Lost my job and was jobless for a while.
Do you know any financial advisors you trust?My thought if you have a good credit score and now have a job is maybe taking a small loan out. I assume interest is very high?
I'm sorry this has happened to you, but this is in fact your mistake. "Can't be paying back a debt you incurred because you need to live your life?"Why should the bank pay for your mistake? Generally, negotiating a reduced debt takes a large toll on your credit. You don't get to skip out on $15K of your $25K debt and expect your credit to remain sterling.
That surprises me, but doesn't change anything. Whether a particular issuer is keen on giving the same guy who stiffed them a year earlier another CC is up that issuer. But the charge off remains on his report for all creditors to see for 7 years or so.
I do agree, it is my fault, I should Be accountable, but some things are beyond human control, and a situation arose where I need to be debt free asap
25k is not 250k you should be able to get cards with 0 APR for 18 months like @AJK mentioned so you wont have to pay any interest for at least 18 months.
If you never had to eat crow then you lived one boring life.
I'm sorry to hear that. That happens, I hope your spending was on necessities. Personally, I wouldn't default on only $25k. It's a lot but I know you've been around these forums long enough to know that your credit is worth far more than that over a few years.Honestly you should read this:https://www.mrmoneymustache.com/2012/04/18/news-flash-your-debt-is-an-emergency/Sure there are many ways to get the debt annulled but it won't solve the underlying issue. Paying off debt (I had far more than this in student debt without a job) is like exercising. It builds strong habits for the rest of your life. $25k isn't that bad. It's $200 a week over 3 years including interest.
I’m taking it to the extreme, I’m not buying anything aside for food, toiletries, low rent, and low cost transportation.the rest goes to the debt. Still, it will take a long time to pay back.
Can you downgrade to a lower rate card? Over $800 a month is quite a lot.
Of course it is. But you have to get real about life. Hypothetically, someone (Not necessarily @EMCC )with $25k debt likely has no long term savings. No 401k or IRA or HSA. Nothing to fall back on. They are on the precipice of disaster. So it wouldn't matter if the $25k was forgiven, something else would come up and they'd be back in the same hole. If you get creative and can generate the extra $10k a year suddenly the debt isn't so ominous and then you have a path to squirrel away some money in case you ever need it in the future. I'm not saying this will be easy. I am saying that this will become a recurring issue.
You can get a personal loan from a bank like discover. Yes, you'll be paying high interest. But your credit will shoot back up after a month being that your credit utilization has gone down.