle because mine bit the dust and my husband got the loan in his name with a 5.5% interest rate. I'm seeing balances decrease and ready for all this debt to be paid off! We've been very happy with Greenpath!
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#5 831debtjourney

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Posted 20 April 2017 - 07:25 PM

Thank you Txgirl! Was it relatively easy to get started? Did your monthly payments go down right away?


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#6 Txgirl

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Posted Today, 04:40 PM

Thank you Txgirl! Was it relatively easy to get started? Did your monthly payments go down right away?


All of our accounts were current. So what I did was call Greenpath and get registered with them. Call all my cards and made all the due dates to be later than the 20th. Took about 1-2 months and then I started paying via Greenpath. My payment went down some. I think it's like a 5 year program so it depends. We started off around $40k and my payment is like $925.
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