I should have came to this forum first, but earlier today I took out a 401k loan for $23,500. I took out this loan because I am running low on funds, and I make less money per month than the expenses I have. I know that this is only going to fix things for a while, and once this money is gone I am really going to be hurting. I will give you some additional details to facilitate your ability to give me the best advice possible. That is what I need right now. Some guidance. Some direction from someone that has been in similar trouble before, or just someone that is great with helping people figure out their debt situations.
I have a truck that I owe $14000 on ($229 per month). I have 10 credit cards that I owe a combined total of $25000 on (approximately $500 month). I have a debt consolidation loan that I owe $30,000 on ($750 per month). I have an existing 401k loan that I owe $4800 on (Bi-weekly payments of $87). I also have a house payment of $1011 a month. These are the debts that can be paid off. I also have cable ($85 per month), cell phone ($165 per month), internet ($74.99 per month), pest control ($45 per month), security system (49.99 per month), electricity ($200 per month average), water ($25 per month), garbage ($25 per month) bills that total $670 per month. That's approximately $3330 a month in bills and I only bring home approximately $2700 per month and I am about to start bringing home about $400 less per month when the new 401k loan payments start coming out of my check for the $23,500 401k loan I just initiated.
I have good credit. I have scores of 700-730 through all three credit bureaus. So I might be able to move some money around through loans or balance transfers.
Please I'm begging you to help me resolve this situation. I don't expect to be able to do anything about this quickly. I just need some guidance. I need to become more disciplined. Every time I pay off my credit cards I slowly start to use them again and before I know it I've put too much on them. I don't want to keep living my life this way. Please help.
I have a truck that I owe $14000 on ($229 per month). I have 10 credit cards that I owe a combined total of $25000 on (approximately $500 month). I have a debt consolidation loan that I owe $30,000 on ($750 per month). I have an existing 401k loan that I owe $4800 on (Bi-weekly payments of $87). I also have a house payment of $1011 a month. These are the debts that can be paid off. I also have cable ($85 per month), cell phone ($165 per month), internet ($74.99 per month), pest control ($45 per month), security system (49.99 per month), electricity ($200 per month average), water ($25 per month), garbage ($25 per month) bills that total $670 per month. That's approximately $3330 a month in bills and I only bring home approximately $2700 per month and I am about to start bringing home about $400 less per month when the new 401k loan payments start coming out of my check for the $23,500 401k loan I just initiated.
I have good credit. I have scores of 700-730 through all three credit bureaus. So I might be able to move some money around through loans or balance transfers.
Please I'm begging you to help me resolve this situation. I don't expect to be able to do anything about this quickly. I just need some guidance. I need to become more disciplined. Every time I pay off my credit cards I slowly start to use them again and before I know it I've put too much on them. I don't want to keep living my life this way. Please help.
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