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Can I become debt free or should I file bankruptcy ? How to manage my debt and finances?

In Australia, how to battle credit card debt?How can I manage my Credit Card Debt in Australia?Does a house mortgage make it easier to get a personal loan?Credit increase hurt loan chances?Should I consolidate loans and cards, or just cards, leaving multiple loans?How to calculate the number of months until a loan is paid off (given principal, APR and payment amount)?What is the best way to help my dad consolidate his credit card debt at a lower rate?Someone please help with my credit situationPaying off debt and living within means vs. long term planningHow can I prepare for my US student debt?

2

I am 35 years old and single. My income is 78K to 80K after taxes and insurance.

I pay $1,500 for rent+utilities, $150 for phone bill, $450 for auto loan, $300 for auto insurance (for 2 people, I am helping a friend who can't pay auto insurance), $750 for a personal loan and $750 to $1,000 for credit card. I also need to send $100 to $200 to my home country. Total monthly expenses are $3,950 to $4,200.

I have $16k an auto loan at 7%, $32k of credit card debt at 20-22% and a personal loan of $18k at 17%. Total debt = $64k.

After the above expenses I need money for groceries, clothes, gas and other monthly needs.

I want to be debt free or at least decrease my total debts from $64k to $10k.

I can't consolidate my debts because I already have a personal loan and I have a poor credit score.

Please advise me how to reduce my debt.

Can I be debt free or should I file bankruptcy (I don't know if that's possible because I am not a US citizen).

credit-card debt auto-loan bankruptcy personal-loan

share|improve this question

edited 2 hours ago

Bob Baerker

16.7k12450

asked 2 hours ago

The GuestThe Guest

1386

• 
  
  
  

  
  1
  

  
  
  
  
  
  

  
  
  Is it fair to assume you're in the US?
  
  – quid
  1 hour ago
  

  
  
  
  


• 
  
  
  

  
  1
  

  
  
  
  
  
  

  
  
  $4,200 * 12 = $50,400. Your income is ~80k after taxes, so where's the $30k/year going?
  
  – Hart CO
  1 hour ago
  

  
  
  
  


• 
  
  
  

  
  1
  

  
  
  
  
  
  

  
  
  Yes I am in US. @HartCO I couldn't manage my finances for various reasons, I need help. I had to spend 10K for a hospital because insurance company denied my claim (I was having a short term insurance because I was not eligible for regular insurance at that time). Then I lost my girl friend, then started drinking more, like I used to spend 500 to 600 dollars on liquor and...
  
  – The Guest
  1 hour ago
  
  
  

  
  
  
  


• 
  
  
  

  
  

  
  
  
  
  
  

  
  
  @Hartco, The $4200 doesn't represent his total expenses, in addition he spends money for "groceries, clothes, gas and other monthly needs". But your point is still valid, he should easily have an extra $10k per year to pay down debt, which would take about 6 years. If he scrimped he could put $20k per year on the debt, and pay it off in about 3 years.
  
  – Glen Yates
  1 hour ago
  

  
  
  
  


• 
  
  
  

  
  

  
  
  
  
  
  

  
  
  Yup, OP has some huge money leaks they are not documenting.
  
  – Harper
  8 mins ago
  

  
  
  
  

add a comment | 

2

I am 35 years old and single. My income is 78K to 80K after taxes and insurance.

I pay $1,500 for rent+utilities, $150 for phone bill, $450 for auto loan, $300 for auto insurance (for 2 people, I am helping a friend who can't pay auto insurance), $750 for a personal loan and $750 to $1,000 for credit card. I also need to send $100 to $200 to my home country. Total monthly expenses are $3,950 to $4,200.

I have $16k an auto loan at 7%, $32k of credit card debt at 20-22% and a personal loan of $18k at 17%. Total debt = $64k.

After the above expenses I need money for groceries, clothes, gas and other monthly needs.

I want to be debt free or at least decrease my total debts from $64k to $10k.

I can't consolidate my debts because I already have a personal loan and I have a poor credit score.

Please advise me how to reduce my debt.

Can I be debt free or should I file bankruptcy (I don't know if that's possible because I am not a US citizen).

credit-card debt auto-loan bankruptcy personal-loan

share|improve this question

edited 2 hours ago

Bob Baerker

16.7k12450

asked 2 hours ago

The GuestThe Guest

1386

• 
  
  
  

  
  1
  

  
  
  
  
  
  

  
  
  Is it fair to assume you're in the US?
  
  – quid
  1 hour ago
  

  
  
  
  


• 
  
  
  

  
  1
  

  
  
  
  
  
  

  
  
  $4,200 * 12 = $50,400. Your income is ~80k after taxes, so where's the $30k/year going?
  
  – Hart CO
  1 hour ago
  

  
  
  
  


• 
  
  
  

  
  1
  

  
  
  
  
  
  

  
  
  Yes I am in US. @HartCO I couldn't manage my finances for various reasons, I need help. I had to spend 10K for a hospital because insurance company denied my claim (I was having a short term insurance because I was not eligible for regular insurance at that time). Then I lost my girl friend, then started drinking more, like I used to spend 500 to 600 dollars on liquor and...
  
  – The Guest
  1 hour ago
  
  
  

  
  
  
  


• 
  
  
  

  
  

  
  
  
  
  
  

  
  
  @Hartco, The $4200 doesn't represent his total expenses, in addition he spends money for "groceries, clothes, gas and other monthly needs". But your point is still valid, he should easily have an extra $10k per year to pay down debt, which would take about 6 years. If he scrimped he could put $20k per year on the debt, and pay it off in about 3 years.
  
  – Glen Yates
  1 hour ago
  

  
  
  
  


• 
  
  
  

  
  

  
  
  
  
  
  

  
  
  Yup, OP has some huge money leaks they are not documenting.
  
  – Harper
  8 mins ago
  

  
  
  
  

add a comment | 

I am 35 years old and single. My income is 78K to 80K after taxes and insurance.

I pay $1,500 for rent+utilities, $150 for phone bill, $450 for auto loan, $300 for auto insurance (for 2 people, I am helping a friend who can't pay auto insurance), $750 for a personal loan and $750 to $1,000 for credit card. I also need to send $100 to $200 to my home country. Total monthly expenses are $3,950 to $4,200.

I have $16k an auto loan at 7%, $32k of credit card debt at 20-22% and a personal loan of $18k at 17%. Total debt = $64k.

After the above expenses I need money for groceries, clothes, gas and other monthly needs.

I want to be debt free or at least decrease my total debts from $64k to $10k.

I can't consolidate my debts because I already have a personal loan and I have a poor credit score.

Please advise me how to reduce my debt.

Can I be debt free or should I file bankruptcy (I don't know if that's possible because I am not a US citizen).

credit-card debt auto-loan bankruptcy personal-loan

share|improve this question

edited 2 hours ago

Bob Baerker

16.7k12450

asked 2 hours ago

The GuestThe Guest

1386

share|improve this question

edited 2 hours ago

Bob Baerker

16.7k12450

asked 2 hours ago

The GuestThe Guest

1386

share|improve this question

edited 2 hours ago

Bob Baerker

16.7k12450

asked 2 hours ago

The GuestThe Guest

1386

edited 2 hours ago

Bob Baerker

16.7k12450

edited 2 hours ago

Bob Baerker

16.7k12450

asked 2 hours ago

The GuestThe Guest

1386

asked 2 hours ago

The GuestThe Guest

1386

1 Answer
1

active

oldest

votes

6

Can I be debt free or should I file bankruptcy

There's no reason to file bankruptcy with 64k in debt and a 80K net salary. You can get out of debt in 1-2 years if you're willing to sacrifice. The harder you sacrifice, the less time it will take.

Please advice me or guide me how can I reduce my debt.

• Stop creating any more debt. Cut up all credit cards


• Put 1,000-2,000 in a cash savings account to cover "emergencies" while you are getting out of debt.


• Get on a cash budget. List out all of your expenses in order of priority (housing, food, utilities, transportation, etc.). Put debts last.


• Cut expenses to the bone. No restaurants, no vacations. Every discretionary dollar you spend restricts how quickly you get the debt paid off.


• Once you have all of your expenses laid out, all remaining cash goes to your highest interest-rate debt (I normally suggest the smallest balance, but the interest rates and balances are so high here it might make more of a difference that most cases). Once the cash runs out, stop spending.


• Pay minimum payments on all other debts. Do not skip payments unless you're already in default.

Once you determine how much per month you can pay towards debts, you can figure out how long it will take you to pay them off. Don't expect any quick solutions. Your debt has been building up over time; there's no reason to expect to get rid of it quickly.

Some things you can do to jump-start your journey:

• Sell the car. Use the proceeds to get a cheap car that you can pay for in cash.


• Sell other stuff. Anything you can sell online will help you get out of debt sooner.


• Get extra work. You can probably find part-time work that pays 1-2,000 per month.

share|improve this answer

edited 1 hour ago

answered 1 hour ago

D StanleyD Stanley

55.7k9165169

• 
  
  
  

  
  

  
  
  
  
  
  

  
  
  @D Stanley yes, my debt has been building up over time. And I tried many times and I failed to lower it for various reasons including my over spending too. Sadly I can't work extra as per US law and as per the visa I have. Thanks for your answer.
  
  – The Guest
  1 hour ago
  
  
  

  
  
  
  


• 
  
  
  

  
  1
  

  
  
  
  
  
  

  
  
  @TheGuest You're not alone. The first step (getting a budget and sticking to it) is the hardest by far. It will take some time and discipline but once you have that down you'll be less inclined to overspend going forward.
  
  – D Stanley
  1 hour ago
  

  
  
  
  


• 
  
  
  

  
  3
  

  
  
  
  
  
  

  
  
  +1, great answer. @TheGuest, if you are having trouble with motivation and the procedure of budgeting, I recommend the book The Total Money Makeover by Dave Ramsey, which will walk you through all the steps necessary to get to being debt free.
  
  – Ben Miller
  1 hour ago
  

  
  
  
  


• 
  
  
  

  
  

  
  
  
  
  
  

  
  
  You can also look up Dave Ramsey's radio show/podcast on youtube. Lot's of free advice, inspiration and resources. What's outlined above is fairly close to the Baby Steps you'll hear Dave talk about and has lead millions of people to better financial lives.
  
  – Adam Klump
  7 mins ago
  
  
  

  
  
  
  

add a comment | 

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6

Can I be debt free or should I file bankruptcy

There's no reason to file bankruptcy with 64k in debt and a 80K net salary. You can get out of debt in 1-2 years if you're willing to sacrifice. The harder you sacrifice, the less time it will take.

Please advice me or guide me how can I reduce my debt.

• Stop creating any more debt. Cut up all credit cards


• Put 1,000-2,000 in a cash savings account to cover "emergencies" while you are getting out of debt.


• Get on a cash budget. List out all of your expenses in order of priority (housing, food, utilities, transportation, etc.). Put debts last.


• Cut expenses to the bone. No restaurants, no vacations. Every discretionary dollar you spend restricts how quickly you get the debt paid off.


• Once you have all of your expenses laid out, all remaining cash goes to your highest interest-rate debt (I normally suggest the smallest balance, but the interest rates and balances are so high here it might make more of a difference that most cases). Once the cash runs out, stop spending.


• Pay minimum payments on all other debts. Do not skip payments unless you're already in default.

Once you determine how much per month you can pay towards debts, you can figure out how long it will take you to pay them off. Don't expect any quick solutions. Your debt has been building up over time; there's no reason to expect to get rid of it quickly.

Some things you can do to jump-start your journey:

• Sell the car. Use the proceeds to get a cheap car that you can pay for in cash.


• Sell other stuff. Anything you can sell online will help you get out of debt sooner.


• Get extra work. You can probably find part-time work that pays 1-2,000 per month.

share|improve this answer

edited 1 hour ago

answered 1 hour ago

D StanleyD Stanley

55.7k9165169

• 
  
  
  

  
  

  
  
  
  
  
  

  
  
  @D Stanley yes, my debt has been building up over time. And I tried many times and I failed to lower it for various reasons including my over spending too. Sadly I can't work extra as per US law and as per the visa I have. Thanks for your answer.
  
  – The Guest
  1 hour ago
  
  
  

  
  
  
  


• 
  
  
  

  
  1
  

  
  
  
  
  
  

  
  
  @TheGuest You're not alone. The first step (getting a budget and sticking to it) is the hardest by far. It will take some time and discipline but once you have that down you'll be less inclined to overspend going forward.
  
  – D Stanley
  1 hour ago
  

  
  
  
  


• 
  
  
  

  
  3
  

  
  
  
  
  
  

  
  
  +1, great answer. @TheGuest, if you are having trouble with motivation and the procedure of budgeting, I recommend the book The Total Money Makeover by Dave Ramsey, which will walk you through all the steps necessary to get to being debt free.
  
  – Ben Miller
  1 hour ago
  

  
  
  
  


• 
  
  
  

  
  

  
  
  
  
  
  

  
  
  You can also look up Dave Ramsey's radio show/podcast on youtube. Lot's of free advice, inspiration and resources. What's outlined above is fairly close to the Baby Steps you'll hear Dave talk about and has lead millions of people to better financial lives.
  
  – Adam Klump
  7 mins ago
  
  
  

  
  
  
  

add a comment | 

6

Can I be debt free or should I file bankruptcy

There's no reason to file bankruptcy with 64k in debt and a 80K net salary. You can get out of debt in 1-2 years if you're willing to sacrifice. The harder you sacrifice, the less time it will take.

Please advice me or guide me how can I reduce my debt.

• Stop creating any more debt. Cut up all credit cards


• Put 1,000-2,000 in a cash savings account to cover "emergencies" while you are getting out of debt.


• Get on a cash budget. List out all of your expenses in order of priority (housing, food, utilities, transportation, etc.). Put debts last.


• Cut expenses to the bone. No restaurants, no vacations. Every discretionary dollar you spend restricts how quickly you get the debt paid off.


• Once you have all of your expenses laid out, all remaining cash goes to your highest interest-rate debt (I normally suggest the smallest balance, but the interest rates and balances are so high here it might make more of a difference that most cases). Once the cash runs out, stop spending.


• Pay minimum payments on all other debts. Do not skip payments unless you're already in default.

Once you determine how much per month you can pay towards debts, you can figure out how long it will take you to pay them off. Don't expect any quick solutions. Your debt has been building up over time; there's no reason to expect to get rid of it quickly.

Some things you can do to jump-start your journey:

• Sell the car. Use the proceeds to get a cheap car that you can pay for in cash.


• Sell other stuff. Anything you can sell online will help you get out of debt sooner.


• Get extra work. You can probably find part-time work that pays 1-2,000 per month.

share|improve this answer

edited 1 hour ago

answered 1 hour ago

D StanleyD Stanley

55.7k9165169

• 
  
  
  

  
  

  
  
  
  
  
  

  
  
  @D Stanley yes, my debt has been building up over time. And I tried many times and I failed to lower it for various reasons including my over spending too. Sadly I can't work extra as per US law and as per the visa I have. Thanks for your answer.
  
  – The Guest
  1 hour ago
  
  
  

  
  
  
  


• 
  
  
  

  
  1
  

  
  
  
  
  
  

  
  
  @TheGuest You're not alone. The first step (getting a budget and sticking to it) is the hardest by far. It will take some time and discipline but once you have that down you'll be less inclined to overspend going forward.
  
  – D Stanley
  1 hour ago
  

  
  
  
  


• 
  
  
  

  
  3
  

  
  
  
  
  
  

  
  
  +1, great answer. @TheGuest, if you are having trouble with motivation and the procedure of budgeting, I recommend the book The Total Money Makeover by Dave Ramsey, which will walk you through all the steps necessary to get to being debt free.
  
  – Ben Miller
  1 hour ago
  

  
  
  
  


• 
  
  
  

  
  

  
  
  
  
  
  

  
  
  You can also look up Dave Ramsey's radio show/podcast on youtube. Lot's of free advice, inspiration and resources. What's outlined above is fairly close to the Baby Steps you'll hear Dave talk about and has lead millions of people to better financial lives.
  
  – Adam Klump
  7 mins ago
  
  
  

  
  
  
  

add a comment | 

Can I be debt free or should I file bankruptcy

There's no reason to file bankruptcy with 64k in debt and a 80K net salary. You can get out of debt in 1-2 years if you're willing to sacrifice. The harder you sacrifice, the less time it will take.

Please advice me or guide me how can I reduce my debt.

• Stop creating any more debt. Cut up all credit cards


• Put 1,000-2,000 in a cash savings account to cover "emergencies" while you are getting out of debt.


• Get on a cash budget. List out all of your expenses in order of priority (housing, food, utilities, transportation, etc.). Put debts last.


• Cut expenses to the bone. No restaurants, no vacations. Every discretionary dollar you spend restricts how quickly you get the debt paid off.


• Once you have all of your expenses laid out, all remaining cash goes to your highest interest-rate debt (I normally suggest the smallest balance, but the interest rates and balances are so high here it might make more of a difference that most cases). Once the cash runs out, stop spending.


• Pay minimum payments on all other debts. Do not skip payments unless you're already in default.

Once you determine how much per month you can pay towards debts, you can figure out how long it will take you to pay them off. Don't expect any quick solutions. Your debt has been building up over time; there's no reason to expect to get rid of it quickly.

Some things you can do to jump-start your journey:

• Sell the car. Use the proceeds to get a cheap car that you can pay for in cash.


• Sell other stuff. Anything you can sell online will help you get out of debt sooner.


• Get extra work. You can probably find part-time work that pays 1-2,000 per month.

share|improve this answer

edited 1 hour ago

answered 1 hour ago

D StanleyD Stanley

55.7k9165169

share|improve this answer

edited 1 hour ago

answered 1 hour ago

D StanleyD Stanley

55.7k9165169

answered 1 hour ago

D StanleyD Stanley

55.7k9165169

answered 1 hour ago

D StanleyD Stanley

55.7k9165169