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Need the MBs help on debt situation
Posted on 5/22/19 at 8:14 pm
Posted on 5/22/19 at 8:14 pm
Have worked myself into a unfortunate debt situation and would appreciate any help on first steps now that I have money finally coming in again....
I was fortunate after college to make 150-300k/year in sales for 4-5 years. Following I moved to a different city and basically started my business over agin making less than 10k total for 2 years outside of some rental income from a home I own. I also spent a little much being used to my old income and supported a family member, and got engaged with most of my saved cash.
Through years of making money and always paying off balances on ccs i worked up to a 100k+ credit limit. Most of my expenses went on cards for 2 years including getting married (no pics).
Luckily I have worked my way to producing again and should be in the $150-$300k range this year. But I have been and continue to be eaten alive by cc interest. I get paid when I get paid so it’s not consistent.
My situation:
Cash averages about $1000 last few months after expenses (most lean I have been since college)l with about 20-30k in closed deals accounts receivable the next 30-60 days and finally a good pipeline for rest of the year.
Rental House 2k/month gross income and $900 mortgage about 50-60k equity.. long term tenant
About 80k in cc debt 2 with 30k and 3 with 3000-8000k never missed a payment in life. (I have been making enough to put the cards away for the last 5 months.)
Have close to 100k in ira/401k
Credit has taken a big hit with debt so close to limit so it makes it tough to get a loan right off the bat.
What should my first moves be to accelerate this process? Should I keep the house, sell it, use for HELOC? What cards to attack first? Is it worth negotiating payoffs or keep paying and just take out chunks at a time?
Any words of advice from people who have been here and dug out? It keeps me up at night, but I know I can make this happen and be a (smart) OT baller again...
I was fortunate after college to make 150-300k/year in sales for 4-5 years. Following I moved to a different city and basically started my business over agin making less than 10k total for 2 years outside of some rental income from a home I own. I also spent a little much being used to my old income and supported a family member, and got engaged with most of my saved cash.
Through years of making money and always paying off balances on ccs i worked up to a 100k+ credit limit. Most of my expenses went on cards for 2 years including getting married (no pics).
Luckily I have worked my way to producing again and should be in the $150-$300k range this year. But I have been and continue to be eaten alive by cc interest. I get paid when I get paid so it’s not consistent.
My situation:
Cash averages about $1000 last few months after expenses (most lean I have been since college)l with about 20-30k in closed deals accounts receivable the next 30-60 days and finally a good pipeline for rest of the year.
Rental House 2k/month gross income and $900 mortgage about 50-60k equity.. long term tenant
About 80k in cc debt 2 with 30k and 3 with 3000-8000k never missed a payment in life. (I have been making enough to put the cards away for the last 5 months.)
Have close to 100k in ira/401k
Credit has taken a big hit with debt so close to limit so it makes it tough to get a loan right off the bat.
What should my first moves be to accelerate this process? Should I keep the house, sell it, use for HELOC? What cards to attack first? Is it worth negotiating payoffs or keep paying and just take out chunks at a time?
Any words of advice from people who have been here and dug out? It keeps me up at night, but I know I can make this happen and be a (smart) OT baller again...
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