Swimming in CC Debt - Unemployed come July

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plumtart_09
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Swimming in CC Debt - Unemployed come July

Post by plumtart_09 »

So I am in a currently failing industry (animation)

I end my current gig on July 5th.

There are no jobs to be had and previously the writers strike put me out of work for 8 months. There is also talks of a strike within Animation. Negotiations for our union end on July 31st, meaning jobs will not open up for someone in my specific position till maybe October IF a deal is reached.

My savings is basically nothing ($250.00)

I am applying for anything and everything but if you all have any suggestions please lay them on me.

I receive $3200 every two weeks ( contract basis - contracts are usually 6 months in my field)

My current monthly bills include:

$600 - Car Payment - 13k left on this - Financed in 2020 for 37k

$577 - Rent - This may be negotiable, but my partner is also unemployed

$ 150 - Car Insurance

$ 510 - American Express (21k)

$ 650 - Chase Credit Cards (2) (26k)

$ 350 - Best Buy Credit Card (10k)

$300 + - Taking care of four animals/groceries/etc. * I AM NOT GETTING RID OF THE ANIMALS - PLEASE STOP SUGGESTING THIS *

I will be getting $1800 a month for 5 months with my current unemployment balance, which means I'm screwed unless I find a job by September.

I am attempting to save at least 3k to be able to afford all my bills, but I am very worried.

I have been selling on Mercari and plan to sell off a lot of things i own.

I've just been doing the basics as of late, no excess spending, but I am swimming in debt.

If any of you can take time out to give me financial advice I would greatly appreciate it.
Last edited by plumtart_09 on Tue May 14, 2024 11:59 am, edited 1 time in total.
carmonkie
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Re: Swimming in CC Debt - Unemployed come July

Post by carmonkie »

Do you have positive equity in the car? If you do, then trade it in for an older reliable vehicle and get rid of the car loan. Enroll the car and drive for Uber, Lyft, UberEats. If you have negative equity still enroll and drive to generate some income.

Can you teach animation? I know you are saying it is a failing industry, but at this point it is survival mode. Don't think as if all you can do is draw, I am sure there are other transferrable skills like Project Management that can be used in other industries.
rogue_economist
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Re: Swimming in CC Debt - Unemployed come July

Post by rogue_economist »

There are basically 2 levers you can pull.

1) Increase Income
In the very short term, take any second job you can get, fast food, grocery, whatever it may be. Just get cash coming in the door.
In the short-medium term look seriously at alternative industries you can work in with transferable skills, if animation is really failing you need a plan B.

2) Lower Expenses
The car is far too expensive for your current financial situation. If you can go without a car that would be optimal, otherwise you need to trade down to something considerably less expensive. Figure on at least 10 years old. In that range, reliability can be an issue, so stick with Toyota or Honda. If you can drive a manual get a manual.
Taking care of 4 animals is not sustainable. Adopt them out, send them to friends/relatives but you cannot afford that additional liability.
Car insurance is high, getting a much older car with only liability insurance should help reduce that cost as well.
Cut other expenses to the bone. Ramen, canned vegetables. $100 or less per month on food. Take advantage of free food events if you get any.
The credit card debt is the most serious issue here, but at those levels of debt consolidating it might be difficult without proof of steady income. The balances are too large for transferring to other cards with introductory 0% APR offers.

If you are unable to get another job you might eventually consider filling for bankruptcy to discharge the debt, but that will not be good for your credit so its not a first choice.
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CaptainT
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Re: Swimming in CC Debt - Unemployed come July

Post by CaptainT »

Don't wait till July start working part time now. You need to up you money.
Can you sell sell cartoons or pictures of people or pets at arts shows? Can you teach a part time art class? Can you work at an art supply store part time? Yes apply for different animation jobs but also anything else you might even be remotely qualified for. Also look at websites like fiver. Basically they hire specific task based jobs. You an an animation guru might be perfect for some.
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Nate79
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Re: Swimming in CC Debt - Unemployed come July

Post by Nate79 »

I see help wanted signed in so many businesses around here. Second jobs are available.
Rocky Mtn Man
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Re: Swimming in CC Debt - Unemployed come July

Post by Rocky Mtn Man »

Find the nearest military recruiting station and talk to them. That has worked for 100,000s of young men and women.
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leeks
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Re: Swimming in CC Debt - Unemployed come July

Post by leeks »

Get any job for immediate income while you figure out a new long term plan. Retail/restaurant jobs are always available. A summer nanny job might be a short-term option.
ponzu
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Re: Swimming in CC Debt - Unemployed come July

Post by ponzu »

plumtart_09 wrote: Thu May 09, 2024 9:25 pm So I am in a currently failing industry (animation)
Computer animation or traditional? People seem to be assuming the latter. I would expect computer animation to have transferrable skills within the tech industry. What alternate careers are your colleagues entering?
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Re: Swimming in CC Debt - Unemployed come July

Post by Jack FFR1846 »

Whatever you have a box and receipt from Best Buy, put the thing you don't need back in the box and return it.
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CaptainT
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Re: Swimming in CC Debt - Unemployed come July

Post by CaptainT »

Also your roommate needs to do any possible job too. You can not subsidies someone else.

A part time 20 hr a week job starting now gives you 15 dollars x20hr x8 weeks=2400 cash. Plus then if you get out of work at least already have 1 part time job to ramp up.

Also what is your credit score? Do you while have income have the ability to consolidate any of these cc into a personal loan at a lower interest rate?
tashnewbie
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Re: Swimming in CC Debt - Unemployed come July

Post by tashnewbie »

My immediate thought was that you need to get a second job. Lots of places seem to be hiring...Walmart, Target, home improvement stores, grocery stores, etc. You can't afford to be choosy.

I would work on getting that ASAP.

Filing for bankruptcy also came to mind, but until you figure out some longer term solutions to increase income and reduce expenses, you would likely be in the same situation in a few more years but with an even worse credit score.
Tundrama
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Re: Swimming in CC Debt - Unemployed come July

Post by Tundrama »

…I’ll say it, please binge the Ramsey show.

You have more problems than what will happen in July.

I’m not being an infomercial for his techniques, but they are certainly worth while and work for many folks.

My storyline is ugly as it gets. I could teach in high schools, how to screw up your life financially. Less than ten years ago, 750k in debt, marriage nearly done, met twice with bankruptcy attorneys (decided against filing), …yada, yada, yada.

Got on the phone with one of his people, and as of yesterday’s market, 3.2 m net worth and zero debt.

Yes, worked our rears off and my wife has yet to retire and she still works every minute of OT allotted.

I truly feel your pain but you need to shut down the hoses draining your future and rebut your financial mindset completely.

I know what it’s like to walk into the bathroom and find my wife crying in the shower with complete financial stress. Pure pain and anguish.
And guess what…financial stability equals a wonderful, loving marriage for us.

I certainly wish you the best.
aristotelian
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Re: Swimming in CC Debt - Unemployed come July

Post by aristotelian »

This may sound harsh but is rehoming the animals a problem? They are costing you not only $300/mo but that much more in added interest since you are living beyond your means.

If you aren't working, what are you using the car for? The car is costing you $13k of debt plus $150 insurance and extra for maintenance. If you need to car to look for work, then you need to be actively looking and find a job, any job, ASAP.

You have enough debt that consolidation may be able to help. Be careful though, some of these are scams. This is not the best board for advice on managing debt.
stan1
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Re: Swimming in CC Debt - Unemployed come July

Post by stan1 »

Sorry to hear all this. It sounds like it is overwhelming. What I'm going to advise is pretty basic, but you just got off to a good start. My advice is to write a journal. Just write your thoughts down every day to start. You don't need special software, you can use paper or Word or Notes. Definitely don't buy anything new. You don't need to be fancy about it. After a bit, start writing about your future. Then from there make a list of small things you can do every day to take a step towards your future.

One format I like is "bullet journaling" because it helps you set long term goals over a year, then helps you turn those into actions you can do each month and day into a "to do" list. There are many examples on the internet both written and YouTube videos. You don't need to buy a book.

The second piece of advice is to stay in touch with your network. Everyone you've worked with will be going through transition and some will have success in their new endeavors. They will be looking for others.
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Sandtrap
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Re: Swimming in CC Debt - Unemployed come July

Post by Sandtrap »

plumtart_09 wrote: Thu May 09, 2024 9:25 pm So I am in a currently failing industry (animation)

I end my current gig on July 5th.

There are no jobs to be had and previously the writers strike put me out of work for 8 months. There is also talks of a strike within Animation. Negotiations for our union end on July 31st, meaning jobs will not open up for someone in my specific position till maybe October IF a deal is reached.

My savings is basically nothing ($250.00)

I am applying for anything and everything but if you all have any suggestions please lay them on me.

I receive $3200 every two weeks ( contract basis - contracts are usually 6 months in my field)

My current monthly bills include:

$600 - Car Payment - 13k left on this - Financed in 2020 for 37k

$577 - Rent - This may be negotiable, but my partner is also unemployed

$ 150 - Car Insurance

$ 510 - American Express (21k)

$ 650 - Chase Credit Cards (2) (26k)

$ 350 - Best Buy Credit Card (10k)

$300 + - Taking care of four animals/groceries/etc.

I will be getting $1800 a month for 5 months with my current unemployment balance, which means I'm screwed unless I find a job by September.

I am attempting to save at least 3k to be able to afford all my bills, but I am very worried.

I have been selling on Mercari and plan to sell off a lot of things i own.

I've just been doing the basics as of late, no excess spending, but I am swimming in debt.

If any of you can take time out to give me financial advice I would greatly appreciate it.
To OP:
1 There are job's / work for money available everywhere for anyone willing to work, maybe standing and doing vs sitting, maybe on construction jobsites, etc. Signs everywhere saying, "hiring now", and paying more money than not working at all.
So...get "a job" asap.

2 Consider looking for "a job that pays money" far beyond where you are looking now, online for specific fields, etc.
So...look for "work paying any dollars everywhere".
It this is not palatable to you...consider everything you do now "temporary" and a "survival mode stage of life".

3 Lower your expectations and boundaries and limitations. Again, "survival mode stage of life".
ie: don't be picky, when you are broke, there's no room for being "picky".

4 Can you sell your car for enough money to pay off that debt?
Do you have enough money then, to buy a "transportation car" that runs well but is old and looks old and has tears in the seat?

5 A status where both people as a couple (modern word is "partner" now) are unemployed, without income, is untenable.
Thus, as mentioned above...repeat..."Get into financial and life "survival mode".
Job 1: Apply to Walmart, Lowes, Home Depot, Kohls, Target, Office Max, ad infinitum. AKA: everywhere.
Job 2: (as above). Local golf course, restaurants, et al.

6 Accept the fact that you are at a financial and career "rock bottom". So, being proactive and aggressively ambitious is a good thing.

7 Simple: get "a job", 3 jobs are good too, work, pay rent. Repeat. Repeat.

Question to OP:

6 As this is financially synergistic, what are your "partner's" (new term) financial status and debt since you are mutually reliant?

j :D
Those who come from or have experienced poverty deal with this and more all the time, and many/some, prosper as a result.
Getting out of it is all about "mindset" and "attitude", "will" and sheer determination far greater than anyone.
Last edited by Sandtrap on Fri May 10, 2024 10:45 am, edited 1 time in total.
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ScubaHogg
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Re: Swimming in CC Debt - Unemployed come July

Post by ScubaHogg »

Tundrama wrote: Fri May 10, 2024 8:01 am …I’ll say it, please binge the Ramsey show.


Got on the phone with one of his people, and as of yesterday’s market, 3.2 m net worth and zero debt.
I’m as harsh as anyone on his investment “advice” (ie sales pitch), but he does seem to do a good job with people in debt

Even that being said, your story is remarkable. A $4M turn around in net worth? Wow
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EdNorton
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Re: Swimming in CC Debt - Unemployed come July

Post by EdNorton »

Go to CCC, consumer credit counseling. You need some help. Make sure it's the non-profit.

Bankruptcy is an option.
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Re: Swimming in CC Debt - Unemployed come July

Post by onourway »

I'm sure that you have more expenses than what you show here - and having a clear understanding of your inflows vs. your outflows is step #1 in turning any financial situation around. Obviously the car is way too expensive for your situation, but other than that, even including your CC debt, the numbers do not seem unsustainable. Even in our small city in a less-than-flourishing part of the country, signs abound for entry level jobs at $20/hour. Take whatever job you can get and cut expenses to the bone while you continue to look for a better full-time gig. Pretty much as simple as that.
delamer
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Re: Swimming in CC Debt - Unemployed come July

Post by delamer »

EdNorton wrote: Fri May 10, 2024 8:15 am Go to CCC, consumer credit counseling. You need some help. Make sure it's the non-profit.

Bankruptcy is an option.
Try this well-regarded service: https://www.nfcc.org/

Find a part-time job outside your field.

Train for a new career. Maybe designing user interfaces (UI) for websites?
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Bobby206
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Re: Swimming in CC Debt - Unemployed come July

Post by Bobby206 »

A ton of great advice up above. The only thing I can add is you need to find a way to get yourself, and your partner, motivated to TAKE ACTION! All of the above people have great advice but YOU need to implement it all! Not a time to sit and mope. It's a TIME FOR ACTION! You can do it but will take great effort! Good luck!
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PaddyMac
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Re: Swimming in CC Debt - Unemployed come July

Post by PaddyMac »

I'm not sure what type of animation you do, but you likely have a lot of transferable skills. You are comfortable with computers. You can organize digital files. You are creative. You can probably teach yourself software faster than others. If you have 3D modeling skills, could you learn Fusion 360 or other software used for 3D printing and work with printing companies? Is there anything in the AI field that you could move sideways into?

Write down what you know then figure out how you can sell what you know. Can you tutor? Can you teach? Can you write? Lots of schools are incorporating media arts into their curriculum, along with film and recording arts.

And as others said, there are jobs out there if you are willing to change course. But I would first look at moving sideways into another creative field that is not dying. I started in the '80s in print graphic design, but I moved sideways to video as that field got too competitive, then moved sideways again to sharing what I learned (via books and training videos and teaching at various companies with inhouse editors).
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Johnsson
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Re: Swimming in CC Debt - Unemployed come July

Post by Johnsson »

It's already been said, but I'll pile on...

Binge Dave Ramsey, sell the car/pay off the loan/buy a reliable 'beater' and get as many jobs as you can manage ASAP.
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Outer Marker
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Re: Swimming in CC Debt - Unemployed come July

Post by Outer Marker »

Sorry hear of your situation, OP. May seem daunting, but you'll get through it and find something more rewarding in a new line of work. In the meantime, you need money to pay the bills.

What kind of a car do you have? Being 4 years old and mostly paid off, I'm not in the camp of selling it, assuming you need a car. But, you can put it to work for you driving Uber and/or Lyft. If it's a nicer car, you can earn the premium for Uber "comfort."

You like animals. In my neighborhood, going rate for a dog walker is $20/walk - and I often seek small packs of 4 dogs being walked at a time. So, that's like $80/hr if you can line up some gigs. Overnight care is $65/night.

Both my daughters working summers doing waitressing/hostessing. Bartending pays well if you want to get a certificate.

Start brushing up your resume, Linkin profile, and networking for your next professional job. Think in terms of transferrable skills.

It may be worth contacting the nonprofit consumer debt counesling serivce in your state and/or see what options are avialble to reduce the interest rate on your credit cards. Very hard to make headway against 20% interest rates. Be wary of commercial services that make too good to be true promises, but there may be some programs that are legit. Use the public nonprofit agency to validate what might be worth considering.

You'll get though it.
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Re: Swimming in CC Debt - Unemployed come July

Post by LadyGeek »

Discussions of dishonest behavior or bypassing the law is totally unacceptable. I removed a post suggesting the OP work for cash (may be illegal if it goes against unemployment regulations).
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Re: Swimming in CC Debt - Unemployed come July

Post by whodidntante »

One of my friends was able to pivot from animation and graphics design to a career that is more lucrative and where he is in high demand. He totally reinvented himself.

Make a list of what you're good at.
Make a list of what you're passionate about.
Make a list of adjacencies to what you currently do.
Look for intersection, or just use this to think through it.

Make sure your network knows you need a job. Connect with people. Get together. Outright ask if they have any ideas for what your next step could be. Most ideas will be terrible, but what they say might get you thinking.

Be more critical about future spending, which it sounds like you know already. You are not "drowning" in CC debt. It's a problem, but it's quite solvable if you can get to a steady 100k a year and you are mindful about spending. Right now, you still have a job, so you can see if you refinance part of that debt using a 0% promo on a new card. A period of austerity will help. Err on the side of buying nothing, other than essentials and the very occasional inexpensive non-essential item.
nguy44
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Re: Swimming in CC Debt - Unemployed come July

Post by nguy44 »

Are there any temporary employment agencies in your area? Sign up for them pronto.

Also agree with the others on the points of:
- You need to motivate your partner to get some type of work and pay their share of rent
- Time to sacrifice, either cheaper car (likely if you bought it new in 2020 it is worth more now), and/or bye-bye to animals
- Listen to Dave Ramsey

Good Luck
chassis
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Re: Swimming in CC Debt - Unemployed come July

Post by chassis »

plumtart_09 wrote: Thu May 09, 2024 9:25 pm So I am in a currently failing industry (animation)

I end my current gig on July 5th.

There are no jobs to be had and previously the writers strike put me out of work for 8 months. There is also talks of a strike within Animation. Negotiations for our union end on July 31st, meaning jobs will not open up for someone in my specific position till maybe October IF a deal is reached.

My savings is basically nothing ($250.00)

I am applying for anything and everything but if you all have any suggestions please lay them on me.

I receive $3200 every two weeks ( contract basis - contracts are usually 6 months in my field)

My current monthly bills include:

$600 - Car Payment - 13k left on this - Financed in 2020 for 37k

$577 - Rent - This may be negotiable, but my partner is also unemployed

$ 150 - Car Insurance

$ 510 - American Express (21k)

$ 650 - Chase Credit Cards (2) (26k)

$ 350 - Best Buy Credit Card (10k)

$300 + - Taking care of four animals/groceries/etc.

I will be getting $1800 a month for 5 months with my current unemployment balance, which means I'm screwed unless I find a job by September.

I am attempting to save at least 3k to be able to afford all my bills, but I am very worried.

I have been selling on Mercari and plan to sell off a lot of things i own.

I've just been doing the basics as of late, no excess spending, but I am swimming in debt.

If any of you can take time out to give me financial advice I would greatly appreciate it.
Thanks for sharing and sorry to hear. You will be fine. Something will happen.

Get rid of the four animals. Your life will be improved financially and in other ways.
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Re: Swimming in CC Debt - Unemployed come July

Post by arcticpineapplecorp. »

can you remember what you spent $57,000 on those credit cards?

if not, this begins the journey. You will have to figure out what happened otherwise you will just get yourself back into that debt even if you get yourself out of it (through bankruptcy or otherwise).
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Beensabu
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Re: Swimming in CC Debt - Unemployed come July

Post by Beensabu »

plumtart_09 wrote: Thu May 09, 2024 9:25 pm I am attempting to save at least 3k to be able to afford all my bills, but I am very worried.
The CC debt is half your monthly expenses. Looks like minimum payments at 29% APR, and an attempt to pay more than the minimum on the Best Buy card?

You need a full time job that pays at least $23/hr in order to maintain the status quo with literally zero non-essential spend. You need to make more than that in order to pay the CC debt down if you keep your car, or if you want discretionary spend.

Step 1: Find a full time job that pays at least $23/hr.
Step 2: Sell the car, pay off the $10k card, and lease the cheapest car you can.
Step 3: Redirect that "saved" ~$650/mo towards the Chase card with the smallest balance until it's paid off.
Step 4: Redirect everything you were paying towards that card towards the other Chase card until it's paid off.
Step 5: Redirect everything you were paying towards that card towards the Amex card until it's paid off.

Your current car is worth too much, and you will lose it in bankruptcy anyway, so at least get through Step 2 and see how it goes. It'll take ~5 years to get clear the hard way.
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almostretired1965
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Re: Swimming in CC Debt - Unemployed come July

Post by almostretired1965 »

Sorry to bring this up, but you should seriously consider bankruptcy if you can't line up a job once you are out of work.
EricGold
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Re: Swimming in CC Debt - Unemployed come July

Post by EricGold »

I respect creative talent immensely, no doubt because I have none. I do wish society supported it a lot better. If you have to, you will be able to pivot and adapt better than most.

My thoughts follow. They may be lousy

Find out how much the car is worth if you sell it. The best outcome would be money in your pocket, no car, and no car or insurance payment. When work is available, use the money from the sale to buy a beater.

Stop paying your other debts. This will lead to credit defaults. If work restarts in time, negotiate with your creditors for payment plans in return for removing the black marks, and get legally binding promises in writing. If work does not restart in time, file for BK. Will there be Gov unemployment welfare after your union support ends ?

Find any work now. Hopefully your preferred work in the future, or start learning something similar or different.

Your spending habits sound ... poor. You'll get past this, but having to go through it twice (or more) would be unfortunate.

All the best, and keep your head up
faanger101
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Re: Swimming in CC Debt - Unemployed come July

Post by faanger101 »

ponzu wrote: Fri May 10, 2024 6:37 am
plumtart_09 wrote: Thu May 09, 2024 9:25 pm So I am in a currently failing industry (animation)
Computer animation or traditional? People seem to be assuming the latter. I would expect computer animation to have transferrable skills within the tech industry. What alternate careers are your colleagues entering?
Good luck with the tech industry. Tens of thousands are searching, each opening we have is flooded in hours
CapeLinda
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Re: Swimming in CC Debt - Unemployed come July

Post by CapeLinda »

Hi: There are good suggestions re increasing your income in the short term upthread. I would add look at Upwork - I have a family member who has been doing contracts through them- to supplement your income. My understanding they are variable hours and duration -so you could use to supplement your income

With your background - I assume you are computer savvy - look at transferrable skills. There are lots of individuals/companies that can use short term project assistance to get you through this period. Consider how to network to meet people who could use your expertise as well as how to sell. yourself and your skills.

Years ago, I was in a similar situation. I managed to turn my financial situation around - many people do.

Linda
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Re: Swimming in CC Debt - Unemployed come July

Post by popoki »

Maybe you can get by with an electric cargo bike and using public transportation/rideshare.

If there's a Whole Foods around, maybe you can get a part time job with free/discounted groceries.
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Re: Swimming in CC Debt - Unemployed come July

Post by cchrissyy »

hi, this is tough, but you need a second job, and your partner needs something too. asap.
+1 to the whole foods idea. my son worked there and it was a decent wage plus free food to bring home every night.
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Re: Swimming in CC Debt - Unemployed come July

Post by jabberwockOG »

Right now this week take action - a huge amount of discipline and effort is required to turn the situation around. You can do it but the real issue is behavioral habits - real action, discipline, delayed gratification, and initiative is required to get you out of this situation.

1. Get a second, and maybe a third job. If you are not sleeping you should be working and earning income. The goal is to aggressively pay off the debt you accumulated.

2. You have too much debt to care for 4 animals - that's an expensive luxury you cannot afford, do your best as quickly as you can to get most or all of them into homes that can afford to care for them.

3. Stop spending on anything but food and water style essentials. Look everywhere for costs you can cut- cell phone plan, internet, cable, streaming, etc - cut it all - to the bone.

4. Research selling your car, if you have equity in it, and perhaps buy a used bicycle or small cheap motorcycle, or public transportation.

5. Do the research and learning about the basics of finance, budgeting, consumer debt, and building personal wealth. The library is full of free self help books designed specifically for folks in your situation. Take advantage of the free valuable information and wisdom that is available at your local library.
frugalecon
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Re: Swimming in CC Debt - Unemployed come July

Post by frugalecon »

Owing $10,000 in a Best Buy card suggests that there has been a serious spending problem in the past. It sounds like OP is behaving frugally now, but still there should be introspection about how OP and the partner got into such a difficult situation.
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whodidntante
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Re: Swimming in CC Debt - Unemployed come July

Post by whodidntante »

frugalecon wrote: Mon May 13, 2024 8:12 pm Owing $10,000 in a Best Buy card suggests that there has been a serious spending problem in the past. It sounds like OP is behaving frugally now, but still there should be introspection about how OP and the partner got into such a difficult situation.
Perhaps. But people can look critically at themselves and adapt. And a mistake can be a learning opportunity. In some ways the me of 20 years ago is an oddly familiar stranger.

As a former colleague said "it's not a serious loss if you have a car to drive home in."
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Cheez-It Guy
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Re: Swimming in CC Debt - Unemployed come July

Post by Cheez-It Guy »

OP has not responded.

Hopefully that means buckling down on many of the helpful suggestions offered.
JBTX
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Re: Swimming in CC Debt - Unemployed come July

Post by JBTX »

EricGold wrote: Sun May 12, 2024 10:57 pm I respect creative talent immensely, no doubt because I have none. I do wish society supported it a lot better. If you have to, you will be able to pivot and adapt better than most.

My thoughts follow. They may be lousy

Find out how much the car is worth if you sell it. The best outcome would be money in your pocket, no car, and no car or insurance payment. When work is available, use the money from the sale to buy a beater.

Stop paying your other debts. This will lead to credit defaults. If work restarts in time, negotiate with your creditors for payment plans in return for removing the black marks, and get legally binding promises in writing. If work does not restart in time, file for BK. Will there be Gov unemployment welfare after your union support ends ?

Find any work now. Hopefully your preferred work in the future, or start learning something similar or different.

Your spending habits sound ... poor. You'll get past this, but having to go through it twice (or more) would be unfortunate.

All the best, and keep your head up
I generally agree with this. Have an artistic daughter that got herself in similar situation.

You are correct if the cc debts are not paid, eventually you will start getting offers to settle as little as 15-25% on the dollar. Either you get a job and pay reduced amounts or you don’t and file bankruptcy. Sell the car. Get rid of the animals.

In the meantime only buy bare necessities. Stop using credit, period.
DarthSage
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Re: Swimming in CC Debt - Unemployed come July

Post by DarthSage »

In addition to Whole Foods, consider Starbucks as a part-time employer. For 20 hours a week, you can get benefits, including health care and a 401k. I think DD21 is making $20/hour plus tips, investing in her Roth 401k and I think there's an ESOP plan as well. I get that this wouldn't be a long-range plan--it isn't for my daughter, either--but it could keep the wolves away from the door, and the skills could transfer if you had to relocate.
Rockbottomdweller
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Re: Swimming in CC Debt - Unemployed come July

Post by Rockbottomdweller »

The credit card debt is crazy. $10 k on a Best Buy cc? What on earth are you buying?

Sounds like you are living way beyond your means and now all your money is going to cc debt. Have you looked at how much you are paying in interest alone? You need to radically change your life style. Get Quicken and and track all your expenses. Get a roommate, sleep on the floor on a mattress, eat beans and rice, do whatever you have to do to pay off that debt.
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plumtart_09
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Re: Swimming in CC Debt - Unemployed come July

Post by plumtart_09 »

Rockbottomdweller wrote: Tue May 14, 2024 8:25 am The credit card debt is crazy. $10 k on a Best Buy cc? What on earth are you buying?

Sounds like you are living way beyond your means and now all your money is going to cc debt. Have you looked at how much you are paying in interest alone? You need to radically change your life style. Get Quicken and and track all your expenses. Get a roommate, sleep on the floor on a mattress, eat beans and rice, do whatever you have to do to pay off that debt.
Just because the CC has the name BestBuy on it doesn't mean I'm using it AT best buy.
All of these purchases/debt accrued through my severe bouts of unemployment due to the countless strikes, broken deals, and streaming companies cancelling shows. I thought it would get better. I was wrong. Now I am in severe debt.
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plumtart_09
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Re: Swimming in CC Debt - Unemployed come July

Post by plumtart_09 »

DarthSage wrote: Tue May 14, 2024 7:09 am In addition to Whole Foods, consider Starbucks as a part-time employer. For 20 hours a week, you can get benefits, including health care and a 401k. I think DD21 is making $20/hour plus tips, investing in her Roth 401k and I think there's an ESOP plan as well. I get that this wouldn't be a long-range plan--it isn't for my daughter, either--but it could keep the wolves away from the door, and the skills could transfer if you had to relocate.
Sadly the closest Whole Foods is about an hour away. I live very far outside of Los Angeles. Still within Los Angeles, but in a suburb with sketchy public transportation that I do not feel safe taking as a woman of my stature. I have applied for several night/weekend jobs over the last week to add to my current schedule. Once I am off of this contract I plan on getting 2-3 jobs. Starbucks is an option once I am off of the contract and can dedicate morning/daytime hours, so thank you.
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plumtart_09
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Re: Swimming in CC Debt - Unemployed come July

Post by plumtart_09 »

Rocky Mtn Man wrote: Fri May 10, 2024 6:10 am Find the nearest military recruiting station and talk to them. That has worked for 100,000s of young men and women.
How does this work for debt?
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plumtart_09
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Re: Swimming in CC Debt - Unemployed come July

Post by plumtart_09 »

Rocky Mtn Man wrote: Fri May 10, 2024 6:10 am Find the nearest military recruiting station and talk to them. That has worked for 100,000s of young men and women.
How does this work for debt?
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plumtart_09
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Re: Swimming in CC Debt - Unemployed come July

Post by plumtart_09 »

CaptainT wrote: Fri May 10, 2024 7:27 am Also your roommate needs to do any possible job too. You can not subsidies someone else.

A part time 20 hr a week job starting now gives you 15 dollars x20hr x8 weeks=2400 cash. Plus then if you get out of work at least already have 1 part time job to ramp up.

Also what is your credit score? Do you while have income have the ability to consolidate any of these cc into a personal loan at a lower interest rate?
She is in the process of onboarding for a new job! She has been paying rent- that is no issue. Mostly just need her to pick up the slack on taking care of the animals as I have been funding them for years.

My CS is 628 currently - not great
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plumtart_09
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Re: Swimming in CC Debt - Unemployed come July

Post by plumtart_09 »

CapeLinda wrote: Mon May 13, 2024 6:19 pm Hi: There are good suggestions re increasing your income in the short term upthread. I would add look at Upwork - I have a family member who has been doing contracts through them- to supplement your income. My understanding they are variable hours and duration -so you could use to supplement your income

With your background - I assume you are computer savvy - look at transferrable skills. There are lots of individuals/companies that can use short term project assistance to get you through this period. Consider how to network to meet people who could use your expertise as well as how to sell. yourself and your skills.

Years ago, I was in a similar situation. I managed to turn my financial situation around - many people do.

Linda
Thank you for your suggestions! I appreciate your positivity.
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plumtart_09
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Re: Swimming in CC Debt - Unemployed come July

Post by plumtart_09 »

arcticpineapplecorp. wrote: Sun May 12, 2024 8:47 pm can you remember what you spent $57,000 on those credit cards?

if not, this begins the journey. You will have to figure out what happened otherwise you will just get yourself back into that debt even if you get yourself out of it (through bankruptcy or otherwise).
Yes - Supporting myself while unemployed/my partner while unemployed. I am a sucker and an overspender with an unstable career. If I could go back I would have become a plumber!

I am seeking counseling for this.
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plumtart_09
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Re: Swimming in CC Debt - Unemployed come July

Post by plumtart_09 »

Cheez-It Guy wrote: Mon May 13, 2024 10:36 pm OP has not responded.

Hopefully that means buckling down on many of the helpful suggestions offered.
Correct.
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