Please HELP !! DEEP IN DEBT !! Need advice
Date: Sat, 02/06/2010 - 13:32
I'm in overdraft with my bank and they want 1300 by the 13th of Feb.
I have a pay day loan that I owe 384 for the next four weeks and I one payment by tomorrow...I don't have it.
I'm about a month behind on rent and don't have this months.
I'm in payment program with BOA and two Citibank cards that I'm on time with. But I have no money right now.
I'm behind on my IRS payment for a month. They make me nervous. Just don't want a lien.
Basically if I had 9k right now I'd be back on track. Then I owe about 4k a month. But I don't really get out of debt.
I make about 75k a year, so yes I have money issues.
I talked to Nationwide Debt Settlement but I hear that's not a good option....debt settlement.
I can't do Bankruptcy because I make too much.
What should I do now? I'm in Real Estate and this is the worst month of the year. It will get better but this month sucks.
What should I do? What is the best advice for someone who wants to get out of debt and without the biggest hit on my credit. Or should I take a hit on my credit and just get out of debt and worry about it fixing itself later.
I don't know what to do. So much stuff out there, and I'm unsure what's the best track.
I'd do debt settlement if I thought that was the best idea, even Dave Ramsey if I thought that was best. I just don't know. Either way I wont make payments to these guys and just fall behind. Should I just save money and suck it up, take collection hits till I get the money then pay it ( the summertime is always good money) and wait 10 years for the collection to drop off my credit score?
I'm 41 with no kids. Live in NYC
HELP>
I too, am a real estate agent, so I KNOW exactly what you are ar
I too, am a real estate agent, so I KNOW exactly what you are are going thru. I also have about the same amount of debt as you, but I dont owe the govt any taxes, but have close to $75,000 in student loans...
I did call all the credit card companies and they put me into hardship programs, cutting my payments to 0-2% interest, which has helped a ton in cutting down my monthly payments to them. Sounds like you already did this? if not, call everyone and ask.
You mention a payday loan. There are also folks out there that will loan you money based on your future commission checks. ecommissions.com is one. They have fees and it does cost you to borrow against your commissions, but they are not as bad as payday loans. This might be a way to pay your rent and other pressing bills. If you dont have any pending sales this probably wont help.
As far as taking a hit on your credit.. it sounds like this is going to happen no matter what, so dont let it bother you. Dave Ramsey has a good point that you can live without credit and that living on cash under what you make is really the way to go. If you do this, you dont need credit, so please dont let the fact that your credit is going south bother you. You have way too much to worry about right now.
One way to get some quick cash is to also sell anything and everything you dont need. This will bring in some quick cash and at least maybe pay your rent and car payments. Of course, you might also need to consider getting another job. I know the economy is bad right now and jobs are hard to find. BUT, there are lots of commission only jobs out there, and since you are already used to being paid commission only, maybe taking on another such type of job will bring in commissions when the real estate isnt. It still is very easy to get a job under commissions only,, usually you can start immediately,. and hopefully start to earn some quick cash.
Your last resort, might be to borrow from your principal broker or family and friends. I know I hate this, and have only had to resort to it once. But, if you need cash for a short term and that is only way to get it, you have to swallow your pride. Just be sure to pay them back 1st, before you pay anything else.
I am far from being on a clear path, I have over $150,000 in credit card and student loan debt to get my out of. I did claim bankruptcy and still I am in a mess. I, too, am eager to hear advice from others, and when you finally think you have pulled you head up a little out of the water, let me and others know how its goind. we care.
Oh yes, one other thing I started to do, because I was so very depressed about it all, was to give myself self talk positive affimations EVERY day at least 3 times a day. I tell myself I will get out of debt, I will be successful and I will fix this mess I made. plus others that I am using to apply to my personal goals. Believe it or not, doing this has lifted my spirits, and usually things start to come together for me. I find the solutions, or the money to keep pushing forward.
Thanks so much for your reply. Bankruptcy won't really help. I
Thanks so much for your reply. Bankruptcy won't really help. I was thinking about Debt settlement because I am unsure. It would cut my payments monthly down and cut my debt in half. It will wreck my credit but then my credit is about to be wrecked anyway. I owe taxes, I owe payday loans, I just owe. Just working and trying to gather money. I'll work my way out of this mess eventually but right now its really tough. Knowing everyone is owed money yesterday. I'm just trying to get rent together right now.