Help me help myself!?

Question

i am 23 years old and have made a ton of bad choices up until now... in august of last year i moved in with my grandmother and i had $45,000 of debt. my grandmother is not charging me for rent or utilities between august '07 and june '08 i have paid down my debt to about $33,000 and have had practically no social life! i am burnt out and cant do it anymore. i make about $50,000 a year and am trying to go back to school but do not want to borrow money from anyone ever again! i bring home about $2,000 a month and my bills add up to about $1,500 a month... any advice for me to get a life outside of work while paying off the remainder or the debt A.S.A.P? i have a truck worth about $6,800 that i owe $5,400 on, and 2 motorcycles both worth $4,500 a piece and i owe $4,200 on one and $8,000 on the other... i have 2 because i put one in my name for a friend who stopped paying and i took it back...(one of many bad ideas) and i cant sell any of the vehicle until they are paid off... HELP!!

Answer 1

You have a wonderful opportunity here that many people don't have - you should thank your grandmother every single day.  While I understand you may be feeling 'burnt out', I am not sure i understand your math?  If you make 50k a year, why are you only getting 2k a month?  that works out to 24k a year, not 50.  Where is the other half of your salary going? If you dedicated the lions share of the 50K to your debt, you could have could have paid off most of the 45k by now, and you would now be spending your money on tuition or whatever you want.  Bite the bullet and keep paying down the debt as fast as you can, so you can be out from under sooner than later.

Answer 2

Get a social job.  Be a cook at Hooter's.  Then you'll be making some coin and get to smile while you're doing it.  

Also, sell both bikes.  They're only going to depreciate and you can get a Line of Credit from your bank (which will be a better rate than putting the difference from the sale and your loan balances on a credit card).  You're total debt will be less by the sales price of both bikes.  Sure, you'll be paying for bikes you no longer own, but you're payment will be a whole lot less.   Good luck.

Answer 3

Hi,

I used "Credit Solution" to settle my debt and avoid bankruptcy.They managed to reduce my debt up to 58%.It's legitimate.I came across this company on NBC News Special Edition.Check it out here:

http://urlhawk.com/1zc

Answer 4

DO NOT VARY ABOUT IT GOD WILL HELP YOU

Answer 5

get side jobs like cleaning houses maybe??

Answer 6

if you make about "50,000.00" a year then why is your monthly income only 2,000.00??? that doesn't add up.

Answer 7

You are not alone.Many others suffer from this kind of problems.You are young and still full of energy and full of ideas but those ideas must be put to test by people with knowledge and experience.I suggest you go to the bank you are indebted too and speak to them and ask for advice on how to settle your debt painlessly.Working your butt out may not be the real answer .You make barely enough to maintain yourself ...speak to people in the money business namely the banks..they may be able to suggest some practical way out of your problems....do not borrow any more.Cut all bad habits rthat cost money to maintain.

Answer 8

Your math doesn't figure. If you make $50,000/year  and only bring home $2000/month  you are missing some money. You might want to look at your taxes .

Also you can sell a bike or car without paying it off.  If you sell it for more money than you owe on it you make money if not you lose money on it.

At least sell the bike worth 4,500 and pay off that loan. You should make $300 and lose a payment.