All Forum Posts by: Account Closed

@Scott Carder, it's actually towards $27,000. I had a situation with a motorcycle that was stolen. The bank's insurance was supposed to file it as a total loss, ended up finding it and giving it back. So that's an additional $6k. And that's $27k without any interest added. So it would take more like 1.5 - 2 years because my current lease doesn't end for 4 more months. To cancel is 3 months rent as a fee. So add $900 x 3 on top of the $27k, plus interest. And I also have no vehicle. I bought a new 2014 truck when I had a job, realized it was dumb to pay $800 a month with insurance (I'm only 22 so my insurance was ungodly), so I took it back. Now I drive my dad's beater truck with over 300,000 miles. So I'm also in need of a vehicle. A reliable one could be around $4,000. So $27k, plus interest on that, plus $2,700 for rent fees, plus around $4,000 for a reliable vehicle. All with no income and only 14 weeks of unemployment at $330 a week and HOPEFULLY being able to find a decent job.

@Chris Martell, just attempt to pay it off through a debt consolidation company. But it wouldn't be in a timely fashion at all. I don't have a job and only 14 weeks on unemployment. That's why I considered filing from the beginning. Instead of paying for 5 months and eventually filing anyways, just saving the 5 months of attempted payments.

@Kyle Hipp, that's awesome to hear. I'd love to hear more about how your first couple projects went if you'd like to share! I'll send you a colleague request. Also thanks for the encouragement. I know hard work is the way to do it. I know me wanting everything and not being patient (hence buying everything on credit with hardly no down payments) is what got me in this boat in the first place. Definitely a lesson learned, my friend.

Thanks, @Rod Desinord. When I started the thread, I thought $20k was a lot for my situation. But most people have the same opinion as you. It's helped a lot with all your responses, I'm going to pay. My only problem was I would be in the hole every month if I went back to college in 7 months, so I thought why not file now? I've decided to take an additional semester off, though. I'll consider it the punishment for being young and dumb. I've learned from this already, though. Now I just have to deal with the time to pay it off. Better to spend a year paying it back than much longer with horrible credit.

@Kyle Godbout, I've already cut all my credit cards up except for one! But my mom made me an authorized user on that one, so even though I feel a lot more mature, I have her watching. Haha.

@Kyle Hipp, I'm not really trying to sound like I'm shooting down any ideas. I'm going to try for most, but I'm just trying to be realistic. I may be able to wholesale easily, I may not. I may find a tip job easily, I may not. I have a bunch of friends that are waiters and it's mostly from their words. We have typical restaurants like Applebee's, Chilis, Outback, and a 75% population of college kids. I'm sure you can guess the tips aren't too amazing. The higher end restaurants are always stacked on beautiful waitresses. I'm definitely not shooting down any ideas, though, just from my friends' experiences. I'm going to try for anything!

@Ryan Dossey, I do understand the commitments that have been made. I'm also a huge believer in karma, so I feel like screwing a lot of people out their money would come back to haunt me. It wasn't not wanting to pay it anyways, I just couldn't afford to while going to college. But I've decided to put off college until the debt has been paid. Hopefully 2016 will be a great year for me to stick to my guns, pay off my debt, and increase my credit.

@Benjamin Haberman, there aren't many upscale restaurants in my town. The ones we have are always filled with beautiful girls as waitresses. I like idea, though. It's something I'll definitely try to apply for in the meantime. We'll see how it goes!

@Chris Sukala, thanks for the advice. I'm going to pay off the debt and not go to college until it's paid. I like the idea of doing some apprenticeships as well. Didn't really cross my mind, big thanks for your input. And also, with working so much, I just meant that I would never be happy working over 40 a week for an hourly pay. I'm okay with working more than that if it's towards my own business that I love. But hating my 40 hour job is something I don't want to get stuck with.

@Account Closed, I've also considered that. I heard on a BP podcast about the military being great for getting you in the right mindset.