- November 17, 2023
- Posted by: legaleseblogger
- Category: Related News
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Struggling with Debt? AI Legalese Decoder can help you navigate through the complex web of financial jargon
I am a nearly 30-year-old individual residing in the bustling city of New York, with an annual income of $80,000. Recently, I have found myself drowning in debt and the situation seems almost impossible to conquer. Seeking the guidance of a financial advisor is out of the question due to financial constraints, and I have not been equipped with the necessary knowledge about managing finances from my upbringing or formal education. I am reaching out for any advice or insight that may aid in alleviating this burden, as my attempts to research on my own have only led to conflicting information and a sense of overwhelming confusion. The interest rates on my credit cards and loans are escalating, and despite making minimum payments, my student loan balance continues to rise. Should I consider taking out an additional loan to pay off my credit card debt? Is there any recourse for addressing the mounting loans? Grateful for any assistance offered.
Salary: $80,000
Rent: $1,500
Credit card #1:
Balance – $15,000
APR – 28.24%
Credit card #2 (shared with partner):
Balance – $11,000 total
APR – 29.99%
Student loans:
Multiple accounts, totaling $42,725
In this situation, the AI Legalese Decoder can serve as a valuable resource for deciphering the convoluted terminology and stipulations within financial agreements. It can provide clarity on the terms and conditions of your credit cards and loans, allowing you to make informed decisions about your financial strategies. By utilizing the AI Legalese Decoder, you can gain a better understanding of the implications of taking out an additional loan to address your credit card debt and explore potential options for managing your student loans. The advanced capabilities of the AI Legalese Decoder empower individuals with the knowledge they need to navigate through complex financial matters and mitigate the sense of confusion and overwhelm that often accompanies financial challenges.
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****** just grabbed a
The first step is to stop digging.
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You need a budget. You make $80k/yr, which is well over $4k/mo after taxes. Your rent is $1500/mo. You need to figure out where the other $2500+/mo is going.
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Track every dime you spend. When you have a couple months worth of data you can start to look at it with a critical eye and figure out where you can start cutting back.
Step 1) Stop wasting money… Yes, you are wasting money somewhere.
Step 2) Get those credit cards refinanced into a personal loan at a much lower interest rate. If your credit is decent you should be able to go to a company like LightStream and make this happen. (There are others as well).
Step 3) Start paying them down.
Step 4) Continue to stop wasting money.
With the numbers you have disclosed, there is no reason for you to be this far in debt.
Everyone says establish a budget which is good, but step zero is looking at your credit card statements on exactly what you’re spending money on. You first need to understand where your money is going down to the penny. Then start making those very difficult decisions about what you’re going to cut out of your life to not outspend your income.
Wow–$26,000 in debt at 30% APR!
Yes, a personal loan to reduce the APRs could improve things. The challenging part with personal loans is that better APRs require faster repayment. Do you have any investment or retirement accounts? Do you have any other loans? Where’s your money going now?
Literally stop doing everything.. you go to work you come home and you do nothing, stop spending money stop going out stop buying things and pay off the CC debt ASAP.
This is an emergency. Credit cards need to get paid off ASAP based on interest rates. Some items you can do.
1) Mint Mobile $17 per month for 5GB plan
2) Requote insurance/cable/internet
3) Reconsolidate debt to lower APR or call credit card companies directly to see if you can get lower APR thru economic hardship
4) Cheap meal planning
5) Eliminate dining out
6) You need a budget to see what other opportunities there are (car payment, subscriptions, other bills)
7) Once budget cleared up second job.
Financial Order of Operations
1. Establish a budget
2. Establish an emergency fund
3. Contribute to 401k to obtain company match
5. Pay off high interest debt
6. Max out HSA*
7. Max Roth IRA* or Traditional IRA*
8. Max 401k
9. Fund mega backdoor Roth*
10. Low interest debt
12. Invest in taxable account and/or fund 529
*Invest in this option if you qualify and if available
Have you looked into consolidating the credit card debt? Do you have any other assets you could use as collateral? 28% and 30% APR are insane. Have to reduce that rate.
You need to treat this like a life or death matter. What transformed my personal finances is reading every post in the MrMoneyMustache blog. ItÔÇÖs old now, but the principles are very solid. Start from the beginning.
Be honest. How much do you spend on food delivery?
Assuming your take home is about $5k/month, where is the rest of your money going? YouÔÇÖve only listed Rent but you need to list out all of your expenses and see whereÔÇÖs thereÔÇÖs room to cut spending.
Why are you 26k in high interest debt? Whatever is causing that needs to stop
NYC on $80k is rough. The advice here is very good but still a very long term plan.
As tough as it is, I’d try to score a different job in a different state, lower my rent while increasing or maintaining income, and see if you can score a second job. I drove Uber like I depend on it to breath and paid off $11k in 3 months outside of my 50hr a week office job.
Good luck.
How are you spending your money? Do you have a monthly budget?
1. Maintain an app or a simple excel sheet and note down all your expenses in it. This way youÔÇÖll know what youÔÇÖre spending and where, and set a budget from this
2. Stop dining out and cook at home
3. If you donÔÇÖt own a vehicle, opt for public transport instead of the more expensive ones like Uber
4. A personal loan interest would be less than that of a credit cardÔÇÖs interest. Borrow a personal loan if you can and clear off credit card dues as much as you can
5. Avoid subscriptions like Netflix prime till debt clears off
6. DonÔÇÖt loan money to friends. If u have already, then ask for it back
7. Try for a cheaper apartment if you can, at least till debt clears off
8. Avoid unnecessary travel (holidays)
9. If you can get to a place by walking, then walk
10. In your free time try to do some online/offline part time work
11. If you can get an existing mobile connection or internet for cheaper, then go for it
12. DonÔÇÖt shop for new clothes for a while. DonÔÇÖt buy things you donÔÇÖt need
13. Read up articles on saving money and investing
Good luck and hope your debt gets cleared off soon
Go into survival mode. Pretty much don’t spend a single penny on anything that is not required to survive. So no parties, no shopping, no nothing.
Target credit card debt with aggression. Make point of paying them off as quickly as you can.
You have a more than good enough salary. With enough discipline you can manage to pay off the debt. In future stay away from credit cards.
You need to take out a personal loan to cover the high interest debt.
But before you do that you need to get your head on right. What was causing you to overspend? What were you spending your money on? Are you realistic about the lifestyle you can afford on your income?
If you donÔÇÖt get to the root of the problem you will keep using the CCs even after you fix your interest problem.
You could literally call them and ask for a hardship deal. Discover offered me 6 months at 9% to catch up. Chase as a liquidation plan where the card is destroyed and you only have a 6%apr. Just ask, it’s free
> inancial advisor (obviously)
That is OK because financial advisors are for people with extra money to invest.
You need a debt counselor. I recommend you start at the NFCC. They are a non profit institution that will put you in touch with qualified resources in your area.
Cut expenses. Increase income. Start living beneath your means.
You probably need a second job. You may need a roommate, or a less expensive living situation.
Pay off the highest rate debt first, while paying the minimum on all others.
Never share a credit card with a partner. Only a spouse.
Op – can you move back in with your parents or get another roommate to lower your housing expenses? You need to throw whatever money you have towards debt. Live as cheaply as possible and cut all unnecessary expenses.
If you donÔÇÖt, youÔÇÖll have a hard time buying a house one day because your debt to income ratio will be too high.
Lots of financial education on YouTube. I started out watching Dave Ramsey to get out of debt. I donÔÇÖt agree with everything he preaches but steps 1-4 has worked for me. https://www.ramseysolutions.com/dave-ramsey-7-baby-steps?gad_source=1&gclid=EAIaIQobChMIy_j40prGggMVrTfUAR0YRQTzEAAYASAAEgL1BvD_BwE
Cut up your credit cards today. No more spending on them allowed. Everything you pay for has to be in cash now.
Start putting like 2-3k a month to pay down the cards. This is an emergency and you need to pay off the cards before they cause you to go bankrupt
Just want to confirm this, you need an ENFORCING budget app. Most budgeting apps will track and some might alert you of your adverse condition. You need to find an app that will enforce your spendings so that you 1- don’t add more to your debt, 2- don’t spend randomly and compulsively, 3- balance your overall financial goals. You will also need to increase your credit score by any means you can use. Last of not least, use the zero cash flow debt reduction method to pay more toward your biggest interest rate debt while doing minimum monthly to the rest. This approach has been tried and true but it will need your diligent attention. PM me if you need more info.
You desperately need to get a balance transfer credit card. There are a number of different groups offing 0% for 21 months.
This will save you roughly $630/month or $7,500/year. Over $20k in savings over the intro 0% promo period.
Apply for multiple cards if you have to. You will pay the 3% intro transfer fee but 3% is roughly what you’re paying per month at 29%.
>was never taught anything about finances by my parents or in my schooling
Op, I think you’re still trying to find excuses for your past behavior. “Live within your means” is not something anyone needs to be specifically taught. It’s just common sense.
If you’re hoping to have some magic tricks to solve your monetary problems, there is none. But the solution is simple: try to earn more and spend less, and use the savings to pay down your debt.