Move in with family and get a nursing job wherever they are. Sell care and buy one you can afford. No, you cannot afford $700/month in car payments, I don't care what you say. Buy a 10 year old Honda Civic until you are debt free.

Bankruptcy.

You're not getting out of that amount a debt on your salary since you say you're unable to take on extra shifts or work a second job or get rid of your car or move to cheaper housing.

I am not arguing but thought about most of the things and I am confused. I have already started putting extra hours with working over the weekend and it’s not helping as much as I want to. I am not spending on anything frivolous and only on necessity.

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.

Wouldn't you have a 403(b) and not a 401(k) as a nurse working for a non-profit hospital? Or is it a for-profit institution?

How much debt would be required for additional schooling? You say that it would give you 30-40% more pay, which is ~$14k/year after tax. It might be worth it, _if_ (a big if) you could effectively tread water economically for 18 months, pay back the school debt in a year or two, then attack your other debt. Could you do that without accumulating more interest and/or hurting your credit score? Could you afford the other costs of education (books, etc.)?

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.

Op, if all you're going to do is argue with every single post/suggestion, what are you even doing here and why did you start a thread?

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.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Op here. I am an LPN and work as a nurse in the surgery center. Extra hours are available but it also gets very tiring.

I got some of this debt after my divorce and part of it is me spending a little too much but I hv learned my lesson. Car payment is about $700/mo and I hv some medical issues too that takes away some of the cash. Can’t get rid of car since I do hv to travel to see my family.

$700 a month car payment on $65k a year? You need to sell that thing and get a $20k car.

+1 Our new car has a $700/month payment and it makes me so uncomfortable to have it be that high - and we have a $360k HHI. OP you need to find a used corolla or civic or something.

The mentality of "taking on a $700/month car payment" when you only make $65K in and of itself is ridiculous, doing that with $55K+ in CC debt is beyond dumb.
Find a reliable used car and live with it. You are just driving to/from work, because you won't have the time or energy or $$ to do anything else.

Anonymous wrote:

Anonymous wrote:Declare bankruptcy. But first find a place to live that you can afford. It’s hard to get an apartment after bankruptcy but otherwise you will breathe easier and get back in the road to financial stability. Bankruptcy will help with that and is worth it in the long run. Also not a bad idea to get a cheaper car if you can. But you might be able to swing it after the bankruptcy if that’s your only big expense.

+1 It's the only way with that much debt and limited income.

She makes $65K and is a nurse. Income is not "limited". You work a normal job and pick up shifts in the off hours. You work a 12 hour shift on "OP weekend" and only have 1 day off. And you do that until the bills are paid off.

Anonymous wrote:It’s the car OP. Get rid of it. Get an older Prius w/ 100miles if you want good gas mileage. No way you should keep paying $700 for FOUR MORE YEARS.

Trade in for something with $300 max.

I see so many people overpaying for cars!

And it's ridiculous! When there are many choices that cost so much less.

Anonymous wrote:

Anonymous wrote:Wow 😲 what did you buy for $55k on your cc? What is the interest?

I think you need to get a few more jobs and stop spending any money at all.

That's what I would like to know as well. How do you get to that level of debt?

Yeah especially if rent is only $950/month.
$10K for rent
$8.4K for car

What else were they spending on?!!?? And yes even if it came from the divorce, you have to pay it off. You chose to marry someone, join your finances and not be aware.

So your rent is as low as you can likely get. Sell the car, buy one for $10-15K, and yes you have to work work work work! You don't get to "be tired" as you chose to spend spend spend spend spend in the past

The rest of your living expenses should be very low, as you will be at work or sleeping most of the time. And you limit your "drives" to family. You don't have the $$

Anonymous wrote:Op here. I am an LPN and work as a nurse in the surgery center. Extra hours are available but it also gets very tiring.

I got some of this debt after my divorce and part of it is me spending a little too much but I hv learned my lesson. Car payment is about $700/mo and I hv some medical issues too that takes away some of the cash. Can’t get rid of car since I do hv to travel to see my family.

You don't get to say "I'm tired". You acquired the debt, you need to figure out how to pay it off.

Sell the car and buy a good used car. HTH can you have a $700/mo car payment when you have that much debt? Go find a used car for $15K and/or a room in a house/apartment that is near a metro stop.
But yes, you lived it up and spent the money, now you get to work extra shifts to pay it off. You are lucky, that you have a job where you can easily pick up shifts as a nurse.

Anonymous wrote:

Anonymous wrote:Normally the CC debt is the priority as, I assume, it’s at a much higher rate. But, you also can’t stop paying for car as you need it. Can you consolidate CC debt into a smaller loan? When you analyze your monthly spending, where can you cut? Do you go out to lunch each day? Coffee out? You’ll need to make spending cuts. You can do this!9

I am a nurse so get very tired to do another job and going to be very difficult once I start the school.

I don’t hv a lot of extra cash every month and barely breaking even and sometimes go into negative. This is becoming a huge task since my cc debt is almost 1x gross annual income.

Well yes, you are going to be very tired working multiple jobs or massive overtime for the next 5+ years. You lived above your means and now have massive debt to pay off. You acquired it, it's time to suck it up and pay it off. Sell everything you can, move to a cheaper place to live---if it means renting a room in a house, do it. You won't be home much anyhow---you will be working.

Anonymous wrote:At this point, your best bet is to live it up a bit - pay down your auto loan first so they can't repossess. Then, buy things that can be resold for cash. Finally, declare bankruptcy.
Remember, this is not entirely your fault - we are a middle class family that has done well up until now. But every day, we are seeing the costs increase dramatically.

This is "not your fault"?!?!!? Yes it is. You don't run up $55K in CC debt if responsible. So unless that $55K is ALL medical related, it is your fault.

To begin to solve this, you must begin to live within your means. And for now, definition of "within your means" includes dedicating $$$$$ monthly to pay off that $55K ASAP.

This is tough.

IDK if this was stated up-thread but where do you live? Can you move in temporarily with family/friends and rent or sublet your place?

How is your credit score? Have you tried calling the credit card company and asking for a lower interest rate? Sometimes that works, especially if you have good credit. Have you looked into refinancing the car loan for a lower rate and/or longer term?

If you are even considering bankruptcy, do _not_ withdraw or take loans from retirement plan savings to try to pay down anything. These accounts are generally protected in bankruptcy (I am not a lawyer).

You still haven't answered the question about whether or not school will improve your income? If you could, say, double your income by getting more education, then that is definitely worth considering, but only if it is a near-certain result.

You would have to do the math on selling the car. I probably wouldn't do it if I needed a car and could afford the minimum payments. If you sell the $700/month car (and are somehow magically not underwater on the car loan) and buy a $400/month car, that doesn't really help anything if your car maintenance costs go up by $300/month. At that point, you might as well keep it as long as possible and consider it to be a reminder of a hard lesson learned.

How are you surviving now on under $2k of disposable income per month? Is moving in with a friend or family member an option for a short period?