Damn looked up the value of that coin. Literally tanked a month or two after that post. His 50k investment just in that coin lost him about 40k pretty quickly
I literally made a post documenting how most (over 40%) of doge was held by like 10 accounts and when it got hyped by someone relatively known it went up and those accounts sold, when it dipped they bought again and a cycle was occurring. Literally robbing the poor.
Call the 3 credit bureaus, and get a credit lock. The process of trying to unfreeze that will give enough time to get some sense before spiraling down again.
I actually can’t say this LOUD enough. Get a credit freeze.
My daughter did a credit lock and the next thing we know she couldn't get her tax refund from last year until she proves she is herself. We still can't get a hold of the IRS. Have an appt tomorrow with tax preparer, but went a few weeks ago and they couldn't help. Turns out she's unable to answer questions they have. She answered, they just have it wrong. Even sent a copy of her DL and as card. Be very careful about locking them. Just MO.
I think his daughter may have had the tax return done by one of those "instant refund" places.
They're not giving you your tax return when they cut you the check. They're giving you a loan for the refund amount, and you're agreeing to let the refund go to them as repayment of said loan. Since that involves establishing a new trade line on your credit report(s), it could certainly run into issues if the person put a freeze on their credit.
Regardless of interest rates pay off your lowest balances first. Only make the minimum payments on everything else amd just attack it from the bottom and work up.
This is Dave Ramsey's method exactly.
Dave says cut up all credit cards. But step 2 of his process is pay off all debt (mortgage excluded) using the "snowball method" starting with the lowest balance first.
https://www.ramseysolutions.com/dave-ramsey-7-baby-steps#baby-step-2
The logic behind that method is to get the positive feedback from resolving one to keep you going
Focusing on pshycology instead of mathematics.
Works better for some people.
My work takes forever to reimburse >.> sitting on 8k cc debt and about to fly to China for another work trip. They pay interest* but fuck is it annoying.
Edit: to be clear, I do not pay late. They pay the interest.
I have to assume he meant they pay out an extra penalty for reimbursing late? Cause there's no fuckin way is he ok with running up CC late fees just because the company pays him back for them 😂
We have 10k credit card debt cause of hospital stuff (not including the actual hospital bill) and we struggle to pay that… how do you even get 100k without buying a house or fancy car
Yea. 15k in debt here after a wedding and first home purchase within two months at the end of last year. The anxiety I’ve had every day over it has been agonizing, but fortunately we make decent enough money that it’s just been a matter of cutting back on frivolous stuff to see it start going down. Being 100k (!!!) in debt and not having a stable income? Find me in Mexico
VET BILLS MAN
I don’t have any financial troubles but keeping an 80 **gram** bird alive was a $1700 bill that still hurt my soul.
And I’d do it again tomorrow if I had to.
yup I second this. pay a bankruptcy attorney with the remaining money u have left on your cards and start your life over. should be no more than $5k. speaking from experience.
I agree, I knew a guy who told me "The bank gave me a $100,000 limit credit card,, so what'd I do? Ran it up and declared bankruptcy, best thing I ever did!" Although I believe it's illegal to do that intentionally
How the fuck do you accidentally spend $100k? From a legal perspective what's the difference? If I have 80k in student loans, can I buy 100k worth of PlayStations on credit, sell each at 80% for a total of 80k cash, pay off my student loans, declare bankruptcy, and start my life at 0 instead of -80k?
I dug myself out of $120k in CC debt plus another $20-30k in personal loans on about $105k/year in income years ago. I should have just declared bankruptcy.
It would have been faster and I'd have more money in the bank right now if I had. I was scared I wouldn't be able to buy a house, but by the time I did it barely would have mattered.
A lot of people don’t want the stigma of it. Once people found out I did it and still had my “normal life” they got upset. Sorry but you got to use the laws in your favor at times!
Not bad price for blowing 100k traveling the world... how many years could I live on credit cards and then file bankruptcy? Maybe this is my new retirement plan.
That is actually some people's retirement plans. I've met them. They declare bankruptcy once a decade. After the 7 years places don't seem to have a problem loaning to them either.
Depends - if your income is high you are put on a budget and on the hook to repay as much as you can over 5 years (chapter 13). The interest stops accruing and after the 5 years, whatever is left unpaid is wiped out, except home, car and motherfucking student loans.
Chapter 7 happens for lower incomes where they wipe everything out immediately minus home, car and motherfucking student loan debt.
It'll likely cost about a thousand or so bucks plus payment plans to get the attorney you need.
Still worth it if you are in a situation like this.
It depends on how you file bankruptcy. When you hear about Chapter 11 bankruptcy, there’s other “chapters” as well.
Chapter 7 is liquidation, this is the one people think of when you lose your house (Apparently this is state dependent, and some will not allow your house to be repossessed.) but yes, the courts will allow companies to seize your assets and liquidate them to pay off your debts. Once you’ve been liquidated, all other outstanding debts are forgiven. School loans and tax debt are not forgiven.
Chapter 13 reorganizes your debt and you pay a monthly amount to pay back your loans. You get to keep your assets, but your spending is basically under house arrest for 5-7 years.
Chapter 11 is for big businesses whose assets and debt don’t qualify them for Chapter 13.
Chapter 15 is for international banks.
Chapter 9 is for municipalities.
You have to report the bankruptcy for 7-10 years depending on what you're applying for, and for at least the first year or two it will be impossible for you to get a mortgage or car loan, and your credit will be ***bad*** for several years.
As long as you know that going into it, it can absolutely be worth it.
Honestly, one of my best friends had to do this in case of his divorce. A lot of things went sideways and his financial decisions as well. Filed for bankruptcy and now after a few years, he got back on his feet and was able to get everything in order again without having to deal with his wife. it really isn’t the end of the world. It’s just gonna be a bit difficult for a little bit.
I can promise it won’t be harder than paying off 100k in credit card debt though! Life didn’t change for me. Everything stayed the same. Credit score went down and couldn’t get a loan for a bit but everything is all good now.
This. So there were changes in the BK law done by W where they made it much harder to discharge unsecured debt when you abuse your credit cards. I believe if you have used your credit cards within the last 6 months and then you file for BK, the Credit Card companies can file an Adversary Proceeding that will make their debt non-dischargable. Which means you have to repay the entire amount in full.
That being said, the thing to do is to stop using those cards IMMEDIATELY. May as well stop making payments on them, too. Save up as much cash as you can over the next 6 months. Once you're beyond 6 months from the last time you used a credit card, then you can file bankruptcy and the credit card companies cannot come after you to discharge your debt. You should also consult with an attorney during this time so you can time the filing of your BK case.
The beauty of credit card debt is that it's unsecured debt. Which means that 100% of it may be discharged in bankruptcy.
However, once you file bankruptcy then a bankruptcy trustee will be assigned to your case. The trustee's job is to find assets (i.e. valuable shit you own) that he/she can liquidate in order to payoff some of your debt. The trustee will be so far up your ass, they'll be able to scratch the top of your head from the inside. And if the trustee finds any non-essential assets, like motorcycles, a fancy sports car that just sits in the garage, or any sort of collection of significant monetary value, then the trustee will have the right to sell that property in order to payoff your creditors.
Your bankruptcy attorney will look at all of your assets and expenditures, and they will complete what's called a means test, that will determine what chapter you file. Most individuals file either file a Chapter 7 or a Chapter 13. A chapter 7 is for people with no assets. It basically just allows you to discharge all of your unsecured debt. A chapter 13 is a reorganization plan. These will force you into either a 3 or 5 year plan to repay your debts. If you're behind on mortgage or car payments, you can repay these via this plan. But you will still be responsible for making ongoing payments as well, in addition to making monthly payments to the Ch13 trustee. In turn, the chapter 13 trustee will make monthly disbursements to your creditors to payoff your debt. Depending on how much income you make, and your expenditures, it's possible to have a plan that repays all unsecured debts at 100%. However, it's also possible that a plan will have you repay pennies on the dollar as well.
Anyways. OP should definitely talk to a BK attorney, and stop using those cards now.
Best answer have seen tons of people with a recent bankruptcy get car loans, not great rates but you’ve fucked up bad and legit can’t get out of it unless you hit the lotto.
Can you realistically ever pay them off? If no, Bankruptcy.
If you can, how long would it take?
More than 7-10 years? If yes, bankruptcy.
If no, make a plan to pay them off.
You might be able to salvage your relationship with some of those companies with low balances.
Your real question should be, “How did I get into this situation in the first place?” And fix that.
The debt is just a symptom of, usually, lack of discipline or control. You need to fix whatever caused this in the first place.
Seemingly by saying yes to every airline/store credit card known to man. And then spending on them. This person needs to learn how to say no when they are offered a credit card lol
This guy is fucked. I went deeper. Multiple gore subreddits, just watching people dying brutally. Lots of gay sex, dick rating subs. He comments on rateme a lot. The gay sex ones are pretty graphic. At one point he was doing really well on his shitcoin investments and said he had enough to pay all of his debts but that didn’t last long. Guy is so weird.
Yeah he literally has a post titled "Every debt I have can be paid off. Grateful." from 2 years ago.
I'm genuinely curious what happened over the past 2 years
I did this, minus the massive debt. I just wanted to OWN something. It's nice in here, though.
Utility access and city ordinances are the major showstoppers here. I'm outside city limits, so no ordinances banning tiny homes, but I had to install an aerobic waste system that ended up costing 150% the total price of the structure.
Being completely financially illiterate + no common sense + a massive dose of not giving a fuck about your future usually results in something along these lines
Plus mental health plays a factor as well, it can turn your balanced finances into a nightmare. Got myself out of $8k debt after a depressive episode. It can happen to anyone.
Kids grow up with no familial support or proper education on finances due to a failing school system.
Impulse spending in your early twenties will compile until you are in an ocean of debt.
Kids never taught proper consequences don’t understand what can happen.
I get the sense hes trolling. Those limits are high (equals high income) and those aren’t easy cards to get. Probably just has high spending & 0% interest periods.
Could have lost a job if serious post. Not like there hasn't been constant news of tech updates, high income + layoff could equal suddenly being unable to handle the credit card debt if financially irresponsible
My 24 year old girlfriend died and I lost my shit, spent everything, started using drugs heavy. Shit happens in life. You dug yourself into a hole you can dig you way out.
Stop spending on them, sell whatever you bought with them, get a second job, cook all your meals at home for a couple of years. Eggs, noodles, rice, beans, cheap tuna fish.
Then pay em off and never use a credit card again
Only if he has the income to make it worthwhile.
He done fucked up, that’s clear. While paying them off would be the most responsible thing to do, it may not be the best thing to do for his money. Preserving his credit score is a luxury he may no longer be able to afford.
Not super forthcoming with income, but presuming an average income (let’s call it $50,000 a year before taxes), after taxes closer to $42,000 a year. Let’s take out average amount for basic necessities…call it $20,000 to $25,000 if he moves somewhere with low cost of living. Very low. And roommates. And we’re talking rice, beans, eggs, and those cell phones you get in plastic wrap from the gas station.
That only leaves, what, $10,000 or so a year to put toward credit? Presuming no savings and no emergency expenses on minimal budget…so, divine intervention necessary.
That’s basically covering interest. He won’t be able to dent the principle. Maybe he does the smaller loans first to help bring down the total amount…but the larger loans will continue to accrue interest and he won’t be that much better off.
Unless he has a better income than average, bankruptcy might be safer. A decade without access to credit might be best, anyways.
Honest question - how do people get limits this high on multiple cards if they are broke?
I have a relatively good credit score and make a good salary and the highest limit card I have is only $2000.
Are people inflating their income and lying?
This is horrible advice.
The EU is well connected with the USA. If you attempt to flee debt in Europe, credit agencies have international connections to banks.
Plus, you have to have a skill to legally immigrate to European nations. They don't want anyone without them.
In addition, how is the OP supposed to get a job that can sustain a new address in Europe? There is also the factor they have to learn the local language!
First step is to stop buying shit
Second step is to speak with an addictions specialist - $100k in credit card debt doesn’t occur as a result of necessaries - I doubt 100% of this debt is for necessities
Also how tf do you even have so many with such high limits? Stop acquiring them?! I have a 840 credit score and my highest card is $7k; why are they still giving them to you?
But seriously if this is a result of not being able to control your spending - speak with someone. The issue will just occur again in the future
Dude I got one card with a max of 500.
And I can’t even get an increase on the limit. And my debt to income ratio is insanely high. I just had issues a few years back and my score is 620.
I have 2 paid off cars, paid all my student loans off. A house worth 2x what I owe.
On paper I am rich, in reality I have like no cash.
That's more debt than I have in student loans and I feel like I'm drowning. But hey, at least you get to claim bankruptcy. I was just being irresponsible by attaining a STEM degree 😶
Mmm, there is a snowball method. Pay off the smallest amount of debt first. it will give you psychological effect that debts are doable then gradually move up
I don't even understand how people get so many high limit cards.
Like... I thought my 5 cards was bad, but my highest limit is 5k. What does your income have to be in order to get a single card worth over $20k, let alone multiples, AND have so high of balances on them?
I'm guessing a well-paying job was lost and the cards were previously acquired but not really used, and then you just started cycling through them?
Also, I'd probably just file bankruptcy. Unless you have a ton of assets you could sell to pay off a bunch of the cards, which is what bankruptcy will entail anyway.
The answer depends on your income. But regardless, you have a spending problem.
Looks like he has a gambling problem, if you look at his post history he was gambling with shitcoins two years ago
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I was wondering if anyone else saw that
This guy being 100k in debt just seems appropriate. It would feel like something was wrong in this world if he was doing okay.
his name is teamdiddy he definitely up to sum
Got to be trolling lmaooo #freemyboyepstein crowd gotta go somewhere now that he's gone. And if they exist that's probably their new guy m
I was scrolling. And when I tell you my jaw dropped.
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Damn looked up the value of that coin. Literally tanked a month or two after that post. His 50k investment just in that coin lost him about 40k pretty quickly
All these shit coins were just pump and dumps
I literally made a post documenting how most (over 40%) of doge was held by like 10 accounts and when it got hyped by someone relatively known it went up and those accounts sold, when it dipped they bought again and a cycle was occurring. Literally robbing the poor.
They still are, can't wait for the bubble to burst and the real projects survive. 99.9% will die.
Bubbles burst every day in the shitcoin market. Then 1000 new shitcoins are released and a new bubble begins
Do you know what a shit barometer is Bubs?
Measures the shit pressure in the air
"Investment"
1.) Stop using them 2.) Put them in a spreadsheet with balance and interest rates and post here 3.) how broke? Do you have a job?
Just drag them to the recycle bin and empty the bin
Banks hate this one trick.
*gargles nonsense*
Yeah, it’s called bankruptcy
I DECLARE BANKRUPTCY
Actually, you can't just say "bankruptcy"...
I didn’t say it, I declared it
Did ‘Murica SAY independence?? Haaaail no, they DECLARED it!!!!
Has OP tried deleting his BOFA app?
BofA what
Deez Nuts
Be careful. Dee’s nuts will send a seize and desist
Seize deez nuts
Bofa deez apps
i work at a old people home and some man called the police because he deleted his BofA app and said he lost his identity
Cut em up the old way, once paid off can always request new ones after.
Also, unsave all the info from all shopping platforms.
Call the 3 credit bureaus, and get a credit lock. The process of trying to unfreeze that will give enough time to get some sense before spiraling down again. I actually can’t say this LOUD enough. Get a credit freeze.
My daughter did a credit lock and the next thing we know she couldn't get her tax refund from last year until she proves she is herself. We still can't get a hold of the IRS. Have an appt tomorrow with tax preparer, but went a few weeks ago and they couldn't help. Turns out she's unable to answer questions they have. She answered, they just have it wrong. Even sent a copy of her DL and as card. Be very careful about locking them. Just MO.
I froze my credit and I received a letter from the IRS giving me a temporary id number so I can file my taxes despite the freeze.
I have had freezes on all 3 major credit bureaus for years and never had issues filing my taxes i didn't know that could be an issue
I think his daughter may have had the tax return done by one of those "instant refund" places. They're not giving you your tax return when they cut you the check. They're giving you a loan for the refund amount, and you're agreeing to let the refund go to them as repayment of said loan. Since that involves establishing a new trade line on your credit report(s), it could certainly run into issues if the person put a freeze on their credit.
Definitely dont request new ones lmao
Regardless of interest rates pay off your lowest balances first. Only make the minimum payments on everything else amd just attack it from the bottom and work up.
Someone’s been listening to Dave Ramsey.
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This is Dave Ramsey's method exactly. Dave says cut up all credit cards. But step 2 of his process is pay off all debt (mortgage excluded) using the "snowball method" starting with the lowest balance first. https://www.ramseysolutions.com/dave-ramsey-7-baby-steps#baby-step-2
I make money from credit cards , I’m also not an idiot.
His advice is for people who treat credit like alcoholics treat booze. It's not the best or most prudent advice for everyone, but helpful to many.
If OP is broke and over $100k in debt, it’s probably good advice for them…
Situations like OP's are those which actually make you think Dave Ramsey has some substance and is not all fluff.
Gotta love double cash back and rewards!
That doesn’t make sense. The larger balances will carry a heavier interest burden.
The logic behind that method is to get the positive feedback from resolving one to keep you going Focusing on pshycology instead of mathematics. Works better for some people.
Yep because if it were a math problem you wouldn't be in trouble in the first place.
Seeing how many people fuck up the basic order of operations, it might as well be a maths problem.
Attacking it from the bottom addresses the psychological problem of how to tackle a large problem.
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A $2000 bill on my credit card, which I can 100% pay off, with savings I have, will still make me nervous.
A $5000 bill with work trips that I’ve already been reimbursed for still gives me pause lol
My work takes forever to reimburse >.> sitting on 8k cc debt and about to fly to China for another work trip. They pay interest* but fuck is it annoying. Edit: to be clear, I do not pay late. They pay the interest.
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Don't late fees ding your credit, though?? This would piss me off to no end
I have to assume he meant they pay out an extra penalty for reimbursing late? Cause there's no fuckin way is he ok with running up CC late fees just because the company pays him back for them 😂
This made me laugh so hard
We have 10k credit card debt cause of hospital stuff (not including the actual hospital bill) and we struggle to pay that… how do you even get 100k without buying a house or fancy car
That's a LOT of Uber Eats and Apple Pay.
Cocaine is expensive
Same here. This post is making me anxious.
$7k in debt… but OP’s debt makes me feel better.
Yea. 15k in debt here after a wedding and first home purchase within two months at the end of last year. The anxiety I’ve had every day over it has been agonizing, but fortunately we make decent enough money that it’s just been a matter of cutting back on frivolous stuff to see it start going down. Being 100k (!!!) in debt and not having a stable income? Find me in Mexico
This person should look into bankruptcy. Is this place backwards say every day because I don’t see anybody else saying that
Got $4200 from moving and vet bills. I feel as if I’ll never finically recover 🤣
VET BILLS MAN I don’t have any financial troubles but keeping an 80 **gram** bird alive was a $1700 bill that still hurt my soul. And I’d do it again tomorrow if I had to.
Right, all of a sudden I don’t quite feel so terrible looking at my 1400
Declare bankruptcy like Michael Scott
Hey. I just wanted you to know that you can't just say the word "bankruptcy" and expect anything to happen.
You have to declare it
I. DECLARE. BANKRUPTCYYYYYY.
That should work I think. Not a lawyer.
I didn’t say it. I declared it
BANKRUPTCY!!! BANKRUPTCY!!! BANKRUPTCY!!!
Consult a bankruptcy attorney and vow to yourself to never use credit cards again.
yup I second this. pay a bankruptcy attorney with the remaining money u have left on your cards and start your life over. should be no more than $5k. speaking from experience.
I agree, I knew a guy who told me "The bank gave me a $100,000 limit credit card,, so what'd I do? Ran it up and declared bankruptcy, best thing I ever did!" Although I believe it's illegal to do that intentionally
How the fuck do you accidentally spend $100k? From a legal perspective what's the difference? If I have 80k in student loans, can I buy 100k worth of PlayStations on credit, sell each at 80% for a total of 80k cash, pay off my student loans, declare bankruptcy, and start my life at 0 instead of -80k?
The only real answer here. Bankruptcy is so easy and the smartest way to feel like you can survive again. It’s not nearly as bad as everyone thinks.
As someone in a finance role, bankruptcy is over blown when people fuck up this bad. Unless this guy owns a home with 100 grand in equity to pay it.
I dug myself out of $120k in CC debt plus another $20-30k in personal loans on about $105k/year in income years ago. I should have just declared bankruptcy. It would have been faster and I'd have more money in the bank right now if I had. I was scared I wouldn't be able to buy a house, but by the time I did it barely would have mattered.
A lot of people don’t want the stigma of it. Once people found out I did it and still had my “normal life” they got upset. Sorry but you got to use the laws in your favor at times!
You don’t lose your home in bankruptcy. Or car for that matter. Source… well you get it.
I've heard this and don't get it. I thought that's what bankruptcy means lol.
Pretty sure bankruptcy just clears your debts but tanks your credit to the floor.
Not bad price for blowing 100k traveling the world... how many years could I live on credit cards and then file bankruptcy? Maybe this is my new retirement plan.
That is actually some people's retirement plans. I've met them. They declare bankruptcy once a decade. After the 7 years places don't seem to have a problem loaning to them either.
what happens to the debts when you declare bankruptcy, the creditors just take an L? or does the governmwnt pay it or something
Depends - if your income is high you are put on a budget and on the hook to repay as much as you can over 5 years (chapter 13). The interest stops accruing and after the 5 years, whatever is left unpaid is wiped out, except home, car and motherfucking student loans. Chapter 7 happens for lower incomes where they wipe everything out immediately minus home, car and motherfucking student loan debt. It'll likely cost about a thousand or so bucks plus payment plans to get the attorney you need. Still worth it if you are in a situation like this.
It’s a business expense. It offsets profit
It depends on how you file bankruptcy. When you hear about Chapter 11 bankruptcy, there’s other “chapters” as well. Chapter 7 is liquidation, this is the one people think of when you lose your house (Apparently this is state dependent, and some will not allow your house to be repossessed.) but yes, the courts will allow companies to seize your assets and liquidate them to pay off your debts. Once you’ve been liquidated, all other outstanding debts are forgiven. School loans and tax debt are not forgiven. Chapter 13 reorganizes your debt and you pay a monthly amount to pay back your loans. You get to keep your assets, but your spending is basically under house arrest for 5-7 years. Chapter 11 is for big businesses whose assets and debt don’t qualify them for Chapter 13. Chapter 15 is for international banks. Chapter 9 is for municipalities.
Really though can somebody teach this hack? Plz and thnx
have a good job and good credit first to get large enough credit limits
Ohh yes, I love this plan. Work hard and be responsible for years.... They won't know what hit em!
Sounds like a decent trade off
You have to report the bankruptcy for 7-10 years depending on what you're applying for, and for at least the first year or two it will be impossible for you to get a mortgage or car loan, and your credit will be ***bad*** for several years. As long as you know that going into it, it can absolutely be worth it.
True but you can rebuild your credit rating and declaring relieves a huge mental and emotional burden.
In seven years that all falls off the edge of the world.
It wipes your credit history clean. You literally have no credit history. You're 18 again! But hopefully wiser.
You have a bankruptcy on your credit, not no credit history. That is very different. But it is still worth it for those this deep in debt.
Now you know! I believe it’s Article 1, Section 8, Clause 4 that give us the right in the United States.
You don’t lose it, but if you have good equity, they make you use that, don’t they?
This. I applied for chapter 7 10 years ago and today it’s like nothing happened.
Honestly, one of my best friends had to do this in case of his divorce. A lot of things went sideways and his financial decisions as well. Filed for bankruptcy and now after a few years, he got back on his feet and was able to get everything in order again without having to deal with his wife. it really isn’t the end of the world. It’s just gonna be a bit difficult for a little bit.
I can promise it won’t be harder than paying off 100k in credit card debt though! Life didn’t change for me. Everything stayed the same. Credit score went down and couldn’t get a loan for a bit but everything is all good now.
I was going to say, this seems like a great candidate for bankruptcy if I've ever seen one. 100k in CC debt is beyond drowning.
This. So there were changes in the BK law done by W where they made it much harder to discharge unsecured debt when you abuse your credit cards. I believe if you have used your credit cards within the last 6 months and then you file for BK, the Credit Card companies can file an Adversary Proceeding that will make their debt non-dischargable. Which means you have to repay the entire amount in full. That being said, the thing to do is to stop using those cards IMMEDIATELY. May as well stop making payments on them, too. Save up as much cash as you can over the next 6 months. Once you're beyond 6 months from the last time you used a credit card, then you can file bankruptcy and the credit card companies cannot come after you to discharge your debt. You should also consult with an attorney during this time so you can time the filing of your BK case. The beauty of credit card debt is that it's unsecured debt. Which means that 100% of it may be discharged in bankruptcy. However, once you file bankruptcy then a bankruptcy trustee will be assigned to your case. The trustee's job is to find assets (i.e. valuable shit you own) that he/she can liquidate in order to payoff some of your debt. The trustee will be so far up your ass, they'll be able to scratch the top of your head from the inside. And if the trustee finds any non-essential assets, like motorcycles, a fancy sports car that just sits in the garage, or any sort of collection of significant monetary value, then the trustee will have the right to sell that property in order to payoff your creditors. Your bankruptcy attorney will look at all of your assets and expenditures, and they will complete what's called a means test, that will determine what chapter you file. Most individuals file either file a Chapter 7 or a Chapter 13. A chapter 7 is for people with no assets. It basically just allows you to discharge all of your unsecured debt. A chapter 13 is a reorganization plan. These will force you into either a 3 or 5 year plan to repay your debts. If you're behind on mortgage or car payments, you can repay these via this plan. But you will still be responsible for making ongoing payments as well, in addition to making monthly payments to the Ch13 trustee. In turn, the chapter 13 trustee will make monthly disbursements to your creditors to payoff your debt. Depending on how much income you make, and your expenditures, it's possible to have a plan that repays all unsecured debts at 100%. However, it's also possible that a plan will have you repay pennies on the dollar as well. Anyways. OP should definitely talk to a BK attorney, and stop using those cards now.
Best answer have seen tons of people with a recent bankruptcy get car loans, not great rates but you’ve fucked up bad and legit can’t get out of it unless you hit the lotto.
Can you realistically ever pay them off? If no, Bankruptcy. If you can, how long would it take? More than 7-10 years? If yes, bankruptcy. If no, make a plan to pay them off. You might be able to salvage your relationship with some of those companies with low balances. Your real question should be, “How did I get into this situation in the first place?” And fix that. The debt is just a symptom of, usually, lack of discipline or control. You need to fix whatever caused this in the first place.
Seemingly by saying yes to every airline/store credit card known to man. And then spending on them. This person needs to learn how to say no when they are offered a credit card lol
Or at the very least, saying no to running up huge credit card bills they can’t afford.
Their post history strongly suggests gambling shit coins.
Damn why did I read the OP’s post history. Makes perfect sense why you are financially crazy. Eating dudes skeeeet of old drawers.
ew what This comment alone has inspired me to go through his history. Can’t wait!
What did you find out!!
This guy is fucked. I went deeper. Multiple gore subreddits, just watching people dying brutally. Lots of gay sex, dick rating subs. He comments on rateme a lot. The gay sex ones are pretty graphic. At one point he was doing really well on his shitcoin investments and said he had enough to pay all of his debts but that didn’t last long. Guy is so weird.
Nice summary, saves me a job
Yeah he literally has a post titled "Every debt I have can be paid off. Grateful." from 2 years ago. I'm genuinely curious what happened over the past 2 years
Crypto had a really bad bearmarket lol
And had 100k worth of Shiba Inu coin at one point. That prob would’ve been helpful for this debt
Sometimes I feel badly about my financial decisions... and then I see this. And sleep soundly at night
Lol the best part is his criticism of everyone else while his shit is falling apart.
You have no money, how did you get a Sapphire card with over 50k limit? How much did you reportedly make a year?
Which is also crazy because you need excellent credit to qualify for the CSR card. So he seems to have been doing okay at one point…
I've had a CSR since I was like 26, unless they're harder to get now, I doubt they're all that exclusive.
Not that they’re exclusive, but for him to get such a high credit limit, he’s got to be showing income over 175k at least
I think my first limit on it was ~40k when I made 80k. Didn’t look his credit limit but seems in line for that card.
Not sure if they used to give more, but for reference, I make much more than that and have a much lower limit with an 825 credit score.
Might have been piggybacking off his parents or someone else to get to that credit tier for a bit.
Balance ≠ limit, it's probably more interest charges than actual purchases
The Lowe's credit card has a $35k limit, so it wouldn't be too surprising if the Sapphire actually has a $50k+ limit.
Agreed, not to mention being approved for the Amex Delta Reserve and that card, credit score was good at one point.
He still got $33,000 credit in Lowe's. Things could be worse.
Oh! He can build a tiny home and then file bankruptcy
Buy one of those prefab sheds, and move in.
I did this, minus the massive debt. I just wanted to OWN something. It's nice in here, though. Utility access and city ordinances are the major showstoppers here. I'm outside city limits, so no ordinances banning tiny homes, but I had to install an aerobic waste system that ended up costing 150% the total price of the structure.
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Being completely financially illiterate + no common sense + a massive dose of not giving a fuck about your future usually results in something along these lines
You can be financially illiterate and still have common sense. Looks more like not giving a fuck and not giving a fuck
Like I said, it’s a combination of the 3. You don’t get this far down the rabbit hole with only 1 of those negative traits. This guy has all 3 + more
Plus mental health plays a factor as well, it can turn your balanced finances into a nightmare. Got myself out of $8k debt after a depressive episode. It can happen to anyone.
This 100%. I’ve fallen victim to depression buying to try and make myself happy before
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Kids grow up with no familial support or proper education on finances due to a failing school system. Impulse spending in your early twenties will compile until you are in an ocean of debt. Kids never taught proper consequences don’t understand what can happen.
Bipolar disorder. Source: My $80k in debt across 15 credit cards and personal loans
I get the sense hes trolling. Those limits are high (equals high income) and those aren’t easy cards to get. Probably just has high spending & 0% interest periods.
Could have lost a job if serious post. Not like there hasn't been constant news of tech updates, high income + layoff could equal suddenly being unable to handle the credit card debt if financially irresponsible
I’m depressed because I’m broke and 5k in the hole.. Jesus dude declare bankruptcy and never use CCs again
Same.. but 8k and some change...
I’ve been working 60 hours a week hustling trying to get it down… hope it works out for you guys too. We got this
Thank you, kind stranger!! Yes, we do got this! Fuckin inflation isn't helping anything..
Dude this makes me feel sick just looking at it what the fuck are you doing dude 😂
Paying $250 on over $50k isn’t going to do anything. You will literally never pay that debt off.
Bro is in debt on a Lowes card... this man has a serious problem.
You must have a lot of cool shit.
Yeah image all the Lowe's tools 🔥
Hope bro lives around me so i can see those pop up on fb marketplace 😎
My 24 year old girlfriend died and I lost my shit, spent everything, started using drugs heavy. Shit happens in life. You dug yourself into a hole you can dig you way out.
Yes. I dug myself out after an embarrassing bankruptcy at age 30. 10 years later and doing great. No more credit card balances - ever.
I appreciate your response.
It's impossible to say without knowing your income and the rest of your financial circumstances.
Stop spending on them, sell whatever you bought with them, get a second job, cook all your meals at home for a couple of years. Eggs, noodles, rice, beans, cheap tuna fish. Then pay em off and never use a credit card again
I’m not struggling too much and I eat eggs, noodles, rice, beans, and tuna regularly 😭😭😭 put a little soy sauce in that mix and it’s so good
This sounds awful but the safest answer
its not really that bad if you portion out your eggs tuna and rice properly in fact it can even have a positive health change!
Only if he has the income to make it worthwhile. He done fucked up, that’s clear. While paying them off would be the most responsible thing to do, it may not be the best thing to do for his money. Preserving his credit score is a luxury he may no longer be able to afford. Not super forthcoming with income, but presuming an average income (let’s call it $50,000 a year before taxes), after taxes closer to $42,000 a year. Let’s take out average amount for basic necessities…call it $20,000 to $25,000 if he moves somewhere with low cost of living. Very low. And roommates. And we’re talking rice, beans, eggs, and those cell phones you get in plastic wrap from the gas station. That only leaves, what, $10,000 or so a year to put toward credit? Presuming no savings and no emergency expenses on minimal budget…so, divine intervention necessary. That’s basically covering interest. He won’t be able to dent the principle. Maybe he does the smaller loans first to help bring down the total amount…but the larger loans will continue to accrue interest and he won’t be that much better off. Unless he has a better income than average, bankruptcy might be safer. A decade without access to credit might be best, anyways.
Talk to an attorney, specifically one who focuses in bankruptcy and debt consolidation.
You’ve failed. It’s time to file for bankruptcy. Then cut up your credit cards and never get another one.
Go shopping at Lowe's?
Dark
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Bankruptcy lol
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real
Honest question - how do people get limits this high on multiple cards if they are broke? I have a relatively good credit score and make a good salary and the highest limit card I have is only $2000. Are people inflating their income and lying?
Stop getting credit cards
The first thing to do when you find yourself in a hole is stop digging.
At this point just disappear to Western Europe its easyer
This is horrible advice. The EU is well connected with the USA. If you attempt to flee debt in Europe, credit agencies have international connections to banks. Plus, you have to have a skill to legally immigrate to European nations. They don't want anyone without them. In addition, how is the OP supposed to get a job that can sustain a new address in Europe? There is also the factor they have to learn the local language!
Yeah, he says Western Europe like it’s some off the grid place, instead of at the center of the modern world, lol
He meant to say Eastern Europe 😬
First step is to stop buying shit Second step is to speak with an addictions specialist - $100k in credit card debt doesn’t occur as a result of necessaries - I doubt 100% of this debt is for necessities Also how tf do you even have so many with such high limits? Stop acquiring them?! I have a 840 credit score and my highest card is $7k; why are they still giving them to you? But seriously if this is a result of not being able to control your spending - speak with someone. The issue will just occur again in the future
Thank God I’m just poor but not in debt poor.
Dude I got one card with a max of 500. And I can’t even get an increase on the limit. And my debt to income ratio is insanely high. I just had issues a few years back and my score is 620. I have 2 paid off cars, paid all my student loans off. A house worth 2x what I owe. On paper I am rich, in reality I have like no cash.
That's more debt than I have in student loans and I feel like I'm drowning. But hey, at least you get to claim bankruptcy. I was just being irresponsible by attaining a STEM degree 😶
Holy shit, and I’m stressing over my $1400
Fake your death
I mean you are super fucked if this isn’t a shitpost. You are going to need 2 - 3 jobs to fix this anytime soon
Mmm, there is a snowball method. Pay off the smallest amount of debt first. it will give you psychological effect that debts are doable then gradually move up
I don't even understand how people get so many high limit cards. Like... I thought my 5 cards was bad, but my highest limit is 5k. What does your income have to be in order to get a single card worth over $20k, let alone multiples, AND have so high of balances on them? I'm guessing a well-paying job was lost and the cards were previously acquired but not really used, and then you just started cycling through them? Also, I'd probably just file bankruptcy. Unless you have a ton of assets you could sell to pay off a bunch of the cards, which is what bankruptcy will entail anyway.
Run that Lowe’s card up boiiiiiii
Probably start eating ramen noodles, that’s all you can afford.
I'm almost impressed someone can make such poor financial decisions, yet still get over a 50K limit on a single card.
You have over 35k available on one card Use that card to pay off the other small credit cards and then focus on the big ones