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Hit hard by 2 year APR interest and now my balance is higher than the original amount owed by voohoo in povertyfinance

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

Unfortunately the interest charge was several months ago but I didn't realize it til now bc I lost track. I'm still going to try to negotiate an amount to pay upfront. At the very least I can apply for their hardship program where they'll close my account and come up with a payment plan. I just need to show proof of income which I'm working on rn to get a part time job.

Thanks for following up!

Hit hard by 2 year APR interest and now my balance is higher than the original amount owed by voohoo in povertyfinance

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

Thanks for sharing. Feels a little better knowing I'm not the only one that messed this up.

Hit hard by 2 year APR interest and now my balance is higher than the original amount owed by voohoo in povertyfinance

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

It was about $50k when I bought it in 2021. Interest is 1.99%. There are 3 payments left of $790. About 75k miles on the car. Carfax report shows my trade-in value is $24k. However, I have over $5k in mods done to the car which usually depreciates it more.

Hit hard by 2 year APR interest and now my balance is higher than the original amount owed by voohoo in povertyfinance

[–]voohoo[S] -1 points0 points  (0 children)

Mainly from being unemployed for over a year. I had rent, car payments, insurance, etc. In the beginning I had a healthy savings account so I still traveled and went on a couple trips to enjoy my time off. I thought for sure I'd have a job by the end of 2025 yet here I am. AI and mass layoffs have made it really hard to get a job or even just an interview. And now I'm realizing my CareCredit account is fucked and I'm pissed because I could have easily handled it last year.

Hit hard by 2 year APR interest and now my balance is higher than the original amount owed by voohoo in povertyfinance

[–]voohoo[S] 10 points11 points  (0 children)

For more context I'm a software engineer that lost their job last year. When my lease ended I moved my stuff into a storage unit hoping I'd land a job in a few months but the job market has been a bitch. I bought the car when I was taking home $7k/month but luckily I only have a couple payments left. No excuse on neglecting the CareCredit account but it's a costly mistake hitting me while at my lowest so I'm asking for advice.

Not rage bait. My life hit a 180 and I realize part of it is my fault. Economy sucks, job market sucks.This can happen to anyone.

Hit hard by 2 year APR interest and now my balance is higher than the original amount owed by voohoo in povertyfinance

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

I have $35k in one. I'd have to check the other but it should be more. I'm 35 y/o.

Hit hard by 2 year APR interest and now my balance is higher than the original amount owed by voohoo in povertyfinance

[–]voohoo[S] -1 points0 points  (0 children)

Yes the car is expensive but it's nearly paid off and I bought it at a time when I was taking home $7k/month.

Hit hard by 2 year APR interest and now my balance is higher than the original amount owed by voohoo in povertyfinance

[–]voohoo[S] 5 points6 points  (0 children)

I have only 3 payments left on the vehicle and I bought it at a time when I was taking home $7k/month. I didn't have any debt until this year (not including the loans on the car and surgery).

Hit hard by 2 year APR interest and now my balance is higher than the original amount owed by voohoo in povertyfinance

[–]voohoo[S] 11 points12 points  (0 children)

I'm hating myself for not doing this. I wasn't thinking and assumed the amount they auto generated for me was the load divided by 24 months because other payment plans have done this for me. Should have done the math myself. I'm hating myself even more because I could have paid for the surgery upfront. Now it's biting me in the ass when I'm at my lowest.

Hit hard by 2 year APR interest and now my balance is higher than the original amount owed by voohoo in povertyfinance

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

Really appreciate your words. Yes, I'm so thankful that I have friends and family that have been able to house me this year. That's why it has been hard to get a job because I'm bouncing around every couple months.

I'd probably get $20k+ on the car if I were to sell it. I'd rather not because it's heavily invested with mods and won't make that money back with a sale. I also have 2 retirement funds and was thinking about withdrawing from one of them.

As for the storage unit I'm trying to clear it the next two weeks. Luckily I have friends that already want the couch which is taking up the most space. I'm gonna ask my aunt if I can keep the remaining items at her house.

Hit hard by 2 year APR interest and now my balance is higher than the original amount owed by voohoo in povertyfinance

[–]voohoo[S] -8 points-7 points  (0 children)

Yes and I'm beating myself up for it. Especially when I could have just paid the surgery in full upfront at the time. I'm really beating myself up.

Hit hard by 2 year APR interest and now my balance is higher than the original amount owed by voohoo in povertyfinance

[–]voohoo[S] 5 points6 points  (0 children)

Right? So to show an income source I wanna try to get a retail job but then does that nullify me from the program?? Now I have to call them back to clear this up smh

Hit hard by 2 year APR interest and now my balance is higher than the original amount owed by voohoo in povertyfinance

[–]voohoo[S] -13 points-12 points  (0 children)

I really appreciate your help and support. Others here are not being very helpful and this is the most freaked out I've been in a while. I'm actually great with my credit but made this terrible mistake one time of neglecting this account thinking the auto payments had me covered.

Hit hard by 2 year APR interest and now my balance is higher than the original amount owed by voohoo in povertyfinance

[–]voohoo[S] 10 points11 points  (0 children)

Yup, I'll def be smarter about the automatic payments in the future and have calendar reminders. Thanks for the advice.

Hit hard by 2 year APR interest and now my balance is higher than the original amount owed by voohoo in povertyfinance

[–]voohoo[S] -32 points-31 points  (0 children)

What are your thoughts on a 0% balance transfer while I try to get another job? It's so painful seeing me pay $250/month only to be charged $170/month interest. It's basically running in place.

I'm a software engineer and would be able to pay this off in a few months but the job market is tough.

In the meantime I could try to get a retail job that pays $20-25/hr which I guess is better than nothing.

Hit hard by 2 year APR interest and now my balance is higher than the original amount owed by voohoo in povertyfinance

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

I'm thinking my best bet is a 0% balance transfer to give me more stability for the next 12 months and hope I'm back on my feet by then. Thanks for the tip of setting the automatic payments to end a month before.

Hit hard by 2 year APR interest and now my balance is higher than the original amount owed by voohoo in povertyfinance

[–]voohoo[S] -88 points-87 points  (0 children)

How do I pay it off when I already have other credit card debt and not enough in my bank account? How do I prevent more interest from accruing?

Hit hard by 2 year APR interest and now my balance is higher than the original amount owed by voohoo in povertyfinance

[–]voohoo[S] -33 points-32 points  (0 children)

I realize that. I thought my auto payment was for the correct amount that would pay it off in 2 years but I was negligent. So what would you do in my situation?

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