How to get out of debt!

[Anonymous]

Yes, looks like OP has her daughter at 17. I don’t know if Airbnb her apartment is going to do much but I like the idea of Turo for the car.

Overall, work work work and pay the debt down is the only way. Looks like op has some attachment issues with money and feels obliged to give her kids gifts. She needs to handle her own finances before going further with other additional crap.

Not sure what happened between op and her fiance but finances could definitely be a major issue and red flag.

[Anonymous]

OP is a troll.

[Anonymous]

Anonymous wrote:I had to get a better car because of my driving due to kids and the area I live in(Gettysburg,Pa). Family is spread out in that area and I need to see them from time to time. My car loan is at 7% apr and got me if the credit card debts reduced to lower apr of 7.99%.

I don’t invest a lot in 401k and max about $2500/year. I got a tax refund this year and used that towards paying down the debt.

Going back to school is I really want to do and it would increase my salary by 30-40% after 18 months of education but worried about the debt.

A 10-year-old Toyota or Honda would have cost you substantially less and been very reliable. You're not making smart decisions, OP.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I have 2 girls - 25(graduated from Pitt) and working at a small jewelry store as e-commerce manager, second is 21 and still in college. They are already tight with their money and I don’t expect any support from them and get them gifts during birthdays or holidays.

Reason of being depressed and super stressed is because I broke up with my fiance a few months ago and he was kind and very supportive and helped me out with loans too but we were arguing a lot and I ended up getting my own place.

You had your daughter at 17?

Why are you such a jackass? So what if she did? Have you never heard of such a thing?

[Anonymous]

Op here. Yes, I should hv bought a cheaper car but at that time I was driving a car and wanted something with better mileage and hv less maintenance issues.

I wasn’t on the same page with my fiance for a few things including finances. He was covering all the expenses and I moved in with him but on my own now.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I had to get a better car because of my driving due to kids and the area I live in(Gettysburg,Pa). Family is spread out in that area and I need to see them from time to time. My car loan is at 7% apr and got me if the credit card debts reduced to lower apr of 7.99%.

I don’t invest a lot in 401k and max about $2500/year. I got a tax refund this year and used that towards paying down the debt.

Going back to school is I really want to do and it would increase my salary by 30-40% after 18 months of education but worried about the debt.

How are you too tired to take on per diem work but not too tired to work and go to school?

I bet if you think about this for a minute you will get an answer.

I'm not OP - but investing in training that will bring you a higher income (esp paid for by someone else) can be a smart move, even if it means you don't earn as much today.

I don't know how OP gets out of this debt but I don't think taking on $150 shifts a few times a month at the expense of getting a higher pair job 1.5 years from now is the way to do it.

And in 18 months, she’s in an ever bigger hole bc while she’s in school, she’s scaled back her hours but hasn’t scaled back her expenses. Isn’t the tuition benefit taxable? How is OP going to pay that?

Per diem work is very lucrative if you’re willing to put in the work. She’s “tired”… how is she less tired to put in the huge effort that medical training requires?

[Anonymous]

Anonymous wrote:I don't get all of the "sell the car" posts.

The loan is almost certainly underwater. OP would have to deal with that and also have to deal with higher maintenance costs of an older, replacement car, which will likely need to be replaced sooner, anyway.

Assuming that she actually needs a car, selling it probably won't make a big improvement in the situation (of course, if it does, she should sell it immediately). Her cost to drive per mile over the next decade will likely barely change.

I could be convinced otherwise if this is a car with a high resale value and the loan is not underwater.

we are just "frustrated" that OP ever thought "having a car payment of $700/month" was ever a smart idea when you make $65K. Because it's not financially responsible

[Anonymous]

Anonymous wrote:My family is not well off and don’t hv enough space for me. I tried living with my mom and crashed on her sofa but it was getting very difficult and stressful so I had to move out and get an apartment and it’s the cheapest I could get.

You are not really in a place to not deal with "difficult and stressful". Ideally you should be working 40 hour week, then pulling another 12-14 hours on the weekends, so you won't be at "home" much anyhow, except to eat and sleep

[Anonymous]

Anonymous wrote:Be nice, people. OP is in trouble and asking for help. If you can’t do it then please be kind.

Hard to help people who always have excuses and don't want to execute any of the suggestions people have.

[Anonymous]

Anonymous wrote:Op here. Yes, I should hv bought a cheaper car but at that time I was driving a car and wanted something with better mileage and hv less maintenance issues.

I wasn’t on the same page with my fiance for a few things including finances. He was covering all the expenses and I moved in with him but on my own now.

OP, this must be really hard. I'm sorry you are dealing with so much. It is wonderful that you have helped 2 kids get through college!

Like some others, I think maybe you should consider filing for bankruptcy. This is a very big hole to dig out of. Without bankruptcy, I don't think you can even consider going back to school, amazing though that might be, as I'm not sure how you could support yourself and pay down your debt while doing so.

[Anonymous]

Interest on your credit card is what's killing you! Get your interes rate for the credit card down as low as you can. Maybe you need to consult a debt counselor.

How much is your car worth now? Could it be more than the 27k balance? Some older cars are worth more than what you pay for. What is the car? Did you check the blue value?

Sell the car. Pay the loan off and move close to work. No car for 2 years. Tell your family to visit you. Take public transportation, Uber once or twice a year to see your family, is that possible?

Lastly, live like you have been living and pay every penny towards your $55,000 loan within a year and a half. You should pay it off, if you get a second gig you can pay off within a year, it's possible!

[Anonymous]

Op, you are bad at money. You would need a much bigger change than bankruptcy will ever give you.
Are all those excuses yours? How many in total? You got to become good with money. Learn all you can about personal finance, investing, and taxes for now.
Personal finance is my passion. It allowed me to retire at 46 having made minimum wage my whole life. I had to take budgeting to whole new level or I was not going to survive in DC on minimum wage.
I got a 0% car loan in May 2024. This was available to anyone with 740+ credit. My brand new car was also cheaper than yours.
My retirement account doubled last year. This is a Roth account that I manage. My employers never offered a retirement plan. They didn't even pay the minimum required by law at times. I can see it in my SS account.
My credit cards charge me only 4%, and have for the last 20+ years. This may unbelievable, but if you know, you know.
I bought a stock two hours ago, and it has made me $600 already while markets are closed.
I did not have tax expense last year. I got everything back and more. Nothing illegal. That's what happens when you have total control over your money, plus some knowledge.
Every penny I have ever made, I still have. Many people don't even know how much they have made since they started working. It is very important to know.
Value of an item is different from the price.
My kids have investment accounts. They know which stocks to buy and which ones to avoid.
I know I took it all a little too far, but knowing how to manage money, is like super power.
I'm an immigrant. Your saddest story doesn't come close to what I have been through.
I have never said 'no' to extra work though til I retired. Didn't even know the option existed.
Op, getting you all back on track and investing, is not what we are up against. It's your attitude. Only you can change that.
I just want you to know that, just like there's downward spiral that you are in now, there's upward spiral once you have some money. Upward spiral is even more powerful, because it doesn't rob your mental and physical health, it fixes them.
Everything you need to know about money, is in (audio)books and youtube.

[Anonymous]

Anonymous wrote:OP is a troll.

Didn't OP post not too long ago asking how to marry someone rich?

[Anonymous]

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.

[Anonymous]

I understand being physically tired at the end of long days and weeks when you’re on your feet all the time. Do you think you’d be able to do something more sedentary after hours like a part-time online/remote job?