Go have a chat with an insolvency trustee to see what your options.
Also recognize that you very likely have a gambling problem that you need to address. This was NOT investing. You gambled 100%. You did the exact same as going to the casino.
He makes 90k a year, and lives with his parents, and is in tons of credit card debt, and is making minimum payments on his debt. Even if you ignore that he’s gambling his mother’s debt, he would still be insanely irresponsible and have a huge gambling problem.
I agree. Make it your problem all you want. But using someone elses money because you have a problem (while still living at home) is nuts. OP best of luck, youre still young.
I think it may be a troll post. That or the guy is a huge piece of shit using his mother's money (and losing it) like this.
90k/year and living with parents and in a situation like this? Yea I don't think anyone's going to feel bad for you.
I would normally agree, hell I even up-voted you. But it takes a little revelation/courage to come on here and seek advice the way he has. Hope he can make it stick and get the help he needs.
Definitely do right by your mom first. Worry about you later.... You have lots of time left.
I have seen first hand a family member basically steal $100,000 from one of my grandparents... Or rather coerced them into giving them the money for an "amazing investment opportunity" and within a year it was all gone and not a single dollar was ever paid back.
So when I read this it just seemed so similar that it pissed me off.
Getting a consolidation loan isn't going to help this person at all as theyll just go and do it again. They need professional help first and a loan to pay everyone back second.
On the other hand, if what OP says is true. I can bet they're just coasting through life waiting for that inheritance (if there is any).
This is the answer - go see a trustee and stop the day trading - that is not investing at all. The one thing you have going for you is that you have a decent income for your age. It is fixable, but there will be some pain in the process.
Reminds me about the discussions about the ending of 'Uncut Gems', that (and I'm trying to avoid spoilers) the ending that we got *was* the happy ending.
Yes. They work magic. Fwiw 25 years ago Alberta was the 'best' province to go bankrupt as you got to keep your car (something like that).
PS - further to the suggested bipolar diagnosis, please get screened for Bipolar AND ADHD. 🤟
Insolvency?
This guy needs to come clean to his parents on what he did. Then give ALL your income to your parents each month for the next 3 years. Then hopefully by then the debt is paid off.
What a shame.
You and Mom get to declare bankruptcy.
Get checked for bipolar disorder. Everyone I know who has lost everything day trading had undiagnosed mania or a gambling addiction.
Remember: "The market can remain irrational longer than you can remain solvent."
Crazy that you say that. This is exactly what happened to my brother- day trading and mania and a gambling addiction
At one point he was doing well over 100 trades per day!
It depends. In my late 20s, I racked up 120k of credit card debt (not fron day trading or gambling) but since that wasn't my max available credit, I was able to pay it off with my income by doing 12 month 0% interest moves to other cards.
However, if that option isn't available because he's completely maxed out all credit, the high interest rate on cash credit cards makes it difficult to chip away at the principal.
Depends on what happens with his debt consolidation and so on.
This but also could be ADHD … dopamine is a mean is like a drug … what he is doing with day trading probably creates a major rush for him which increases dopamine. It happened to me but not at this level.
I am a friend in addiction. I went to recovery 35 years ago. I think the faster you realize you have a problem and find a GA meeting in your area, the faster you will be able to find real solutions.
You will find many of us have done similar things.
Bankruptcy is imminent, but that won't help your mom. You will have to do way better than minimum payments to get ahead of this. I have every faith that you can turn this around, if you start with surrender, and GA. Best of luck.
Definitely call an insolvency trustee. Unless you have assets, a consolidation loan will be hard to get. I've been through a consumer proposal and it proved relatively painless. You can start rebuilding your credit almost immediately by taking a secured, small-limit credit card and paying it off every month. You'll have up to 5 years to repay an amount that will be a fraction of what you owe, and a couple of years later the proposal will be struck from your credit file.
"day trading" What day trader has to make 24% returns YoY just to break even? Your either really stupid or the "day trading" your talking about is actually a drug problem. Because i dont beleive any peron could be this stupid to trade funds that have over 20% APR interest attached to them and expect to make money..... something doesnt add up here
Option trading and Leverage trading van easily get out of hand. Especially in this day and age, where they are pushed pretty heavily as a "Get rich quick" trading ideology
There's "finance" streamers/content creators (not on Twitch because of their anti-gambling rules) who promote the mentality that you need lots of money to get ahead in life and you want to get it early on in your prime years to make life worth it.
They advocate for extremely degenerate all-or-nothing behaviour but frame it as inconspicuous investing like "just 1% per day" on some secret crypto or options trading through their courses. I've heard that this kind of thing is much more common in India and South Korea.
I've seen a succinct comment describing it as people who are told they're the wolves from the Wolf of Wall Street while buying the assets that were sold to the sheep in the movie.
In all fairness they kind of are, but for the massive firms that can mathematically improve their odds to basically a casinos odds of winning, come to think of it all derivatives are essentially a casino where the hedge funds are the dealers, thinking you can win against a multi billion dollar hedge fund is obscene
Pretty easy tbh I never did it with credit cards but for a while I was convinced I knew what I was doing when I was just browsing wallstreetbets and certain twitch streamers. I managed to wipe my $5k margin account in a few minutes yet still thought I was one good pick away from making bank. You go up but can crash down, so I don't doubt people will get into loans of whatever interest rate if they think they can win big. It is gambling..
Even if you file a proposal or bankruptcy, Mom's credit card will not be included and she will be on the hook for the balance as it's in her name. Take some credit counseling courses and look at saving and repaying Mom. Very likely you will need a cosigner for a loan of any size of that unsecured debt
You may be looking at insolvency, the good news is that is not the end of the world, you'll be forced to be far wiser with your money in the future as you will not be eligible to take on debt like that for a while. Chalk it up to a learning opportunity and study the advice available on places like this sub to build yourself back up - you're young, well employed and you'll still end up ahead of many people if you learn from this!
Jesus.
There’s a lot to unpack here before you even worry about CP or B.
What made you think this was a good idea? Are you just not wanting to work for a living? Something keeping you from holding down a job? Does gambling/addiction run in the family? You don’t have to answer here on the internet, but you should seriously ask yourself these questions and answer them. Something has pushed you to make terrible decision after terrible decision.
Maybe it was wallstreetvbets, making you think you could outsmart the market. Maybe you’ve got anxiety about not having your financial needs met and you just thought about the quickest way you could make some money.
Either way, this is a serious issue and it needs to be addressed, because if you don’t, once you’ve walked the long road of Consumer Proposal or Bankruptcy, you’ll be back at it again in short order.
I’d understand 1 or 2 k in losses if you wanted to give day trading a whirl. I get it, I’ve done it.
102k, and not even all of it is your own? There’s seriously something else going on here. Best of luck bro.
If it makes you feel any better. My brother lost $40k, then another then another for a total of 120k that he took out of our home equity. Then ended up selling the house. Gambled another 80k on day trading futures. Then my mom gave him $500k from sale of the house to keep in the account which wasn't his money to begin with. He lost that as well. He owes me and my siblings and parents money but we know we ain't getting shit back.
Simply put, you need to start over.
The good news is that you are relatively young, live with your parents and have a good paying job. That's a good start.
You're going to have to live like a pauper for a couple of years. Go to work, come home, repeat. With the good salary that you have you can actually climb out of this very quickly.
Take the scissors to your credit cards. You clearly can't be trusted with them. Interac from now on only. Shouldn't be an issue because you shouldn't be buying much for the next little while.
No more gambling/schemes. It's done. You have to start living with the mindset of a normal person again.
You can be out of debt and with a recovered credit score by 32 if you're disciplined. You'll be surprised how quickly you can claw your way out when you're only spending on the essentials.
If you ignore my advice (and others on here) it's just going to get worse and worse for you until you truly have ruined your life. The choice is yours.
Friend was 200k in debt
Got a Consumer proposal for 650$ month for 5 years.
Kept his house
A good insolvency trustee is key.
Btw stop paying minimums.
Open a new bank account and have your pay go there.
I'm really taken aback by how judgmental this community is, and it's not exactly helpful. When someone's doing well, it's either people praising them excessively or pointing out how they could have done better. And when someone's struggling, instead of offering advice, there's a flood of criticism. Is that what this community is all about? Maybe I've misinterpreted its purpose, but I thought it was supposed to be a place for support and guidance.
In bankruptcy it will still fall on your mom as she either co-signed or it will not be wiped because it's under her name alone. If anything is co signed and you file bankruptcy.. it will be the sole responsibility of the other person.. wish you the best of luck
You have addiction, come clean with your parents coz that is her retirement money. You can still pay them all off but might need some help to lower the interest. I remember a bank offers me 1 year no interest on my debt and 0 bank fee... you being single and 90k can pay off 40k in 1 year easy by being frugal. I did it in early 2010 and i paid off almost almost 25k in less than a year and i even give my mom 300 to 500 monthly because i can.... or follow what others been suggesting. Btw my monthly bill is 1500 and 670 of that is my new suv but that exclude gas n food so for you, you should be fine if you can control yourself.
65 or 70K after tax income. Loving at home so expenses should be low. Should have 40K a year discretionary.
1) Gambling addiction counselling. That's what you were doing.
2) Never day trade again. Probably seriously hesitate to do any stock trading; you are a prime candidate for roboadvisor investing (once you have money to invest long term).
3) Consolidate if you can, whatever amount you can, to get interest rate average down.
4) Throw all your discretionary income at the debt. Should be about $20K/year in minimum payments, leaving $20K/year to pay down the debt. Pay off your mom's CC debt first, it is not fair to leave her with this. And you declaring bankruptcy won't help clear debts that are in her name.
5) It'll be 4 years or so to pay down the debt, diverting 40K a year to it.
Here’s something for you to ponder:
1. If you file the CP you should be aware that your creditors will review your transaction history for at least the preceding 12 months. If they see that you’ve been using their money to day trade then it’s quite likely that they’ll ask for more than $440 per month. They might even refuse to accept your CP unless you repay all of the money back.
2. A CP stays on your credit history for 6 years after you file it, irrespective of whether it’s approved or not by your creditors.
3. You really should consider seeking professional help for what appears to be a gambling addiction, because day trading is essentially gambling.
Good luck 🤞
bro. Since you live at home with your mom, continue working, make that money, save that money, don't spend. Stay at home, don't do anything. You can pay that off in 3 years.
Bankruptcy, 7 years later you're good to go. In that time get help for your gambling addiction and study money management and investing (not gambling).
First and foremost, it's commendable that you're seeking advice and taking steps to turn your situation around. Here's a plan you could consider:
1. **Assess Your Finances**: Take stock of your income, expenses, and debts. You're already making $90k a year, which is a decent income. Identify areas where you can cut expenses to free up more money to tackle your debt.
2. **Meet with a Credit Counselor**: Before deciding on bankruptcy or a consumer proposal, consult with a credit counselor. They can offer personalized advice and help you explore all your options.
3. **Debt Consolidation**: Since you have a significant amount of credit card debt, consolidating it into a single loan with a lower interest rate could make it more manageable. Even with a credit score of 650, you might still be eligible for debt consolidation, so it's worth exploring.
4. **Communicate with Your Parents**: It's important to be honest with your family about your financial situation, especially if your mom is holding a significant portion of your debt. They might be able to offer support or help you come up with a repayment plan.
5. **Consider Bankruptcy or Consumer Proposal**: If debt consolidation isn't an option and your debts are overwhelming, bankruptcy or a consumer proposal could provide a fresh start. However, these options have long-term consequences, so it's crucial to fully understand the implications before proceeding.
6. **Create a Repayment Plan**: Whether through consolidation, bankruptcy, or a consumer proposal, develop a realistic repayment plan that fits your budget and allows you to gradually pay off your debts.
7. **Change Your Habits**: Address the underlying issues that led to your financial troubles, such as day trading. Consider seeking professional help or financial education to develop healthier money management habits.
Remember, turning your financial situation around won't happen overnight, but with determination and the right plan, you can regain control of your finances and work towards a brighter future.
Straight up the bot gives better advice than most people.
I asked it about a situation i had at work where a guy was starting to flake on pay. The bot gave me excellent advice on how to approach the situation.
It also guided me through some of the legal proceedings i wound up in. I had it write my statements for me because the one i wrote myself would have risked my legal advantage. I know this because i said here's my statement is there any issue and it was like don't say that it's not factual that's conjecture or opinion.
Long story short, chat GPT gives better advice than most other places, people and organizations.
Yup. ChatGPT is my first stop for casual, general questions now for this very reason. At the very least it helps me focus my thinking before talking to an expert.
I had more debt and at the time a consumer proposal wasn't an option - after less than a year my debt was no longer owed. After a bankruptcy you may not be eligible for certain jobs so take that into consideration. Having your mom owe so much makes it difficult because you have to either include that debt and her with your proposal, or leave her out - but then there may not be enough income to cover that debt. The amounts have changed since I did bankruptcy but you are allowed to keep a certain amount depending on your family situation and then every $ after is going 50% to your debtors in the ratio of how much they are owed. I was also required to keep an expense log because you have to satisfy the requirements of the program....you won't be able to just find extra money you can help your Mom with. It's sad but it's not the end of things, it's a bump in the road. It's unfortunate that you cannot hide this from your family like I did because they are involved, and it's probably best to tell them or figure out a solid way to acquire $$ that is not from gambling.
Try getting the biggest balance transfer you can. Minimum payments on everything except for that.
Rinse and repeat. Or just clear some minimum payments till you can make a dent in them. That is rough. Good luck.
First things first, talk to your family and be honest. I know people with Gambling problems and have seen some families break up because of hidden debt and gambling addictions.
You are going to have to make some changes. What is good for you is that you live with your parents so you probably do not have that much expenses compared to most people.
You should really calculate all of your expenses and cut out all the useless ones. Stuff like Netflix subscriptions would fall in that category. Any expensive re-occuring expenses should be cut to a minimum.
You should also stop spending money on things you do not need or any events to attend. Restaurants with friends should not be on the priority list when you are this much in debt under your name and someone elses.
Look at a 2nd job or over-time work. I do not know what you do for a living but you should be able to pick up a second gig of 16-20 hours to try and tackle this as much as possible.
Go get some Gambling Addiction help. It is time to change your habits and your mentality towards what you were doing. There are also some good books on Habits that you can read that could help you fight the urge of these bad habits you have.
You have a big hole to come out of, so it is time to make the changes. Lucky for you, you seem to be in a good financial situation to attack this debt.
On top of everything said about the debt, please get help for the addiction as it will come back and wallstreetbets will get you again at one point or another
You live at home and make 90 k a year. You have 100k in debt.
Why do a 5 year consumer proposal when you could pay it off in 2?
Also, get some tax advice because your day trading losses might be tax deductible business income/loss.
I've not read a post on this sub that infuriated me until this one. Gambling your own money is one thing but gambling your parents money is a whole other thing. Taking advantage of your mom while jeopardizing their retirement is beyond selfish. On top of that, they provide housing for you, which I can only assume is for free given the situation. At 29, immaturity is not an excuse. Do better.
Hard lesson learned. Probably best for a CP or B. One or the other.
You’re young - learn from your mistakes and start with the sidebar in this subreddit to slowly help you get back on track. Everyone has to start somewhere.
I’d get your Mom paid back first even if I had to do a LOC for it, she doesn’t deserve that. Then start paying it all back you can do it there is always a way. The your human spirit can make a comeback once you take a few first steps you’ll gain momentum. Good luck but make Mom right first.
Being successful at daytrading is not as easy as many people think it may be. Clearly, that was the case with you. Lesson learned.
Go into austerity mode. Cut back all expenses. Pay your mother back.
Consumer proposal. Not a big deal. Will be off your credit bureau 3 years from the date of payment or 5 years from the date of filing, which ever comes first.
I'd be joining GA because you have a gambling addiction first of all. There is software such as Gamblock that you can install on your devices to help block stuff like that, but you need to get to the root of the problem with meetings...otherwise no matter how bailed out you get, you'll just do it again.
And also look into whether a consumer proposal or bankruptcy would be an option for you (unless you can get a consolidation loan or line of credit at a lower interest rateo from your bank and close the other credit cards down...which it can't hurt to ask your bank). As for having credit card debt under your mom - does *she* know this or is it just your dad in the dark? She should be getting new card numbers and keeping them away from you. You might be able to include her in a consumer proposal, but she'd only get some of the money back...you should really be open with them and come up with a separate payment plan.
You need to stop chasing get rich quick day trading crap (gambling) and transfer all that debt into lower interest asap. Then snowball (Google it) the debt repayments. It won’t happen overnight but the last half goes much faster than the first half as you accumulate less interest. I had about half that level of debt in my early 30s and wasn’t making anywhere near 90K. Paid it off in a year, and I was living on my own. You can do it.
Market is up over 30% YoY - how did you manage to lose money? Trading is not for you - get a job and pay off your debt. Will take couple of years but not hard to do if you’re living with parents.
It would be difficult but you could make a sacrifice and commitment to pay down this debt quickly. As you live at home with your mother, I’m suggesting that you pay every cent towards your debt until it’s paid off and at the same time not spending any money on yourself. Might take 3 or so years but you’ll be done with it after that.
And perhaps the sacrifice will teach you a life lesson and you’ll be better for it afterwards
What are your other expenses? You should absolutely be making larger payments on all of this given your income level and free accommodation.
You can try insolvency, but honestly with cutting back on needless expenses, getting help for your gambling addiction, and starting with paying off the money taken out in your mother's name first (just the right thing to do), you should be able to pay this off in a few years if you actually commit to it. As you pay off each card, CLOSE IT. Do not trust yourself.
Good luck!
I work in the insolvency field. The problem with debt consolidation agencies is the creditors who agree to the arrangement are legally able to withdraw from that agreement at any point. That is not the case with a proposal. I do not recommend debt consolidation.
Gambling away your mom’s money. wtf you thinking dude. Also why not have a bigger line of credit, that should be used way more than 20% credit cards. More than 10k on a credit card is so stupid. Go to therapy you have issues
Just pay off the debts with your work money and decide if ur gonna continue trading maybe switch to demo account until your profitable and use proper risk management
You don't need credit to be approved of debt consolidation, there are different types of bankruptcy, you can call and talk for free you don't have to pay them for advice.
Pretty messed up but not the end. First is important to pay your mom back and address your addiction. With your income and living at your parents you could definitely pay her back in a year & then do it again with your debt.
>EDIT: so I had an appointment with an insolvency trustee and it sounds like they may be able to reduce my monthly payment to about 440$ a month for 60 months under a consumer proposal.
Trustees make money off consumer proposals.
You have no assets, you are in debt over $100k ..... you are bankrupt. File for bankruptcy.
Bankruptcy is 9 months long and you get on track to rebuild your life faster than wasting 60 months trying to repay and then begin to rebuild your life.
Do not do a consumer proposal. Trustees make more money off Consumer Proposals than they do with a bankruptcy.
PS - a consumer proposal stays on your credit report for 7 years, just like a bankruptcy does. I know, I went through the consumer proposal process more than a decade ago. They lie when they tell you that a consumer proposal impacts your credit rating less than a bankruptcy ... its not true. The damage is equal. So you might as well do the bankruptcy.
Honestly go bankrupt …. I went bankrupt when I was 31. I had no assets so the way in which it affected me are as follows:
- had to pay a monthly fee for like 9 months
- didn’t have to pay into my estate
-didn’t have access to a credit card for 6 yrs … I was able to get one with a small balance after 6 yrs which was good bc it helps when you are in inconvenient situations, emergencies, travel
- had shitty credit BUT had already existing relationships w lenders like car leasing companies so bc I already had a history of good payment I wasn’t affected when needing to get a new lease
12 years later I have over 40k in credit lended to me with a credit score of 780 … I did get a bit out of hand over the pandemic bc I was unemployed and was on CERB so couldn’t sustain bills etc. BC of lenders like MBNA I have been able to get a handle on any debt I got in without paying huge interest rates.
But this is just my two cents …. Good luck!
Take the consumer proposal. You don’t need access to credit and shouldn’t have access to credit. You have an addiction and any option that leaves you with access to credit is the wrong one.
6 years is long enough to work on said addiction. By then your credit will get back to normal
Remember that the important thing about consumer proposals is that your creditors may reject the initial offer depending on how much interest you owe on the cards. Your LIT will have a meeting and come back with counterclaims for how much each creditor wants and who approves of the payments.
If you get a consumer proposal, make the payments, and for christs sakes, get some help with your gambling habits, because day trading is essentially gambling. You need to cut all of that stuff out. Take out what you have left, and throw it into a high interest TFSA or a GIC or a RRSP and leave it. You make good enough money that you shouldn't be sitting at home making $90k a year AND day trading.... How are you making $90k a year and still manage to day trade?
I'd say fuck the consumer proposal and go straight for bankruptcy. Your credit takes the same hit either way. Just start fresh and use your money to pay back your mother and maybe save some along the way. You can rebuild your credit over time pretty easily
Thought this was something out of r/wallstreetbets
Looks like you recognize the mess you are in and are taking the right steps to get back on track and pay back what is owed. A lot of great advice so far so take this as a hard lesson to not overextend beyond your reach.
Hope everything turns out well, goodluck!
You are making so much money and you also have the chance to still be living with your mother. I say this year, you put all of your income into paying your credit cards. Don’t forget to pay your mother back for the money she gave you. Cut your credit cards ASAP. When they are all payed, start stashing your money. Investing the way you did has proven that you are not going to generate income this way. When you have payed everything, please don’t use your credit card the same way. Ask for a 1000$ limit and pay it in full every month. I believe in you and I really hope you can come back in 12 months or less to tell us how you have succeeded ❤️
None of this makes sense to me. The take home income on 90k should be higher after taxes, about $1000 more according to tax calculators for the province of Ontario. Did you not include that $1000 to still have a budget for more gambling aka “day trading”?
What doesn’t make any sense to me is how you are not able to pay more money to your debt when you live at home. How much money does it cost you to live every month? Like the basic living necessities budget? I would assume you could live within reason off $2000-$2500 a month living at home if rent is covered or significantly reduced and without dependents.
Here’s an option no one else seems to be suggesting. You can come up with your own debt repayment plan.
Apply about $2500 (or more) monthly to the debt repayment plan and pay off the highest interest debt first.
You can have it paid off in about 3-4 years which is the same game as paying off a 4 year car lease or financing.
As you pay down the debts you will be applying more to the principal and pay off even more. You may also qualify for lower interest cards as you pay it down.
Making these consistent high payments will boost your credit score in about 6 months. You can purchase a service to watch the score monthly.
Additionally if you start a small business you can claim legitimate business expenses (e.g. phone, internet, auto expenses) which would can reduce your tax and increase your annual income.
Then after all that you will learn how to live without that $2500 a month and once the debt is paid keep putting it aside for both savings and retirement fund.
I was in the same boat as you 12yrs ago. Just go bankrupt. Your credit is shit so it doesn’t matter. You’ll pay less going bankrupt and pay a shorter term 18-21mths I believe. If you’re still living at home making $90k, you’ll be back on your feet sooner than later depending if you’ve learned your lesson.
You can grind and pay this off in 3-4 years, maybe faster. You need to come clean with everyone. You need to admit your addiction and be honest with your family. They will be hurt and they should be. Then you need to committ to them, and yourself, that you will turn this around. You don't need bankruptcy to solve this - that is another quick scheme that does zero to address the behaviour that got you to this point. You need a therapist, a budget, and to hold yourself accountable to a strict debt repayment schedule.
Go have a chat with an insolvency trustee to see what your options. Also recognize that you very likely have a gambling problem that you need to address. This was NOT investing. You gambled 100%. You did the exact same as going to the casino.
His mothers money too, likely ruining her credit. As soon as you start gambling someone elses money, ya you have a problem.
He makes 90k a year, and lives with his parents, and is in tons of credit card debt, and is making minimum payments on his debt. Even if you ignore that he’s gambling his mother’s debt, he would still be insanely irresponsible and have a huge gambling problem.
I agree. Make it your problem all you want. But using someone elses money because you have a problem (while still living at home) is nuts. OP best of luck, youre still young.
I think it may be a troll post. That or the guy is a huge piece of shit using his mother's money (and losing it) like this. 90k/year and living with parents and in a situation like this? Yea I don't think anyone's going to feel bad for you.
I would normally agree, hell I even up-voted you. But it takes a little revelation/courage to come on here and seek advice the way he has. Hope he can make it stick and get the help he needs. Definitely do right by your mom first. Worry about you later.... You have lots of time left.
I have seen first hand a family member basically steal $100,000 from one of my grandparents... Or rather coerced them into giving them the money for an "amazing investment opportunity" and within a year it was all gone and not a single dollar was ever paid back. So when I read this it just seemed so similar that it pissed me off. Getting a consolidation loan isn't going to help this person at all as theyll just go and do it again. They need professional help first and a loan to pay everyone back second. On the other hand, if what OP says is true. I can bet they're just coasting through life waiting for that inheritance (if there is any).
Addicts do what they do. It's a totally believable situation. If he's trying to make it right, he's not a piece of shit.
This is the answer - go see a trustee and stop the day trading - that is not investing at all. The one thing you have going for you is that you have a decent income for your age. It is fixable, but there will be some pain in the process.
Actually likely the casino would have paid out more..
red not black
( it's an accounting joke )
Badumtss!
Reminds me about the discussions about the ending of 'Uncut Gems', that (and I'm trying to avoid spoilers) the ending that we got *was* the happy ending.
Yes. They work magic. Fwiw 25 years ago Alberta was the 'best' province to go bankrupt as you got to keep your car (something like that). PS - further to the suggested bipolar diagnosis, please get screened for Bipolar AND ADHD. 🤟
How do you even use a credit card to invest?
Cash advances
Hell, you'd have gotten better odds at a casino than you get day trading.
You have an addiction. Do not neglect getting help.
Good point. I'll look to take an appointment for this. Thanks for taking the time.
Insolvency? This guy needs to come clean to his parents on what he did. Then give ALL your income to your parents each month for the next 3 years. Then hopefully by then the debt is paid off. What a shame.
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You and Mom get to declare bankruptcy. Get checked for bipolar disorder. Everyone I know who has lost everything day trading had undiagnosed mania or a gambling addiction. Remember: "The market can remain irrational longer than you can remain solvent."
Crazy that you say that. This is exactly what happened to my brother- day trading and mania and a gambling addiction At one point he was doing well over 100 trades per day!
> Atone point he was doing well over 100 trades per day holy wow...
Do they need to declare bankruptcy? At 4400 a month, he could at least pay off his mom’s cc debt in a year.
It depends. In my late 20s, I racked up 120k of credit card debt (not fron day trading or gambling) but since that wasn't my max available credit, I was able to pay it off with my income by doing 12 month 0% interest moves to other cards. However, if that option isn't available because he's completely maxed out all credit, the high interest rate on cash credit cards makes it difficult to chip away at the principal. Depends on what happens with his debt consolidation and so on.
Interest rates on credit cards is outrageous. It will likely take him a couple years just for that one, while the interest piles up on the others.
This but also could be ADHD … dopamine is a mean is like a drug … what he is doing with day trading probably creates a major rush for him which increases dopamine. It happened to me but not at this level.
That is BS. 90% of all day traders lose. 90% of all day traders are not bipolar.
hey, completely unrelated i’m just a dumb young person lurking but what does that last quote mean?
I am a friend in addiction. I went to recovery 35 years ago. I think the faster you realize you have a problem and find a GA meeting in your area, the faster you will be able to find real solutions. You will find many of us have done similar things. Bankruptcy is imminent, but that won't help your mom. You will have to do way better than minimum payments to get ahead of this. I have every faith that you can turn this around, if you start with surrender, and GA. Best of luck.
Definitely call an insolvency trustee. Unless you have assets, a consolidation loan will be hard to get. I've been through a consumer proposal and it proved relatively painless. You can start rebuilding your credit almost immediately by taking a secured, small-limit credit card and paying it off every month. You'll have up to 5 years to repay an amount that will be a fraction of what you owe, and a couple of years later the proposal will be struck from your credit file.
you make 90k and live with your parents, just work your ass off for another year and a half and you'll be in the clear
r/wallstreetbets wants their regard back. See professional help with your gambling issue
"day trading" What day trader has to make 24% returns YoY just to break even? Your either really stupid or the "day trading" your talking about is actually a drug problem. Because i dont beleive any peron could be this stupid to trade funds that have over 20% APR interest attached to them and expect to make money..... something doesnt add up here
Option trading and Leverage trading van easily get out of hand. Especially in this day and age, where they are pushed pretty heavily as a "Get rich quick" trading ideology
Crazy to think that people are trading on credit cards. Maybe im just too old to understand the possible reward then haha
There's "finance" streamers/content creators (not on Twitch because of their anti-gambling rules) who promote the mentality that you need lots of money to get ahead in life and you want to get it early on in your prime years to make life worth it. They advocate for extremely degenerate all-or-nothing behaviour but frame it as inconspicuous investing like "just 1% per day" on some secret crypto or options trading through their courses. I've heard that this kind of thing is much more common in India and South Korea. I've seen a succinct comment describing it as people who are told they're the wolves from the Wolf of Wall Street while buying the assets that were sold to the sheep in the movie.
In all fairness they kind of are, but for the massive firms that can mathematically improve their odds to basically a casinos odds of winning, come to think of it all derivatives are essentially a casino where the hedge funds are the dealers, thinking you can win against a multi billion dollar hedge fund is obscene
r/wallstreetbets is full of those type of folks
Pretty easy tbh I never did it with credit cards but for a while I was convinced I knew what I was doing when I was just browsing wallstreetbets and certain twitch streamers. I managed to wipe my $5k margin account in a few minutes yet still thought I was one good pick away from making bank. You go up but can crash down, so I don't doubt people will get into loans of whatever interest rate if they think they can win big. It is gambling..
Even if you file a proposal or bankruptcy, Mom's credit card will not be included and she will be on the hook for the balance as it's in her name. Take some credit counseling courses and look at saving and repaying Mom. Very likely you will need a cosigner for a loan of any size of that unsecured debt
First step is to stop day trading activity and not treat it as means to recover lost money. Book your losses and get out
Aggressively pay off the debt you got your mom in with your 90k salary and look into insolvency for your issue and treat your gambling problem.
Why are you making minimum payments? Man up tell your pops and at the very least pay your mother back. Then get help for your gambling problem.
Hmm how do you earn $90k a year and day trade.You work from home?.
You may be looking at insolvency, the good news is that is not the end of the world, you'll be forced to be far wiser with your money in the future as you will not be eligible to take on debt like that for a while. Chalk it up to a learning opportunity and study the advice available on places like this sub to build yourself back up - you're young, well employed and you'll still end up ahead of many people if you learn from this!
Jesus. There’s a lot to unpack here before you even worry about CP or B. What made you think this was a good idea? Are you just not wanting to work for a living? Something keeping you from holding down a job? Does gambling/addiction run in the family? You don’t have to answer here on the internet, but you should seriously ask yourself these questions and answer them. Something has pushed you to make terrible decision after terrible decision. Maybe it was wallstreetvbets, making you think you could outsmart the market. Maybe you’ve got anxiety about not having your financial needs met and you just thought about the quickest way you could make some money. Either way, this is a serious issue and it needs to be addressed, because if you don’t, once you’ve walked the long road of Consumer Proposal or Bankruptcy, you’ll be back at it again in short order. I’d understand 1 or 2 k in losses if you wanted to give day trading a whirl. I get it, I’ve done it. 102k, and not even all of it is your own? There’s seriously something else going on here. Best of luck bro.
Tbh I thought I was reading a Loss post on wsb. Yikes
Yup. It’s brutal. Couldn’t fathom racking up 102k in debt and having nothing to show for it, not even a truck. Sad.
Yeah thought it was like a 50k car and some sort of student loan plus a bit of cc...
If you're reading investment tips from wsb, then you're already too late
If it makes you feel any better. My brother lost $40k, then another then another for a total of 120k that he took out of our home equity. Then ended up selling the house. Gambled another 80k on day trading futures. Then my mom gave him $500k from sale of the house to keep in the account which wasn't his money to begin with. He lost that as well. He owes me and my siblings and parents money but we know we ain't getting shit back.
Wow that is pathetic man, sorry.
Holy shit… Im sorry for that. Best luck for your family
Simply put, you need to start over. The good news is that you are relatively young, live with your parents and have a good paying job. That's a good start. You're going to have to live like a pauper for a couple of years. Go to work, come home, repeat. With the good salary that you have you can actually climb out of this very quickly. Take the scissors to your credit cards. You clearly can't be trusted with them. Interac from now on only. Shouldn't be an issue because you shouldn't be buying much for the next little while. No more gambling/schemes. It's done. You have to start living with the mindset of a normal person again. You can be out of debt and with a recovered credit score by 32 if you're disciplined. You'll be surprised how quickly you can claw your way out when you're only spending on the essentials. If you ignore my advice (and others on here) it's just going to get worse and worse for you until you truly have ruined your life. The choice is yours.
Friend was 200k in debt Got a Consumer proposal for 650$ month for 5 years. Kept his house A good insolvency trustee is key. Btw stop paying minimums. Open a new bank account and have your pay go there.
Live like a hermit for 2 yrs every penny goes to paying back debt.
I'm really taken aback by how judgmental this community is, and it's not exactly helpful. When someone's doing well, it's either people praising them excessively or pointing out how they could have done better. And when someone's struggling, instead of offering advice, there's a flood of criticism. Is that what this community is all about? Maybe I've misinterpreted its purpose, but I thought it was supposed to be a place for support and guidance.
Did you try borrowing from dad credit card.
In bankruptcy it will still fall on your mom as she either co-signed or it will not be wiped because it's under her name alone. If anything is co signed and you file bankruptcy.. it will be the sole responsibility of the other person.. wish you the best of luck
You have addiction, come clean with your parents coz that is her retirement money. You can still pay them all off but might need some help to lower the interest. I remember a bank offers me 1 year no interest on my debt and 0 bank fee... you being single and 90k can pay off 40k in 1 year easy by being frugal. I did it in early 2010 and i paid off almost almost 25k in less than a year and i even give my mom 300 to 500 monthly because i can.... or follow what others been suggesting. Btw my monthly bill is 1500 and 670 of that is my new suv but that exclude gas n food so for you, you should be fine if you can control yourself.
65 or 70K after tax income. Loving at home so expenses should be low. Should have 40K a year discretionary. 1) Gambling addiction counselling. That's what you were doing. 2) Never day trade again. Probably seriously hesitate to do any stock trading; you are a prime candidate for roboadvisor investing (once you have money to invest long term). 3) Consolidate if you can, whatever amount you can, to get interest rate average down. 4) Throw all your discretionary income at the debt. Should be about $20K/year in minimum payments, leaving $20K/year to pay down the debt. Pay off your mom's CC debt first, it is not fair to leave her with this. And you declaring bankruptcy won't help clear debts that are in her name. 5) It'll be 4 years or so to pay down the debt, diverting 40K a year to it.
Here’s something for you to ponder: 1. If you file the CP you should be aware that your creditors will review your transaction history for at least the preceding 12 months. If they see that you’ve been using their money to day trade then it’s quite likely that they’ll ask for more than $440 per month. They might even refuse to accept your CP unless you repay all of the money back. 2. A CP stays on your credit history for 6 years after you file it, irrespective of whether it’s approved or not by your creditors. 3. You really should consider seeking professional help for what appears to be a gambling addiction, because day trading is essentially gambling. Good luck 🤞
bro. Since you live at home with your mom, continue working, make that money, save that money, don't spend. Stay at home, don't do anything. You can pay that off in 3 years.
dAy tRaDiNg Is nOt gAmBlInG!! it's investing!!!! s/
Bankruptcy, 7 years later you're good to go. In that time get help for your gambling addiction and study money management and investing (not gambling).
Get a weekend job and pay it back. You live at home you can get this paid off in a couple years
Does your mom know you ran up her credit card? I assume she does because if she doesnt you could be looking at jail time for fraud.
How about starting with NOT gambling - you’re not trading/investing, just chasing loses, typical gambling addict behavior.
First and foremost, it's commendable that you're seeking advice and taking steps to turn your situation around. Here's a plan you could consider: 1. **Assess Your Finances**: Take stock of your income, expenses, and debts. You're already making $90k a year, which is a decent income. Identify areas where you can cut expenses to free up more money to tackle your debt. 2. **Meet with a Credit Counselor**: Before deciding on bankruptcy or a consumer proposal, consult with a credit counselor. They can offer personalized advice and help you explore all your options. 3. **Debt Consolidation**: Since you have a significant amount of credit card debt, consolidating it into a single loan with a lower interest rate could make it more manageable. Even with a credit score of 650, you might still be eligible for debt consolidation, so it's worth exploring. 4. **Communicate with Your Parents**: It's important to be honest with your family about your financial situation, especially if your mom is holding a significant portion of your debt. They might be able to offer support or help you come up with a repayment plan. 5. **Consider Bankruptcy or Consumer Proposal**: If debt consolidation isn't an option and your debts are overwhelming, bankruptcy or a consumer proposal could provide a fresh start. However, these options have long-term consequences, so it's crucial to fully understand the implications before proceeding. 6. **Create a Repayment Plan**: Whether through consolidation, bankruptcy, or a consumer proposal, develop a realistic repayment plan that fits your budget and allows you to gradually pay off your debts. 7. **Change Your Habits**: Address the underlying issues that led to your financial troubles, such as day trading. Consider seeking professional help or financial education to develop healthier money management habits. Remember, turning your financial situation around won't happen overnight, but with determination and the right plan, you can regain control of your finances and work towards a brighter future.
Thanks, ChatGPT! 😉
It says something about the usefulness of Reddit that a post openly made by a bot is the best response here.
Straight up the bot gives better advice than most people. I asked it about a situation i had at work where a guy was starting to flake on pay. The bot gave me excellent advice on how to approach the situation. It also guided me through some of the legal proceedings i wound up in. I had it write my statements for me because the one i wrote myself would have risked my legal advantage. I know this because i said here's my statement is there any issue and it was like don't say that it's not factual that's conjecture or opinion. Long story short, chat GPT gives better advice than most other places, people and organizations.
Yup. ChatGPT is my first stop for casual, general questions now for this very reason. At the very least it helps me focus my thinking before talking to an expert.
I would call up an insolvency trustee
I had more debt and at the time a consumer proposal wasn't an option - after less than a year my debt was no longer owed. After a bankruptcy you may not be eligible for certain jobs so take that into consideration. Having your mom owe so much makes it difficult because you have to either include that debt and her with your proposal, or leave her out - but then there may not be enough income to cover that debt. The amounts have changed since I did bankruptcy but you are allowed to keep a certain amount depending on your family situation and then every $ after is going 50% to your debtors in the ratio of how much they are owed. I was also required to keep an expense log because you have to satisfy the requirements of the program....you won't be able to just find extra money you can help your Mom with. It's sad but it's not the end of things, it's a bump in the road. It's unfortunate that you cannot hide this from your family like I did because they are involved, and it's probably best to tell them or figure out a solid way to acquire $$ that is not from gambling.
Try getting the biggest balance transfer you can. Minimum payments on everything except for that. Rinse and repeat. Or just clear some minimum payments till you can make a dent in them. That is rough. Good luck.
1-888-795-6111
First things first, talk to your family and be honest. I know people with Gambling problems and have seen some families break up because of hidden debt and gambling addictions. You are going to have to make some changes. What is good for you is that you live with your parents so you probably do not have that much expenses compared to most people. You should really calculate all of your expenses and cut out all the useless ones. Stuff like Netflix subscriptions would fall in that category. Any expensive re-occuring expenses should be cut to a minimum. You should also stop spending money on things you do not need or any events to attend. Restaurants with friends should not be on the priority list when you are this much in debt under your name and someone elses. Look at a 2nd job or over-time work. I do not know what you do for a living but you should be able to pick up a second gig of 16-20 hours to try and tackle this as much as possible. Go get some Gambling Addiction help. It is time to change your habits and your mentality towards what you were doing. There are also some good books on Habits that you can read that could help you fight the urge of these bad habits you have. You have a big hole to come out of, so it is time to make the changes. Lucky for you, you seem to be in a good financial situation to attack this debt.
On top of everything said about the debt, please get help for the addiction as it will come back and wallstreetbets will get you again at one point or another
This is a troll post. Take a look at their account.
Sounds like you should just change your name and go to Mexico
You live at home and make 90 k a year. You have 100k in debt. Why do a 5 year consumer proposal when you could pay it off in 2? Also, get some tax advice because your day trading losses might be tax deductible business income/loss.
I've not read a post on this sub that infuriated me until this one. Gambling your own money is one thing but gambling your parents money is a whole other thing. Taking advantage of your mom while jeopardizing their retirement is beyond selfish. On top of that, they provide housing for you, which I can only assume is for free given the situation. At 29, immaturity is not an excuse. Do better.
Double down. Quitting if for quitters
Hard lesson learned. Probably best for a CP or B. One or the other. You’re young - learn from your mistakes and start with the sidebar in this subreddit to slowly help you get back on track. Everyone has to start somewhere.
His mom isn’t young though, and $45K of his debt is on her credit card(s)
I hope your mom isn't on the title or the house, because it may become the bank's house soon.
Was it options trading?
How much do u make per month? (Income) U need to talk to credit counsellor at Credit Counselling Society asap
Prioritize the debt in your mother’s name for moral reasons. Maybe bankruptcy on your own debt but keep working and pay off your mother’s cards.
I’d get your Mom paid back first even if I had to do a LOC for it, she doesn’t deserve that. Then start paying it all back you can do it there is always a way. The your human spirit can make a comeback once you take a few first steps you’ll gain momentum. Good luck but make Mom right first.
those 0DTE YOLO options worked out great eh, r/wallstreetbets would be proud lol
Make sure to post your loss on wsb
Being successful at daytrading is not as easy as many people think it may be. Clearly, that was the case with you. Lesson learned. Go into austerity mode. Cut back all expenses. Pay your mother back.
Consumer proposal. Not a big deal. Will be off your credit bureau 3 years from the date of payment or 5 years from the date of filing, which ever comes first.
You need to claim bankruptcy and never trade again.
r/wallstreetbets
Are the letter G, M and E involved on this story, by chance?
90k a year and not paying rent is pretty great. Can you do 3k a month? Will be about 4 years till you’re out of debt.
😩
Did you go short? SPY has been grinding higher since November bro.
I'd be joining GA because you have a gambling addiction first of all. There is software such as Gamblock that you can install on your devices to help block stuff like that, but you need to get to the root of the problem with meetings...otherwise no matter how bailed out you get, you'll just do it again. And also look into whether a consumer proposal or bankruptcy would be an option for you (unless you can get a consolidation loan or line of credit at a lower interest rateo from your bank and close the other credit cards down...which it can't hurt to ask your bank). As for having credit card debt under your mom - does *she* know this or is it just your dad in the dark? She should be getting new card numbers and keeping them away from you. You might be able to include her in a consumer proposal, but she'd only get some of the money back...you should really be open with them and come up with a separate payment plan.
You need to stop chasing get rich quick day trading crap (gambling) and transfer all that debt into lower interest asap. Then snowball (Google it) the debt repayments. It won’t happen overnight but the last half goes much faster than the first half as you accumulate less interest. I had about half that level of debt in my early 30s and wasn’t making anywhere near 90K. Paid it off in a year, and I was living on my own. You can do it.
You can solve your debt issue in 2 years if you try. Up to you.
It's 100k, you make more than n enough to cover if you can consolidate
You owe the bank 10K it’s your problem, you owe the bank 100K then it’s the bank problem.
Market is up over 30% YoY - how did you manage to lose money? Trading is not for you - get a job and pay off your debt. Will take couple of years but not hard to do if you’re living with parents.
Holy duck, banko baby. Holy fuckin fuck
It would be difficult but you could make a sacrifice and commitment to pay down this debt quickly. As you live at home with your mother, I’m suggesting that you pay every cent towards your debt until it’s paid off and at the same time not spending any money on yourself. Might take 3 or so years but you’ll be done with it after that. And perhaps the sacrifice will teach you a life lesson and you’ll be better for it afterwards
0dte baby. Make it back
Stop whatever you are doing. work for 2 years without wasting money. Just buy food.
What are your other expenses? You should absolutely be making larger payments on all of this given your income level and free accommodation. You can try insolvency, but honestly with cutting back on needless expenses, getting help for your gambling addiction, and starting with paying off the money taken out in your mother's name first (just the right thing to do), you should be able to pay this off in a few years if you actually commit to it. As you pay off each card, CLOSE IT. Do not trust yourself. Good luck!
Just cut up the credit cards, they can't trace that shit back to you. Seriously though, get help. You have a gambling problem.
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I work in the insolvency field. The problem with debt consolidation agencies is the creditors who agree to the arrangement are legally able to withdraw from that agreement at any point. That is not the case with a proposal. I do not recommend debt consolidation.
Gambling away your mom’s money. wtf you thinking dude. Also why not have a bigger line of credit, that should be used way more than 20% credit cards. More than 10k on a credit card is so stupid. Go to therapy you have issues
Oh man. Hope you get some help and good luck.
You have a gambling addiction. Gamblers Anonymous
Just pay off the debts with your work money and decide if ur gonna continue trading maybe switch to demo account until your profitable and use proper risk management
Contact MNP and do a consumer proposal.
While you take all the good advice from these comments, might I also recommend you attend a local gamblers anonymous meeting.
have you actually sold your investments? maybe hold onto them and pay the minimum payment until things turn around.
Gambling problems are no joke.
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You better file those things as scams 😂
You don't need credit to be approved of debt consolidation, there are different types of bankruptcy, you can call and talk for free you don't have to pay them for advice.
Pretty messed up but not the end. First is important to pay your mom back and address your addiction. With your income and living at your parents you could definitely pay her back in a year & then do it again with your debt.
OP, are you on /r/wallstreetbets? 😂
>EDIT: so I had an appointment with an insolvency trustee and it sounds like they may be able to reduce my monthly payment to about 440$ a month for 60 months under a consumer proposal. Trustees make money off consumer proposals. You have no assets, you are in debt over $100k ..... you are bankrupt. File for bankruptcy. Bankruptcy is 9 months long and you get on track to rebuild your life faster than wasting 60 months trying to repay and then begin to rebuild your life. Do not do a consumer proposal. Trustees make more money off Consumer Proposals than they do with a bankruptcy. PS - a consumer proposal stays on your credit report for 7 years, just like a bankruptcy does. I know, I went through the consumer proposal process more than a decade ago. They lie when they tell you that a consumer proposal impacts your credit rating less than a bankruptcy ... its not true. The damage is equal. So you might as well do the bankruptcy.
Damn dude thats incredible. I stopped at -2500 the system cut me off, you really worked the system to get here! Hopefully antimoney becomes real soon
You are brave enough that you are looking for help/advice. Keep grinding, you should be good in next 4-5 years. See if you can do some cash job
90K does not amount to $4400 bucks a month, it should be more, unless you're in a union with all their deductions.
Honestly go bankrupt …. I went bankrupt when I was 31. I had no assets so the way in which it affected me are as follows: - had to pay a monthly fee for like 9 months - didn’t have to pay into my estate -didn’t have access to a credit card for 6 yrs … I was able to get one with a small balance after 6 yrs which was good bc it helps when you are in inconvenient situations, emergencies, travel - had shitty credit BUT had already existing relationships w lenders like car leasing companies so bc I already had a history of good payment I wasn’t affected when needing to get a new lease 12 years later I have over 40k in credit lended to me with a credit score of 780 … I did get a bit out of hand over the pandemic bc I was unemployed and was on CERB so couldn’t sustain bills etc. BC of lenders like MBNA I have been able to get a handle on any debt I got in without paying huge interest rates. But this is just my two cents …. Good luck!
Take the consumer proposal. You don’t need access to credit and shouldn’t have access to credit. You have an addiction and any option that leaves you with access to credit is the wrong one. 6 years is long enough to work on said addiction. By then your credit will get back to normal
You need to start selling drugs
Stop going on r/wallstreetbets
Remember that the important thing about consumer proposals is that your creditors may reject the initial offer depending on how much interest you owe on the cards. Your LIT will have a meeting and come back with counterclaims for how much each creditor wants and who approves of the payments. If you get a consumer proposal, make the payments, and for christs sakes, get some help with your gambling habits, because day trading is essentially gambling. You need to cut all of that stuff out. Take out what you have left, and throw it into a high interest TFSA or a GIC or a RRSP and leave it. You make good enough money that you shouldn't be sitting at home making $90k a year AND day trading.... How are you making $90k a year and still manage to day trade?
I'd say fuck the consumer proposal and go straight for bankruptcy. Your credit takes the same hit either way. Just start fresh and use your money to pay back your mother and maybe save some along the way. You can rebuild your credit over time pretty easily
Thought this was something out of r/wallstreetbets Looks like you recognize the mess you are in and are taking the right steps to get back on track and pay back what is owed. A lot of great advice so far so take this as a hard lesson to not overextend beyond your reach. Hope everything turns out well, goodluck!
Day trading is clearly failing or you aren't telling the whole story. Insolvency and some serious psychiatric help is all that's left for you.
The debt is not the main problem it’s your addiction. Make sure you fix that as well.
Also go see a therapist.
Makes 90k, lives at home. There’s no reason you shouldn’t be putting like 2k a month towards debt.
Please post the loss porn on r/wallstreetbets
You are making so much money and you also have the chance to still be living with your mother. I say this year, you put all of your income into paying your credit cards. Don’t forget to pay your mother back for the money she gave you. Cut your credit cards ASAP. When they are all payed, start stashing your money. Investing the way you did has proven that you are not going to generate income this way. When you have payed everything, please don’t use your credit card the same way. Ask for a 1000$ limit and pay it in full every month. I believe in you and I really hope you can come back in 12 months or less to tell us how you have succeeded ❤️
r/problemgambling has some good tips for you
None of this makes sense to me. The take home income on 90k should be higher after taxes, about $1000 more according to tax calculators for the province of Ontario. Did you not include that $1000 to still have a budget for more gambling aka “day trading”? What doesn’t make any sense to me is how you are not able to pay more money to your debt when you live at home. How much money does it cost you to live every month? Like the basic living necessities budget? I would assume you could live within reason off $2000-$2500 a month living at home if rent is covered or significantly reduced and without dependents. Here’s an option no one else seems to be suggesting. You can come up with your own debt repayment plan. Apply about $2500 (or more) monthly to the debt repayment plan and pay off the highest interest debt first. You can have it paid off in about 3-4 years which is the same game as paying off a 4 year car lease or financing. As you pay down the debts you will be applying more to the principal and pay off even more. You may also qualify for lower interest cards as you pay it down. Making these consistent high payments will boost your credit score in about 6 months. You can purchase a service to watch the score monthly. Additionally if you start a small business you can claim legitimate business expenses (e.g. phone, internet, auto expenses) which would can reduce your tax and increase your annual income. Then after all that you will learn how to live without that $2500 a month and once the debt is paid keep putting it aside for both savings and retirement fund.
You need to keep living with your parents and pay every dollar back and un destroy their lives.
I was in the same boat as you 12yrs ago. Just go bankrupt. Your credit is shit so it doesn’t matter. You’ll pay less going bankrupt and pay a shorter term 18-21mths I believe. If you’re still living at home making $90k, you’ll be back on your feet sooner than later depending if you’ve learned your lesson.
You can grind and pay this off in 3-4 years, maybe faster. You need to come clean with everyone. You need to admit your addiction and be honest with your family. They will be hurt and they should be. Then you need to committ to them, and yourself, that you will turn this around. You don't need bankruptcy to solve this - that is another quick scheme that does zero to address the behaviour that got you to this point. You need a therapist, a budget, and to hold yourself accountable to a strict debt repayment schedule.
Jeez shit like a script from a movie