Submitted by HumorousGeorge t3_126geq6 in personalfinance
I’m feeling so much anxiety I don’t know where to begin. It’s spread across 6 accounts with the highest balance of 16000. Here’s the breakdown: Chase 16,000 Amex 6500 Credit union 1 7100 Credit union 2 7250 PayPal 5000 Amazon: 800
Other debts: Truck 46000 monthly payment of 775.
TSP Loan 10200 repayment of 185 biweekly from paycheck deduction.
Rent:1600
Income: Main Job: USPS 80k a year. Paid biweekly. Overtime is available but not reliable enough to count on. Currently at 21657 gross/ a 12564 Net fort the year so far.
Side gig: Dealer lot tech, 18 hours a week at 16/h 3763 gross so far, 2183 Net for the year so far
I’m at the point I don’t know what to do. I had purchased the truck 6 months ago new and now realize how stupid of a decision that was. I was living at home at the time and thought I could swing it when I had moved out. Now I’m stuck in a lease for an apartment. The credit cards were from years of young and dumb inexperience with credit and procrastinating the payments. I had not missed a credit card payment until this month when I finally was down to my last 35 cents in the account. I’m drowning in debt and need guidance from someone.
Edit: The 1600 rent is including bills and utilities, it’s just that salt lake city is expensive as hell. I just received a promotion at work that started this past weekend, it’s about 80k per year base, I don’t know how much that’ll work out to be take home. I’ve put the truck up for sale for bit more than I owe and what I think is a fair value for it.
Edit 2: I already have a paid off Cruze that I’ve had for 8 years, but my sister has been using it for free for the past 4 years due to her needing a car but she’s in school and couldn’t afford a payment. Last Year is when most of the damage happened, I experienced huge lifestyle creep due to getting a 30k dollar raise from 41k to 73k and decided to go to a bunch of NASCAR races and put it all on the credit cards. At the time I thought I could afford it because I lived at home, but Mom and dad said enough and I needed my own place since I’m now 25. That was shortly after I had bought the truck and had to find a place to live that wasn’t far from work, and I had to keep the truck for 6 months or else I had to pay back the GM dealer employee discount. I know I screwed up but hopefully I can turn it around.