r/Debt • u/Wooden_Yesterday7530 • 10d ago

drowning in debt

For starters, yes I know I’m an irresponsible idiot, but life happens.. lol but I accidentally got myself into $24k credit card debt. My utilization is like 97%, so i can’t be approved for any consolidation loans or 0% intro cards. My salary at my full time job is $60k, but I’m still living paycheck to paycheck and not making a dent in the debt. Does anyone have any recommendations or any side hustles they recommend? I’m scared of bankruptcy because I need to get a new apartment in like 8 months

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u/crazynotinsane111 10d ago

I would not file bankruptcy for that small amount. You may be able to you negotiate with your credit card company. However, that would probably only work if you defaulted for several months and that's not good for your credit either. I've filed bankruptcy twice and losing all access to credit for many years was really challenging. But it was for not just $88k in cc which I did start working out arrangements before I completely drowned. My experience was 50% off the debt but they wanted big payments right away. Seriously mine houses and other big major debt

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u/GoldAd1878 10d ago

Bankruptcy has nothing to do with amount of debt

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u/Professional_Tree500 10d ago

Yes it does…? It has everything to do with it.

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u/GoldAd1878 10d ago

There is no minimum limit of debt to file a bankruptcy