I make about $51, 000, I owe $31, 000 in credit card debt, $19,000 on my car and $5, 000 in student

Should I file for bankruptcy? I am able to make minimum payments on my my bills, but that%26#039;s all. I have my own apartment so there goes more of my money and I literally live from paycheck to paycheck. I am also a shopoholic. I have recently just started considering bankruptcy. Right now my credit score is not all that bad because my bills are not late. What would be the best move for me in your opinion? I am also not able to get a large personal loan to consolidate so that%26#039;s out.

I make about $51, 000, I owe $31, 000 in credit card debt, $19,000 on my car and $5, 000 in student loans....?

You made your bed, sleep in it.

Your question should have read %26quot;I make more than most people, I%26#039;m not late on my bills, I%26#039;m a shopoholic ... is it okay to be greedy and pass the buck?%26quot;

- IMHO

I make about $51, 000, I owe $31, 000 in credit card debt, $19,000 on my car and $5, 000 in student loans....?

You might be the coolest person out there.

- if you honestly have the conscience to feel uncomfortable dumping debt like that, maybe you deserve the break.

You have restored my faith in humanity. Good luck either way. Report It

I make about $51, 000, I owe $31, 000 in credit card debt, $19,000 on my car and $5, 000 in student loans....?

why dont you cut up your friggen credit card... how in the bloody hell do you get $31,000 in credit card debt? Report It

I make about $51, 000, I owe $31, 000 in credit card debt, $19,000 on my car and $5, 000 in student loans....?

Avoid it.it%26#039;s hard to recover your credit score,and you will have higher interest rates. The best thing to do is to cut up your credit cards like Caluacacia said.If you have enough $ in your car you could sell it and buy a car with the $$ left over.don%26#039;t take out another loan! Report It

I make about $51, 000, I owe $31, 000 in credit card debt, $19,000 on my car and $5, 000 in student loans....?

Think of ur future before u shop, visit a doc to help u out.

I make about $51, 000, I owe $31, 000 in credit card debt, $19,000 on my car and $5, 000 in student loans....?

That%26#039;s a tough situation. I would start by not accumulating any more debt. You cannot expect to get out of debt if you spend more than you make all the time. You have to quit spending or this will never go away. Cut up your credit cards. Do not use them any more. Ever. Saying you are a %26quot;shopoholic%26quot; is code for no self control. That%26#039;s your problem, not your credit card company%26#039;s. You have to fix that. Now. (Sorry about the %26quot;tough love%26quot; but it%26#039;s true)

Once you stop digging a hole, you can start to climb out. Keep making the minimum payments, and kick in a little more to whichever debt has the highest interest rate whenever you have a few extra bucks. Then, the next time you get a raise, put the 80% of the raise amount toward your debt EVERY MONTH. That way, you get to spend 20% of your raise, and 80% goes to getting you out of your hole. Keep in mind it is your hole to get out of, and bankruptcy hurts. A lot. For a long time.

Good luck!

I make about $51, 000, I owe $31, 000 in credit card debt, $19,000 on my car and $5, 000 in student loans....?

if your credit isnt bad yet...DO NOT FILE BANKRUPTCY!!!

Its such an easy way out, it seems, but it will bite you in the *** for years to come, and now that the laws have changed, you will have to pay it back eventually anway. Your debt isnt thaht bad, honey. Think about people with homes, that are 100, 000 plus. Dont give up, but you have to stop shopping. Sorry, take reponsiblity. and then you need to either move in with a roomate to share expenses, live with your parents or family til u can catch up, or find a way to cut back somewhere. Since your credit isnt bad, there has to be a way to refinace or do something to help you not pay as much interest, to make your balances go down faster. Good luck!!! And maybe even get a seconnd job!!!

I make about $51, 000, I owe $31, 000 in credit card debt, $19,000 on my car and $5, 000 in student loans....?

NO I don%26#039;t think you should file bankruptcy but start paying as much as you can on the highest interest cc, oh first see if you can get any 0 interest cc if yes transfer as many as you can, then you pay the one with the higest interest, go down the line until they are all paid off. Cut the cards up but still make the payments. We all live paycheck to paycheck and I don%26#039;t make 51K, sure would like to though. Maybe get a roommate, and the school loan don%26#039;t they kinda give you a break as far as a low payment? Call Suzi Ortman(something like that) she will tell you what to do, good luck

I make about $51, 000, I owe $31, 000 in credit card debt, $19,000 on my car and $5, 000 in student loans....?

one word bankruptcy

I make about $51, 000, I owe $31, 000 in credit card debt, $19,000 on my car and $5, 000 in student loans....?

Assuming from now on that u will only carry 1 credit card (cc) for emergencies and that you will use something like quickento track your spending and show you ur (lack of) net worth.

1st - if ur credit is not bad then grab a couple of those 0% transfer opportunity credit cards for 12 months. (read the fine print 1st!) and then transfer ur cc balances to those.

2nd - make the min pmnts on those cc%26#039;s

3rd - if you need the car for work then keep paying the mnthly due.

4th - call ur student loan holder. explain that you need a reprieve for a few months. Maybe you can just pay the interest for a few months.

5th - depending on the outcome of 4th, throw the new found money at the cc companies to pay those balances off b4 the year is up.

6th - if u can%26#039;t complete th e5th step in 1 yr then be on the lookout for other similar cc offers (from different companies though) after about 6-7 months. Then you can transfer the balances again and have another 12 months to pay them off.

7th - once u get the cc paid off, then pay more on the car.

b/c you can%26#039;t deduct any of the interest on it.

8th - check ur net worth every now and then. u s/ gain more self esteem by watching it go from neg to pos over time and this will make you happier than buying everything under the sun.

I make about $51, 000, I owe $31, 000 in credit card debt, $19,000 on my car and $5, 000 in student loans....?

Do NOT TRANSFER BALANCES to 0% rate cards! They are only 0% usually for a set time period and only if you charge a minimum on them monthly! There are only a handful of truly 0% interest cards and you generally have to have perfect credit to get them. You are in a bad situation but before you even think about BK see a credit counselor. They can negotiate the interest rates with the CC companies and get the rates reduced for you. You can generally get into a good program where you make the payments to the credit counselor and reduce the minimum payments where you can effectively reduce your debt instead of accumulating more debt. You need to seek professional help for the compulsive buying issue you have. PLEASE don%26#039;t go more into debt and don%26#039;t file bankruptcy. Unless you change your habits you will only go right back into the situation you are in now in the next few years, only possibly worse. I have seen it happen to too many people as I work in the mortgage industry.

I make about $51, 000, I owe $31, 000 in credit card debt, $19,000 on my car and $5, 000 in student loans....?

With that much money I wouldn%26#039;t worry about your debt. Count how much do you actually spend in bills a month. Start putting 10% of monthly income in savings account and don%26#039;t touch it. Cut most of your credit cards and leave only one. Start paying as much as you can (more is better) on the once you already canceled.

Car? Crash it - try total it. Insurance will pay for it and buy yourself car for not more then 5000. It%26#039;ll be better if you pay cash for it.

And student loan just keep paying what you paying it%26#039;ll disappear with the time.

About your shopping problem. Start choosing cheaper stores and look for sales. Kohl%26#039;s, 99 cents store and so far. Don%26#039;t think you%26#039;re better then that. Because what you%26#039;re doing right now is overpaying for stuff, what you need to do is enjoy your life with all that cash you have. Plus if you file for bankruptcy it will not be better any time soon.

As soon as you get out of your debt- buy a condominium and stop renting. You can right it off on your taxes ( interest and property tax are tax deductible).

Take care.