How to get out of debt!

[Anonymous]

Op has an income problem and it would stay like this if she doesn't increase her income. Drop going to school and make extra money in those hours.

[Anonymous]

Anonymous wrote:Op has an income problem and it would stay like this if she doesn't increase her income. Drop going to school and make extra money in those hours.

Isn't it the issue with most poor Americans. Too many are in low paying jobs coupled with low skills.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Op has an income problem and it would stay like this if she doesn't increase her income. Drop going to school and make extra money in those hours.

Isn't it the issue with most poor Americans. Too many are in low paying jobs coupled with low skills.

yes, but how many of them are actually in as much debt as OP is in. Regardless of whatever the debt is for, she has overspent for so many years and I don't think that is the case with all poor Americans.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Op has an income problem and it would stay like this if she doesn't increase her income. Drop going to school and make extra money in those hours.

Isn't it the issue with most poor Americans. Too many are in low paying jobs coupled with low skills.

yes, but how many of them are actually in as much debt as OP is in. Regardless of whatever the debt is for, she has overspent for so many years and I don't think that is the case with all poor Americans.

Not as much debt as Op is in*

[Anonymous]

her biggest expense is housing which is not doing anything for her and I say she needs to tighten her belt and move-in with a family member.

[Anonymous]

Op is trying to move from LPN to RN, and college is being paid for by her employer.

That’s the best situation right now; focus on completing the degree which will open up opportunities for better paid employment.

She can focus on debt repayment once school is finished.

[Anonymous]

Anonymous wrote:Op is trying to move from LPN to RN, and college is being paid for by her employer.

That’s the best situation right now; focus on completing the degree which will open up opportunities for better paid employment.

She can focus on debt repayment once school is finished.

I think that is a bad strategy because she would be raking up significant interest on her CC and other debts. Not sure what would be the salary difference, may be an extra $15/hr but she would add more in interest and unpaid principal for next 2-3 years in school. There is no good situation but a lot of posters noticed that paying off debt first would be ideal in her situation.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Op is trying to move from LPN to RN, and college is being paid for by her employer.

That’s the best situation right now; focus on completing the degree which will open up opportunities for better paid employment.

She can focus on debt repayment once school is finished.

I think that is a bad strategy because she would be raking up significant interest on her CC and other debts. Not sure what would be the salary difference, may be an extra $15/hr but she would add more in interest and unpaid principal for next 2-3 years in school. There is no good situation but a lot of posters noticed that paying off debt first would be ideal in her situation.

agree on this. She needs to get her finances in control before raking in more interest, school expenses, etc.

[Anonymous]

OP, file for bankruptcy, go back to school, make more money.

[Anonymous]

How long will it stay on her record - probably 11 years?

I think chapter 7 would be much better for her.

[Anonymous]

Chapter 7 is the way to go.,

[Anonymous]

do you really think OP is smart enough to do the paperwork for Chapter 7? This would need a lawyer and his/her fees in advance. I say atleast $3K for lawyers.

[Anonymous]

Anonymous wrote:Op here. I got a 2022 Camry hybrid XSE and the price of the car would be same as what I owe or may be a little less. I am working extra and picking up shifts as much as possible but it’s not making dent in my situation. I am a nurse at a surgery center and it gets very demanding standing on feet for 10-12 hrs. Not many excuses but telling so that others would understand my pain. My credit score is about 680 and I have been making minimum payments on time. My situation when I was with my fiance was much better and I was making good progress with debt since he didn’t ask for anything but it has gone very tight at my own apartment. I am under one year lease and don’t have extra bedroom to get a roommate. It’s an older building in Gettysburg,PA and I am concerned about big heating bill during winters. I looked into trading cars but not making much sense since loan is going to be close to same after all the fees, taxes etc. I am looking into refinancing current auto loan and start 7 year loan so that payment could come down.

1. Don’t heat the apartment to 72. Heat it to 65, or whatever you can afford. Join your local free cycle or buy nothing and look for an electric blanket.

2. You don’t get to be tired. I’m sorry. That’s really hard. You get to pick up extra shifts.

3. If you aren’t already, Cut all streaming services and use YouTube instead.

4. You said you don’t do hair. Does that include hair cuts? Because you should absolutely be cutting your own hair if you’re not already doing that.

5. Go to Reddit. Join r/povertyfinance. Those people know so much about squeezing every last cent out of a budget. For example, they suggest this website:

https://efficiencyiseverything.com/

A mathematician has analyzed how to make the most out of everything. The did section is especially helpful, with articles like “Nutrient Per Dollar”.

6. You need to build a better financial buffer before going back to school. Work like a dog this year. Once you have a month’s expenses saved in cash (including debt payments), you can go back to school. This assumes that you can continue paying all bills while working full time and going to school.

Keep us posted. I’m rooting for you, OP.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Op is trying to move from LPN to RN, and college is being paid for by her employer.

That’s the best situation right now; focus on completing the degree which will open up opportunities for better paid employment.

She can focus on debt repayment once school is finished.

I think that is a bad strategy because she would be raking up significant interest on her CC and other debts. Not sure what would be the salary difference, may be an extra $15/hr but she would add more in interest and unpaid principal for next 2-3 years in school. There is no good situation but a lot of posters noticed that paying off debt first would be ideal in her situation.

In Pennsylvania, LPNs earn an average of $51,000 but RNs earn an average of $76,000 and have a lot more opportunities for advancement and earning extra $$.

$15 more PER HOUR adds up to a lot, especially if you factor in working extra shifts. Since her employer will pay for it, it makes far more sense to get this degree now versus paying off the debt at the rate OP has been paying it off ($2000 per year) which will take MANY years.

2 years in school versus 10 years to pay off her debt (at the rate she is going)?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Op is trying to move from LPN to RN, and college is being paid for by her employer.

That’s the best situation right now; focus on completing the degree which will open up opportunities for better paid employment.

She can focus on debt repayment once school is finished.

I think that is a bad strategy because she would be raking up significant interest on her CC and other debts. Not sure what would be the salary difference, may be an extra $15/hr but she would add more in interest and unpaid principal for next 2-3 years in school. There is no good situation but a lot of posters noticed that paying off debt first would be ideal in her situation.

In Pennsylvania, LPNs earn an average of $51,000 but RNs earn an average of $76,000 and have a lot more opportunities for advancement and earning extra $$.

$15 more PER HOUR adds up to a lot, especially if you factor in working extra shifts. Since her employer will pay for it, it makes far more sense to get this degree now versus paying off the debt at the rate OP has been paying it off ($2000 per year) which will take MANY years.

2 years in school versus 10 years to pay off her debt (at the rate she is going)?

but what about lost income from going to school and adding interest charge on the debt that she already has? It would be atleast 2 years if she goes full time to 3 years if she goes part-time and debt is going to add-up. Before going to school, she only reduced her debt $2K so I am expecting she is going to add on her debt once in school.