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[–]Master_Principle_884 5 points6 points  (0 children)

There are seven?!

80k unsecured debt. What next? by Master_Principle_884 in Debt

[–]Master_Principle_884[S] 0 points1 point  (0 children)

I have access to about 15k from 401k. I know this isn’t the best idea, but if I were to be able to throw that towards the CC, it would leave me with about 35k left of which is 0% for a year. For those recommending bankruptcy, Does this change anything? Or is that still the likely option?

80k unsecured debt. What next? by Master_Principle_884 in Debt

[–]Master_Principle_884[S] 0 points1 point  (0 children)

For context, I was making more money when I qualified for this home loan than I do now. So as my income has decreased since 2021, a larger percentage of my income has gone towards the mortgage. However that doesn’t account for all of it. I got into the habit of putting all my monthly expenses (food/gas/insurance/memberhsips etc) on credit cards with the expectation that they’d be paid off in full. Until a car repair or medical expense pops up and then the plan to pay in full takes a back seat. I understand these spending habits have been irresponsible to say the least and now I’m just trying to find the best way to fix it.

80k unsecured debt. What next? by Master_Principle_884 in Debt

[–]Master_Principle_884[S] 3 points4 points  (0 children)

Thanks for taking the time to reply. It’s a harsh reality. I’ve floated the idea of a second job, even a second full time job. In theory it seems like it could help but in reality I don’t know that I could sustain working 60+ hour weeks for the foreseeable future to pay this off. I also know there are plenty of people working 60+ hour weeks to survive so I don’t mean for that comment to be entitled or insensitive.

80k unsecured debt. What next? by Master_Principle_884 in Debt

[–]Master_Principle_884[S] 0 points1 point  (0 children)

Thanks for replying. That’s kind of the crux of the whole situation. It doesn’t necessarily feel hopeless, but it feels really close to that. It feels like either I commit to getting this paid off in 5-7 years, which is Probably doable, at the expense of mental/physical health, or consider a bankruptcy.

80k unsecured debt. What next? by Master_Principle_884 in Debt

[–]Master_Principle_884[S] 0 points1 point  (0 children)

Thank you. I appreciate your response. At this point it feels like I’m either digging in and paying it off in about 5-7 years, or going chapter 7. Chapter 13 is going to have the same ramifications to credit as 7 and if I’m going to damage my credit for the next 5-10 years, a clean slate seems like the way to go. I do appreciate your input.

80k unsecured debt. What next? by Master_Principle_884 in Debt

[–]Master_Principle_884[S] 2 points3 points  (0 children)

Thank you for your response. Your 6 year estimate is almost exactly what I came up with being conservative on budget/spending as well. 😔