How can I manage my $59k debt with overwhelming anxiety?

T

turbogeck

New Member
Please be kind - I’m working through a lot of anxiety around this, and I know there’s a way forward. I thought I could handle it on my own, bu t I really need some help or advice.

I have two credit cards in collections: one for $7,000 and another for $7,850.

I also have two maxed-out cards: one at $12,500 and the other at $16,500.

Plus, I have $45K in student loans.

I thought I could work my way out of this by building a side hustle while keeping up with my sales job, but I haven’t made any progress. Now I’m feeling overwhelmed, defeated, and frustrated with myself for thinking I had a plan when clearly, I need a new direction.

I really need help, advice, or any guidance you can offer. Let’s tackle this together—you’ve got this!
 
Start by identifying your income sources and where the money goes. You're in debt because you spend more than you earn. This could stem from a spending issue or insufficient income. The solution depends on identifying the root cause.
 
Here's the thing I'm 41, living in NYC, and I'm ready to tackle the biggest challenge of my life! The anxiety, shame, and guilt? They're not holding me back anymore. I'm stepping into a new chapter where I call in the relationship I deserve, build the life I've always dreamed of, and finally feel the freedom to move forward. I'm done feeling small this is my moment to rise and become unstoppable!
 
First, make a budget and determine how much you can reasonably put toward your debts... Save up money toward your collections. Collections companies will usually make a better deal around this time of year tax season so see what you could settle for if you haven't been sued yet. Ask what's the lowest amount they will take... and how long you have to pay it off.

Keep your other cards current... To save on interest, you could get a personal loan for the maxed out amount but if you don't curbb your spending or adhere to a budget, you'll end up in the same place again. Oh, by the way if you're using certain equipment or services for your side business and putting them on a credit card, make note of that... so you can deduct those expenses, as well as the credit card interest, on your taxes.

You didn't say whether you have private or federal loans... Your options and urgency to pay it off depend on the type of loan and whether you're in forbearance or...
 
I went with National Debt Relief. Just a heads up while it can really help, it does tank your credit for a bit. But here's the thing: it starts to recover over time.
 
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