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In that case don't freak out and make a plan- plug the boat then busy out the pails. I've been in the hole neg 30k before and I made a plan and stuck to it. Net positive today and happy (in retrospect) to have experienced the down to better appreciate and take care of the up
Budget = Plan
Plan = Before your spend your money
1. Define your spend categories (fixed/variable- Rent, car, food, phone, savings etc)
2. Build you budget based on standard rules of thumb percentages of your income (<30% for housing etc)
2. Calculate what percentage of your income you are actually spending
3. Compare plan to actuals, side by side to see the gaps
4. Take action to adjust spending to be within budget
5. Apply surplus from all categories to debt until it's gone, then apply all surplus to savings. Do NOT reallocate surplus to make BMW payment - you have a number for car, if you want more car, make more money.
6. Enjoy financial freedom
You just decided to start panicking now?
It's doable...curb your expenses for a period of 5-10 months. Needless to say you are going to have to pay the interest but better than being in debt. You can do this!
Get a personal loan. Sofi. It's a lower rate and if you have debt across multiple accounts it consolidates. Do that then pay it down.
Woah...What happened...
@Op - Totally doable. I was $40k in the hole. Everyone else already gave you advice but I just want to give you reassurance. You can get out of this but it will take time and discipline. Don't let it affect your self-worth, forgive yourself, learn and change but do not beat yourself up too much.
Dude...first cut up the card
Two....cancel vacation for this year
3. Leave 2k in bank savings and take the rest and apply it to the credit card balance.
Breath too...i have dug myself out twice out of that mess
Read Dave Ramsey's book
Not a lot to go off here and half my brain is screaming troll but in any case: I've seen a number of promos for 0% balance transfers for the first 6 months if you want to try continuously moving the money around to avoid incurring (I'm assuming high) interest charges and paying it off aggressively. Get a side gig that doesn't present an independence issue and most importantly cut off whoever has the offending card(s) including yourself.
Personal loans without any collateral may have higher APRs but I agree shop around and consolidate the debt so your minimum monthlies are manageable and you can reduce the risk of delinquent payments across multiple accounts. Your credit won't be great since your debt to income will still be high but at least with timely payments on one consolidated account it won't continue to decline
OP, interested to know how it happened. Could help us give more advice.
Google a card with a $0 transfer fee (bc 3% of 20k can hurt) and 0% APR, transfer as much as you can to the new card to buy yourself time and then cut all expenses and pay it off ASAP. Will save you a lot of $$$ on interest. Try the AMEX Every Day card. Unfortunately I only know this because I had to do this... good luck
@sc2: any deets on how you attacked it? And thank you for the encouraging words
Happens OP. Fix the spending issue if there is one. Then Make a plan and stick to it.
I consolidated by doing balance transfers with 0% APR. Discover had a promo at the time I believe. That plugged the hole by demanding on/two min monthlies instead of 10 and allowed me to make payments on time thereby stop my FICO score from further nosediving. Then I freelanced a bit to boost income for a few months. Needless to say bandwidth was.. tight.. during that period :)
You're getting good advice. Keep a level head and don't panic. Gather your info. Make a plan. Talk to someone you trust irl too. Good to have someone you can turn to for support on the way. Good luck. You can do this.
Interested to know as well. If it wasn't school, what was it? Could help target our advice.
No bullshit - if you want a tactical plan - read ramit Sethi's "I will teach you to be rich" tons of useful steps to get you out of hole.
Save, save, and save. If you can work it down within 12-15 months, here are some 0%, $0 balance transfer fee options: http://www.magnifymoney.com/blog/balance-transfer/no-fee-balance-transfer-credit-card1322859387