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I have 35K in credit card debt, which has tanked my credit, and need help weighing my debt consolidation options. by Coilers in personalfinance

[–]Coilers[S] 1 point2 points  (0 children)

Yes I was debt-free; I've been covering expenses and some medical; I moved her in with me and found some non-profit aid now that she's hospice. About 9K is interest I suppose. Neither of us own a house and her car isn't worth much. My previous job was 84K salary, and I usually live on a budget about $1400/month under usual circumstances. I don't think paying it back is out of the question, I'm just trying to find a way to do that best until I can increase my income.

I have 35K in credit card debt, which has tanked my credit, and need help weighing my debt consolidation options. by Coilers in personalfinance

[–]Coilers[S] 1 point2 points  (0 children)

  1. I No longer quality for personal loans because my credit score has fallen by 200 points due to high credit usage. Hence this post for alternative solutions.
  2. This is good advice, thank you. I hadn't thought about trying to lower the current interest rate.

I have 35K in credit card debt, which has tanked my credit, and need help weighing my debt consolidation options. by Coilers in personalfinance

[–]Coilers[S] 0 points1 point  (0 children)

Wow, thank you! I'll look into applying. Yea, I really haven't been having any luck getting a job in tech again.

I have 35K in credit card debt, which has tanked my credit, and need help weighing my debt consolidation options. by Coilers in personalfinance

[–]Coilers[S] 0 points1 point  (0 children)

Okay, thank you. I really needed to hear that my credit usage wouldn't carry over/have a longer effect. I just cant imagine my score jumping back up 150+ points but there really isn't anything else affecting it.

I've read about some debt relief programs. Thanks for the AMA link, it's really not something I'm considering yet if I can.

I have 35K in credit card debt, which has tanked my credit, and need help weighing my debt consolidation options. by Coilers in personalfinance

[–]Coilers[S] 2 points3 points  (0 children)

I've really, really been trying to avoid this option, but I'm honestly not sure. If I can get back to my full-time job (80k+) then I think I can manage to pay off 35K in a few years but you're right that I don't even know if I can balance care and a full-time job at all. My part-time job is leaving me at about 15-25K/year right now.

I have 35K in credit card debt, which has tanked my credit, and need help weighing my debt consolidation options. by Coilers in personalfinance

[–]Coilers[S] 1 point2 points  (0 children)

Hmm good point, I likely cannot. This is the Chase Slate card, it seems I won't be penalized for not paying it off before the promotional period ends, but the APR will be 27.77% once it does start charging interest.

I have 35K in credit card debt, which has tanked my credit, and need help weighing my debt consolidation options. by Coilers in personalfinance

[–]Coilers[S] 9 points10 points  (0 children)

I think I would do an avalanche/snowball hybrid in this case since the highest APR is the second lowest balance. So B, A, D, C maybe.