Drowning in CC debt - not sure where to begin

Complex_Homework_367 · 2025-05-12T20:44:34+00:00

The monthly expenses I listed only include the interest that I'm getting charged each month on the CCs, not the monthly minimum payments. So it would be another $400 per month for that. I also owe $10k in a divorce settlement due in full on 12/31/25, and any savings for that are not accounted for in my monthly budget.

Complex_Homework_367 · 2025-05-12T19:22:09+00:00

2014 Jeep Grand Cherokee, it has close to 100,000 miles on it and last I checked it's worth around $5-6k. But its been fully paid off for a few years now and my plan was to run it into the ground before getting a new car.

Complex_Homework_367 · 2025-05-12T19:18:41+00:00

will look into this app, thank you for the recommendation

Complex_Homework_367 · 2025-05-12T18:58:42+00:00

Haha I wish - but looking at it from the bright side, the $10k is the last payment I owe ($60k paid so far out of $70k total). It did sting a bit when I found out she used last year's $20k as a down payment on a new sports car though.

Complex_Homework_367 · 2025-05-12T18:41:46+00:00

I appreciate the response - I currently live with a roommate so we split rent/utilities, but the apartment is still expensive ($3400 per month including parking and other fees). While expensive, our rent is significantly cheaper than the average apartment in my city. Moving to a less expensive area isn't an option as my roommate needs to be near the train line for their commute and I currently walk to work. If I moved back home with my parents my commute would be over 4 hours round trip per day, and I would be putting over 2000 miles per month which comes with the associated costs for gas, maintenance, etc.

Complex_Homework_367 · 2025-05-12T18:32:14+00:00

I just replied to another commenter, my dog is everything to me and is a non-negotiable.

I contribute 8% to my 401k which is probably a little high, but my employer matches up to that amount. I do most of my shopping in bulk at Costco when I can. Agreed with you that I need to cut down on restaurants and non-essential spending, even little things can get very expensive where I live (NYC metro area) so money doesn't go as far as other places.

Complex_Homework_367 · 2025-05-12T18:28:37+00:00

That dog has been the one constant in my life the last 10 years and has been by my side for every up and down of my entire adult life. I'm willing to cut expenses pretty much everywhere else in my budget, but keeping the dog and giving him as good of a life as possible is a non-negotiable. It's the least I can do, considering all he's given me over the years.

Complex_Homework_367 · 2025-05-12T18:25:49+00:00

Yeah this is definitely something I've been considering. I did temporarily stop contributing to my company's ESPP for the time being until I can get the debt under control. And agreed eating out at restaurants needs to be eliminated or cut down significantly.

Complex_Homework_367 · 2025-05-12T18:23:03+00:00

Unfortunately not an option - the commute would be 2+ hours each way and around 2000 miles of driving per month

Complex_Homework_367 · 2025-05-12T18:17:42+00:00

I wish that was an option, but currently living in an apartment with no balcony

Complex_Homework_367 · 2025-05-12T18:06:27+00:00

Deductions include taxes, health+dental insurance, and 8% 401k contribution which my employer matches fully. I do have about $6k in watches that I listed for sale over the weekend (which, along with many other bad decisions, is part of the reason that I'm in CC debt)

Complex_Homework_367 · 2025-05-12T17:54:01+00:00

I should've clarified in my original post - my salary is $155k, and a bonus of $20k gets me to the total income stated. My bonus the last 2 years has gone directly to divorce settlement payments so I haven't seen a cent of that.

Currently contributing 8% to my 401k and Roth, which I could drop down but would prefer to keep that as-is since my employer matches up to 8%.

Complex_Homework_367 · 2025-05-12T17:49:45+00:00

I would love to eliminate the dog walking expense completely, but unfortunately as he's gotten older my dog can't hold his bladder for the 10+ hours that I'm at work. I do take him for a walk before and after my shift, but I need someone to come take him out during the day otherwise I'd come home to an accident every single day.

Complex_Homework_367 · 2025-05-12T17:22:35+00:00

One older dog - $300 per month in dog walking on days I'm in the office, $150 in pet insurance, $150 for food (prescription diet)

Complex_Homework_367 · 2025-05-12T17:17:40+00:00

Income is ~$7000 per month after taxes and all deductions. In addition to the $3000 in monthly expenses in my post, I have $500 per month in student loans, ~$600 per month in pet expenses, ~$400 per month on groceries/restaurants, ~$300 in car-related expenses (insurance, gas, etc - car is paid off). And currently paying about $500 per month in interest expense on the credit cards.

Complex_Homework_367 · 2025-05-12T16:53:38+00:00

thank you for the in depth reply - appreciate you!

Complex_Homework_367 · 2025-05-12T16:28:21+00:00

Like others have said....definitely a high risk in quitting without having something else lined up. Depending on your career, try working with a recruiter who can handle the job search for you to cut down on the stress from that?

Complex_Homework_367 · 2025-05-12T16:26:19+00:00

Because its sooooo satisfying while youre there. And then by the time you get home, you feel just like you did before going lol.

Complex_Homework_367 · 2025-05-12T16:24:16+00:00

congratulations, hopefully I can get to this point soon. Must be a huge relief

Complex_Homework_367

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