Judge if you must, I’m a 37 year old who has to grow up after a divorce. In my last life I’ve had my ex be the voice of reason and helped pull my credit score from a 500 to a high 700. After the divorce she get to keep everything because I was going through a lot of emotion and mental issues and just wanted my daughter more then every other weekend. With that said, she kept everything from my business and couldn’t sell for the money she wanted and it effected my credit, being a 50% dad buying diapers, food, rent, I had to get a leased car for reliability reasons, and all other life bills. As I thought I made decent money I realized it’s not when you’re single.
Anyways that’s the story. Now the question.
I’m pay check to pay check roughly making 60k a year, I don’t have many extras, cell phone, internet and YouTube premium. Food and things for my 3 year old daughter, car payment and rent. I owe creditors money and I just can’t. I looked into bankruptcy but I don’t have enough qualified debt. I’ve tried to do the settlement thing myself and just fail, I can’t justify a debt consolidation company. I can’t get a 20k loan to pay off all my debt, I cashed a lot of my 401k to furnish a place and get my daughter clothes and bottles, down payment on a car and apartment.
What do I do? My credit is so shot I can only qualify for a 200 dollar cash advance loan. I’d like to find a solution for a loan to pay my debt and start over. Life is lifing and this routine is getting old, I need help. Any advice is appreciated, just be kind please.
Advice on debt and a solution (long read)
byu/Chadrundell3 inpersonalfinance
Posted by Chadrundell3
2 Comments
How much debt do you have ($)? What types of debt (credit card, car, etc.)? Do you have a monthly budget on where your paychecks go that you can share? How much is rent? How much are you paying monthly for the car?
You mentioned cashing out your 401(k), do you have any other assets?
The long story short is cut expenses, pay down debt aggressively, and increase income, but it’s hard for us to give specific advice when there are no values to reference.
You say you’re ready to grow up and be responsible but the way you tell your life story you still blame all your misfortunes on uncontrollable outside forces.
You need agency. Stop letting life be something that happens all around you and you’re just floating. It’s your life you’re the one that deals with the consequences so you should exert as much control as you can over the inputs.