Best way to get rid of 70K in Debt?

[AlwayzRight]

40K in school loans
20K in truck loan (trucks only worth 15)
10K credit cards

I make 48K a year ...30 years old.

I can easily make my payments but I am fucking TIRED of being imprisoned to this shit job that I HATE and in this shit city because of these debts. I can easily make these payments but I am just sick of having my life controlled by this shit. I cant get a new job that pays more and yes..I do have another part time job. I need to get rid of this debt ASAP.

Thought about bankruptcy but that doesnt get rid of the school loans....

Allright Rx ..there is a reason this is the best forum on the internet..let's hear some of your thoughts...I know there are some smart people here.

 

[STACKSONDECK]

bet on sports...duh

 

[Sportsrmylife]

Wow...your story sounds exactly like a movie I just saw this past week. A friend told me about it.

Go to google and search "zeigeist addendum" and "zeigeist movie". I can't remember which one talks about the banking industry history but your story falls exactly into what they talk about.

I guess a thought that worked for me was to pay an extra 15% of what is required. You would not believe how fast that debt gets eaten up.

 

[AlwayzRight]

Wow...your story sounds exactly like a movie I just saw this past week. A friend told me about it.

Go to google and search "zeigeist addendum" and "zeigeist movie". I can't remember which one talks about the banking industry history but your story falls exactly into what they talk about.

I guess a thought that worked for me was to pay an extra 15% of what is required. You would not believe how fast that debt gets eaten up.

Yep I have seen the movie...great doc by the way...

Anyways....don't believe all the illusions that the majority of society PUSHES...life is too fucking short to be unhappy.

 

[STACKSONDECK]

paying an extra 15 percent of the minimum payments that are due?

 

[Sportsrmylife]

Yep I have seen the movie...great doc by the way.,,

Anyways....don't beleive all the illusions that people PUSH in society...life is too fucking short of being unhappy.

A-fkn-men!!! Think about it. You to college to get a "good job". You owe an average of $25k in student loans when you get out. You start working a job and realize it isn't something you want to do but are stuck behind debt and can't get out.

I really think that people need to worry about their happiness more and whether what they are doing is something that they want to wake up each day and do. Just like you said....life is too short to do something that makes you miserable. But too many people are scared of the unknown to do anything about it. So they grind there lives away wondering what if.

I great saying that I heard a few years ago that I truly love. When someone is on their deathbed you never hear a person state that they wish they spent more time in the office working.

 

[Sportsrmylife]

paying an extra 15 percent of the minimum payments that are due?

I used 15% but you can pay anything over what is due and that is going to crush the principal down. Heck, it has been said that making 1 extra house payment a year cuts a 30 year mortgage down by 10 years.

 

[gtc08]

i was going to ask you whatever happened with your financial situation. i remember you talking about how you thought school was a waste and how you got into deep debt. if i remember, you got a sports management major.

your right, you cant discharge student loans in bankruptcy. are you current on everythng?

 

[AlwayzRight]

A-fkn-men!!! Think about it. You to college to get a "good job". You owe an average of $25k in student loans when you get out. You start working a job and realize it isn't something you want to do but are stuck behind debt and can't get out.

I really think that people need to worry about their happiness more and whether what they are doing is something that they want to wake up each day and do. Just like you said....life is too short to do something that makes you miserable. But too many people are scared of the unknown to do anything about it. So they grind there lives away wondering what if.

I great saying that I heard a few years ago that I truly love. When someone is on their deathbed you never hear a person state that they wish they spent more time in the office working.

Exactly..

 

[AlwayzRight]

i was going to ask you whatever happened with your financial situation. i remember you talking about how you thought school was a waste and how you got into deep debt. if i remember, you got a sports management major.

your right, you cant discharge student loans in bankruptcy. are you current on everythng?

Yep that's me. All current on everything. I try to pay as much as I can more on each payment.

 

[STACKSONDECK]

just dont think about it knock out the credit card and truck first. save a lot also make minimum payments on the loan and i dont know your monthly bills but you could pay off the truck and cards in a little over a year if you are aggressive

 

[gtc08]

whats the monthly breakdown of your payments.

list your monthly expenses and monthly income.

 

[AlwayzRight]

whats the monthly breakdown of your payments.

list your monthly expenses and monthly income.

Monthly income $3085

Rent $450
Utilities/Internet $180
Truck payment $500
Truck insurance $115
Cell Phone $70
Credit cards varies....lately I have been puting $300 towards this...
School Loan $340

 

[treece]

People should buy cheap used vehicles. Something for like 3K.

 

[AlwayzRight]

People should buy cheap used vehicles. Something for like 3K.

agreed.

 

[Mindware]

not exactly sure what you're asking for here, b/c I think you already know the answer which is to pay off more each month toward the principal w/ the higher interest rate. I think it's pretty clear cut on what you need to do. It's that or bankruptcy as you mentioned, and i guess you might wanna look at any consolidation option for all debts.

Also i read somewhere that this month is the start of a school loan consolidation program where you can get the lowest interest rate it's been for a long time so you might wanna look into that. I'm not exactly sure on what the qualifications are but it's definitely worth checking into.

 

[gtc08]

that income is after taxes right?

you also forgot food and gas, and another 400 to that.

so say you got about 2400 a month in expenses, and earn 3100.

positive cash flow of +700 a month.

set aside 200 a month for entertainment, 50 a week.

put the other 5 towards the cards. on top of what your paying now and your return, youll be able to eliminate your credit card debt in a year if you do it this way.

you got a lot of extra money so not sure what the big deal is.

 

[Mindware]

agreed.

i agree with that too. I don't know what your job is but if you don't need that truck you should sell it, and although odds are against you currently, who knows, you might be able to get fair market price for it. Then go buy a practical vehicle, a motorcycle even (save a shitload in gas i'll tell you that). Of course if you need the truck for work, then it's a moot point.

 

[gtc08]

student loan is the big killer. and the truck. 500 a month seems too much. whats the model and year?

 

[DrunkenHorseplayer]

Monthly income $3085

Rent $450
Utilities/Internet $180
Truck payment $500
Truck insurance $115
Cell Phone $70
Credit cards varies....lately I have been puting $300 towards this...
School Loan $340

Get rid of your cell phone and cut your insurance down to state minimum.