Time to ask for help...

quote:

---

I have a 460 credit score

---

Alright, gonna give you my thoughts here. Might be hard to hear but I think the fact you've typed all this shite out says that you are actually interested in getting out of your hole.

As things currently stand, you are not sustainable financially. My first advice would be to cut the nonessential shite. For example, cable. I know it sucks but with Hulu, Netflix, etc most shows and movies can be seen one way or the other. Live sports, go to a sports bar or a friend's.

Try to find a cheaper living situation. $630 a month on $1600 take home will make it very hard to pay off that debt.

Many here are more knowledgable about the credit situation, but I would imagine your only option may be to take out a card with low limits and a huge interest rate. Even then, putting a little on it each month and paying it off in full should bump that up.

Try to find another way to gain income on the weekends. I know it sucks to give those up, but I really feel that getting out of your crappy financial situation will be well worth the extra hours worked.

The important thing to know is that progress is key, even if it's slow. It's not all going to disappear at once. Just have to make sound decisions and chip away.

I hope something in this post helps. Good luck, bro.

Cancel cable and get a second job for Friday night - Sunday.

$100 on cell phone? I pay 60 for unlimited data. Get out of that plan and go to something way lower and save 50 a month there

quote:

---

Cable: $150

---

This is not a necessity. It is entertainment.

Can you join the military?

It would give you opportunity for advancement and education. It also is an experience that can help you learn to deal with adversity and success.

quote:

---

crkelly91

---

You seem pretty damn intelligent. And you're only 23. Snag a second job. Drop the cable. Cut out anything you don't need. You're paying 50% of your rent just in cable/cell payments.

After you get yourself financially solvent, go back to school and bust your arse.

As others have said, the cable is the thing that jumps out immediately as unnecessary. I'd dump it.

Are there other little ways you spend that add up quickly? For example, do you buy your lunch? If you go to Chipotle, Subway, etc., every day for lunch, you can spend $6-8 per day. But you can pack yourself a filling and nutritious lunch based on things you buy at the grocery store for about $4. Doesn't seem like much, but calculate that every day and that can save you $1,000 per year, maybe more. Similarly with coffee, if you drink that. If you drink two cups each day, try to make it one. If you go to Starbucks every day, try making it at home instead. That can save you another $1,000. (If you "have" to have it. I don't drink coffee, but I never got started.)

All of the comments about finding a roommate/cheaper housing situation, cutting cable out completely and reducing cell phone (I make a lot more money and my cell phone is less than 100/month and my cable/internet bill is less than 150/month) are spot on. So I'll touch on a few other things.

When you say charged off bank accounts, do you mean like actual checking accounts where it went negative and they charged it off, or credit cards? Is your cell phone a prepaid plan? I'm surprised you could get a regular cell plan if you have a charged off cell phone bill on your credit report.

Who is your student loan with? If it's a government backed loan, and you are not in default, they should be able to work with you. Ask for a forbearance or a deferment. How much of this $5,500 is student loan?

What is a dropout fee? Never heard of that.

I assume you are single with no kids, is this right?

At the end of the day, you have an income problem. I assume your gross income is somewhere around $20,000. You are not going to have a lot in life if that's where you are. With the hours you work, unless there is something you are not telling us, there is no excuse for not holding down a second job OR going to school. There is no reason you can't take classes two nights a week.

And look beyond "school". I have a friend that lived your life for a few years. Got tired of that and decided to become an electrician. Started off as a helper making like 10 an hour, and picked up extra work whenever he could. He started learning about the work. That led to him getting put into a training/class program where he will end up as a journeyman electrician. He goes to class 2 nights a week for a couple of years, all paid for by the union and his company.

I second the suggestion to get a trade. Electricians have an apprentice program that leads to a financially stable and rewarding career. Plumbers may do the same. There is nothing wrong with working with your hands. This country could use more of it.

I agree with the responses. Cut cable, and try to add a roommate or get a different living arrangement.

Give up your weekend nights (thurs-sat) and drive Uber or wait tables to make cash to knock out that debt ($100-$200/weekend). You could easily make enough to pay off that debt of $5,500 in 12 months.

Also I'd shop around for car insurance. $118 seems high unless you have issues on your driving record.

Once the debt is paid off, keep working that extra job and stockpile some cash.

Also, it is imperative that you get on a written budget and see where your cash goes each month. It'll help you think about it day to day about where you can do better. You can't expect to improve your situation without knowing exactly where the cash is going.