Quote:
Originally Posted by Hatorade  What is some of my credit card companies mean? If you have more then one credit card you are doing it wrong. Get yourself a balance transfer card with a low interest rate and pay it down as fast as you can. If you owe like 10k or something and make about 30k a year you are doing it wrong. If you owe couple thousand then above will work just fine. |
I am doing it so wrong, I'm ashamed to even talk about it.
Right now, I make around 50k a year before taxes, since I'm self employed. I probably take home around 42k. I've paid around 8000 in taxes the last 2 years.
Presently, I have 20k in unsecured credit card debt, 12k student loan, and 20k in a personally guaranteed SBA loan. The SBA and Student loan are good rates, but the SBA payment is huge. So that's what, 52k? Not to mention I got the SBA 2 years ago to try and expand my business, and instead the business just suffocated to death with the rest of the city.
The SBA and Student loan I have to pay, there's no way around it. The credits cards break down at 13k at 12%, and 8k at 30% since I was late. Late because my cashflow was stalled by outside sources (and I said above).
I have no idea if I can get a 20k credit card at a low interest rate, I doubt it now since my credit rating has gone down so much. My home has no equity available since the home values of my neighborhood are all in the toilet from tons of foreclosures surrounding us.
Don't send me to China yet, I'm not skipping out on anything. Like I said, I just am trying to figure a way out of this. I've sold everything I own of value except my AR-15 which is for sale, but no one is buying. I mean, I'm paying off debt that has been with me for 3 years now, back then it was easy since the local economy was good and I had work. As work slowly died, I kept just making minimum payments. Now, even minimum payments are getting tight.
And I get to have another baby with no health insurance!
I know I went full retard, and I full expect to pay some painful consequence, and am already starting to. The student loan and SBA can lien my house, so I gotta pay those first. But once I pay for the house and the bills, sometimes there's just nothing left for that month.
I know it's a full-retard situation, and I'm the retard at the helm of my financial retard ship.
