Financial Woes

[Aksannyi]

Because I have nowhere else to ask these questions:

So it may be no shocker to most that I am in a bit of financial trouble.

First things first, I make actually more an hour than last year, but our overtime was gutted and the tax laws in place starting in 2013 combined have made my paychecks really crappy. On a 40 hour work week, I'm seeing about $80 less per paycheck every two weeks, which does hurt. And let's not even talk about the overtime I'm no longer getting.

So basically, I have a fuckton of student loan debt. I also have a vehicle loan. I pay rent, utilities, internet, a phone bill, insurance, and one department store credit card with a fairly low (comparatively) balance. I can give actual numbers if anyone is truly interested/is an accountant.

This month I am looking at taking home about $1320 with expenses around $1840. Part of this is from being so behind on things, my insurance is actually up for cancellation if I don't get caught up, I paid them $150 to keep them going for now but I'm in trouble if I don't come up with about $600 by mid-June. My usual expenses (not counting food and gas) are usually about $1600, so I still come up short. Unfortunately at this point there is no way for me to not live beyond my means.

Things I have considered:

1. Selling the truck. However, I owe more than I would get and the transit system here is not good.
2. Prostitution. I am only partially kidding.
3. Second job - I've tried this, however, I'm not terribly flexible right now with my work schedule in constant flux.
4. Calling my dad and bumming but I don't think he has it.
5. Pawning some things, but I don't have anything I can sell. Let me rephrase, I don't have anything I can sell that will make me enough money and that I am willing to give up.
6. I crochet and I could sell some afghans I make, but it's summer, Florida, not really gonna work.
7. Re-enlisting. Though I may go National Guard or something.

Things I have done:

1. Called the student loan company. I am starting school today, but because some of my loans are private, I can't defer them. This pissed me off.
2. Set up an extension with the auto loan company, basically I paid 1/3 payment last month and 2/3 this month, next month I'm back to full.
3. Changed the due date on my internet bill. I am taking online courses so I can't turn off the internet.
4. Lowered my cell phone plan. This saved me like 6 bucks.
5. Taken out a $300 employee advance that will get deducted (interest and fee free) from my paycheck over 6 pay periods.

I have decent credit (for now) but I don't think I can take out a loan and I will not apply for a credit card that will help me in the short-term but hurt me in the long run. (Like, I could pay my rent on it this month, but I'm gonna be paying on it month after month and that's just another expense.)

Basically, I'm in a bind and I am not sure what I can do at this point. If I were to lose my apartment, I have nowhere to go but the streets. Every billing company I can work with, I've already called and worked with and I won't be able to get any more extensions. So the option becomes to not pay something and see what happens or come up with the money.

I do anticipate getting Chapter 33 GI Bill benefits but I have no idea when, as my status is still processing. When that hits, it will fix everything, but I have to assume that I won't get it by the end of the month.

I also am starting the new job soonish but I won't see paychecks from that for at least a few weeks out.

I am not looking for handouts. If anyone knows a way I can make some extra cash that I haven't considered, I'd like to hear it. The second job is still an option but I need to figure out what my schedule is going to be and catch my stride with school before I can try to make commitments elsewhere.


So guys, advice?

[Mezlo]

Re: Financial Woes

Bartending would help. Plus its a job you could do at nights and it's social so you could meet some new people.

[Malacite]

Re: Financial Woes

Damn girl...

Is there no one at your bank you can speak to, or any sort of financial planner/adviser? I can't offer much as to your immediate problem, but one thing I've seen suggested by numerous people (including Suzie Orman) with regards to your credit card debt, is to try and knock off a single item from the list. Even if it means letting the interest go up a bit on some of the other items, it's better to try and reduce the total number of items you have to handle each month if at all possible - both on a practical level (less things accumulating more interest each month) and psychological.


Student loans are a bitch, and will probably dog you for some time sorry to say. :/

[Aksannyi]

Re: Financial Woes

I don't think I can even get a legit loan. My total debt is about four times my annual salary. Just the debt, not the revolving charges. Debt to income ratio is very high-risk.

Mezlo, I'm not sure I can bartend, I know jack about it and I would need training.

[Malacite]

Re: Financial Woes

There's gotta be some sort of re-financing you can negotiate though? That's why I said check with your bank or if you have any local advertisements running... I've actually seen them popping up more and more where I live. I know that you can try bankruptcy to consolidate your debt, though that's probably not ideal.

These days though, it's very rare (I think) to see someone essentially have their debts called in; Mainly because long-term interest will net creditors far more money in the end. I'm sure you've probably got some options you haven't tried... I'm dead serious about seeing someone for advice/planning though. A friend of mine recently did just that, as her credit card debt was ballooning out of control.

[Aksannyi]

Re: Financial Woes

I forgot to mention I did attempt to re-finance the truck about four months ago. They were gonna charge more per month and for a longer term - uh no.

I guess I need to try some debt consolidation. Though I'm really hopeful for this VA money. And soon.

[Malacite]

Re: Financial Woes

Hope you get it ; . ;


The govt (most infamously the VA lately) has had a pretty shitty track record... there are still veterans from Iraq and Afghanistan who've been waiting years for benefits that they're due, but haven't received because apparently they still do all their record keeping manually - no electronic files at all, pure paper work. Hard to believe in this day and age... but I didn't mean to put you down, sorry. I'm sure something will come along.

[Icemage]

Re: Financial Woes

$1320/month take-home pay? What the heck sort of job are you working at? Even with the reconfigured taxation rates, that's what, $16-17K per year?

Figure that minimum wage is $7.79 in Florida, times 40 hours a week = $1246.40 pre-tax. But at that level of income, your taxation rate might as well not even exist (less than 10% net), so you're making maybe what? $9-10/hr?

That's not a living wage for someone who has kids to take care of. It's not even a living wage for someone on their own even without debts.

Your basic problem is your base income level is too low; either get a second job or change jobs and improve your income that way (easier said than done, I know). The rest of the problems stem from that.


Icemage

[Aksannyi]

Re: Financial Woes

That's take-home with the employee advance payback factored in. So I'm usually making $100 more than that. Hourly is $10.50 until I take over the new job, but I never realized how much I relied on overtime. I will be salary and it will be a pay raise.

For reference, my rent is $614 for a one-bedroom, cost of living is not super high here. But with the truck payment and my high insurance rate (unluckily two accidents within days of each other) plus student loans, if I could get out from all that I could live. Keep in mind I don't have the kids so I don't have to worry about their welfare.

I am looking for a second job. Just not having much luck.

- - - Updated - - -

On the pay last year, I was making $1900 a month. So yeah, no overtime kills. It was once guaranteed which is why I kept this job. I should get around that after my promotion hits. Key word should.

[Oniwabanshu]

Re: Financial Woes

have you looked into government assistance? I know it's not much for anything not related to food and such but maybe it could help? Try looking at Benefits.gov - Your Path to Government Benefits i know it helped my mom when she was between jobs and working part time at walmart for $8/hr. There are alot of questions it will ask you about your home, income, family, ect.

[Aksannyi]

Re: Financial Woes

Well, for now.

I called my dad. Typical, running to daddy. But I am writing him a check and mailing it for the amount, and when I get the government money, I will tell him he is clear to cash the check - so I am actually paying him back this time. He is going to pay my entire insurance bill - which means I won't owe USAA a cent until my policy renews on June 22nd. That isn't going to fix everything but it is going to help quite a bit.

Now to figure out a few additional solutions. This is a band-aid fix until my VA money starts showing up in my account. But it's something, and fortunately for me, the Bank of Dad doesn't report to the credit scoring agencies. (Oh, I'd be so fucked forever on credit if that were the case.)

[cidbahamut]

Re: Financial Woes

I hate to be that guy, but if you're this far in the hole financially, is it really the time to be racking up even more student expenses?

[DakAttack]

Re: Financial Woes

I'm not qualified to give out financial advice, but I feel for you, Aks. There are some non-profit debt management services in the DC area that will consolidate your debt under a five year payment plan, who are always more successful at negotiating with the bank than the customer. Perhaps you could look into something similar for your credit card debt?

[Aksannyi]

Re: Financial Woes

Chapter 33 doesn't work that way. They pay the school directly for up to 36 months and send you a monthly living allowance. That money, once I catch up on any remaining bills, will be about 90% sent to Sallie Mae as soon as I get it, so I can work on paying down the debt. I actually can't borrow any more money for school, I am over the federal limits. So this Chapter 33 GI Bill is actually the only way to do this. I have exhausted the Chapter 30 GI Bill benefits already.

I am going to continue to work. But where I'm working now, it's basically dead-end, as you can clearly guess from my current debt situation. I want to be more than a paycheck to paycheck person. I will make this work. And part of the reason for my financial bind is really that one of my debtors *cough*SallieMae*cough* decided to take four times what I normally owe them out because my income-based plan expired and they didn't see fit to tell me so I could take care of it. Up until then, I was actually doing kind of okay. It's just getting my feet back under me at this point and making it work, which I have done remarkably well even with this low-end job.

But yeah, I know how it looks. I wouldn't want to rack up more debt if I can help it and that's why I'm doing it this way. If I didn't get the benefits, I would have to withdraw and that would be the end of my college hopes, forever. I know this. So I am trying, this is my last shot.


The credit card is only like $400 balance. It's a pittance. The student loans are over $75,000, and the truck loan is about $11,000. I'm not worried about the Best Buy card, lol. I was very smart about avoiding credit cards like the motherfucking plague, at the very least.

[Truece]

Re: Financial Woes

Perhaps finding a roommate to split your living expenses would help? If you could cut your rent in half that would free up the ~$300 that you're currently short. I know that sharing space with someone else sucks (especially after living on your own), but it could be a short-term solution to the current problems that you're having.