Please help! Drowning in credit card debt and loan debt!

QuestionsPlease help! Drowning in credit card debt and loan debt!
asked 2 years ago



I really need some advice on what to do right now with my financial situation. I was working full time making decent money but ended up getting laid off in March of this year. I ended up getting on unemployment for the last 6 months and was able to continue to live and make the minimums on all of my credit card and loan payments but unfortunatley I haven’t been able to find a job that pays enough to make ends meet and now I am working two minimum wage jobs just to live. I have no collections, no late payments or anything on my credit but I have maxed out all of my credit cards (I have about 12 different ones you can see in my signature). I also have a car loan through a credit union and a personal loan that has HORRIBLE interest for $ 12,000 because I was desperate. I am at the point now where I can’t pay my personal loan anymore because it is $ 549 a month and I am hoping I can make my minimums on all of my credit cards but not sure if I can make that happen either. I am going to make sure I pay my car because I obviously need that. 


What I’m asking is what is the best option for me here? I really want ot just default on the personal loan becasue that is a huge payment a month but I know I will get sued if I stop paying them, plus I don’t know how it is going to affect the credit cards that I currently have. 


I am just really disappointed in myself and upset because at the beginning of this year I was at a 750 credit score and now with all of this debt it’s brought me down to the 500’s. 


I know this is long and I really appreciate everyone who reads this…..thank you!



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