How can I tackle my $45,000 debt and settle it myself?

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DarkstarRunner

New Member
I'm single and drowning in $45k of debt—it's totally overwhelming right now. I just lost my job, and the stress is eating me alive.

Has anyone out there gone through debt settlement? Is it even possible to handle it on your own? I took out a personal loan from my bank before I lost my job, but now I need that money just to survive. I have no idea how soon I'll find new employment.

Should I keep my loan current and stop paying my credit cards? I'm completely lost and.don't know where to begin. It's all so much to handle. I'd really appreciate any advice you can offer—thank you so much!
 
First things first, tackle the essentials: food, electricity, shelter, and clothes. Keep things simple on everything else like, yeah, beans and rice are about to become your new BFFs.

Time to turn stuff you don’t need into cash you do need. Sell it, trade it, make it work! Grab a side hustle, pick up a gig, or take on any job that pays no judgment, just money in the bank.

You’ve got this! Keep your chin up, and k now things will get better.
 
Remember, if you're considering debt settlement, keep in mind that you might need to pay taxes on the amount that's written off, and your credit score could take a hit. Take a deep breath and explore your options bankruptcy might be a better route, or you could reach out to your creditors to discuss a hardship program. You've got this, and there's a way forward!
 
File for unemployment first, then bankruptcy. There's no shame in taking these steps. If it's necessary, take action without hesitation. Many individuals have found themselves in similar situations, but after filing, they quickly regained stability and rebuilt their credit.
 
If you JUST lost your job... I would not file for bankruptcy right away. Apply for work everywhere... and consider driving for Spark (Walmart), DoorDash, Uber Eats, or Instacart while you wait for something to come through.
 
Perry, "Debit Relief Order" (DRO) this is primarily a UK solution (for debts under £30k, low income/assets).

In the US, your options differ significantly:

1. File for unemployment immediately.
2. Contact creditors NOW: Explain job loss, request hardship programs (reduced payments, forbearance). Do this before missing payments.
3. Prioritize essentials & survival cash: Use the loan for food/shelter if absolutely necessary, but understand the consequences.
4. Explore US-specific solutions: Nonprofit credit counseling (NFCC.org), Chapter 7 bankruptcy (consult an attorney), or careful DIY negotiation after understanding risks (credit damage, taxes on forgiven debt).

Do not ignore DRO advice unless you're in the UK. Seek US-focused help.
 
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