I’m 25 years old, I have an auto and a student loan, and gained over 10,000$ in credit card debt over 2 months. I need help.
I had about 2-3k in credit card debt before November, which was not great but I always paid them on time and before the minimum. My credit has always hung around right before “Good” and in the high end of “Fair”. In addition to my credit card debts I have an auto loan that I pay on time monthly for $160 a month and student loans for 317$ a month. I pay $400 a month for rent and pay for electric, internet, and auto insurance on TWO vehicles (one I own and do not make payments on anymore). I also have medical debts from a past surgery (less that 300$ at this point) that I am trying to pay off still.
In November my partners dog got very very sick and almost died. I am the only one who had any credit to speak of and credit cards to bail us out of the situation and save our dog. I do not regret saving her life but I have a residing bitterness overt the 10k in debt I took onto my name so suddenly because now I am DROWNING. I do not want to get into the relationship aspect of this, but let’s just assume that I am alone, these financial issues are mine, and that any hope of bailing out will be me and me alone. My current partner has no credit, no cards, no bank account and I am absorbing this debt completely. It is frustrating. My credit is absolutely tanked. I am having trouble keeping up with the bills. I have now missed several in the past couple of months and have become back logged. I have put things off like my medical and electric bills.
With a current standing of 44k in debt, and an annual income <25k. WHAT can I do? I have considered filing for bankruptcy but the only thing holding me back is that my dad cosigned on my car loan. He has excellent credit and I do not want to hurt it.
Tl;Dr I absorbed over 10k in additional debt between November-December and took my credit from Fair to Poor. Now I have 44k in debt and I absolutely cannot stay afloat. Help me