74k in debt at 15% interest… any other ways to tackle this?

Seeking Advice
21

Tobin said:
Out of curiosity… what’d you spend it on?

6 vacations last year and a lot of gambling on credit. I own 3 properties and drive a 2018 Benz, so I have nice things. My rental income covers my bills, so I just used my paycheck for spending.

22

@Ashby
What’s the plan for the gambling part?

23

Zenith said:
@Ashby
What’s the plan for the gambling part?

That was the main issue. I’ve put myself on a self-exclusion list, so I can’t gamble in my state, and I got rid of all my credit cards. Trying to sort this out before it gets worse.

24

Check with a non-profit credit counseling agency for a debt management plan and budgeting help. You can Google for one nearby or try these national options:

https://www.cccfusa.org

Good luck!

25

@Noor
Do they offer lower interest rates?

26

Look into a personal loan with a lower rate. Even 10-12% interest could save you a lot.

There are tons of lenders out there, just look around.

27

Zenith said:
Look into a personal loan with a lower rate. Even 10-12% interest could save you a lot.

There are tons of lenders out there, just look around.

I’ve been checking around. My goal is to find something at 12% or under, but no luck yet. Even at 15%, I plan to pay way more than the minimum, so hopefully that helps with the interest.

28

With my monthly income of $2,500, I don’t really have any advice, sorry.

29

Denver said:
With my monthly income of $2,500, I don’t really have any advice, sorry.

No worries, thanks anyway.

30

Could you borrow $74k from family at maybe a 6% interest rate? Pay off the credit cards now and pay back your family over the next year?

31

Florian said:
Could you borrow $74k from family at maybe a 6% interest rate? Pay off the credit cards now and pay back your family over the next year?

I don’t know anyone with that kind of money… maybe my wife’s dad, but I really don’t want to bring this up to him.

32

@Ashby
Sounds like pride is part of the issue here. Admitting mistakes could be a good first step.

33

Florian said:
Could you borrow $74k from family at maybe a 6% interest rate? Pay off the credit cards now and pay back your family over the next year?

Do you know someone who’d just lend you $74k? lol

34

Florian said:
Could you borrow $74k from family at maybe a 6% interest rate? Pay off the credit cards now and pay back your family over the next year?

Suggesting a gambling addict borrow from family… that’s risky advice.

35

@Zen
True. If I made $170k, I’d be saving at least $100k each year.

36

@Zen
Working on fixing that and getting back on track.

37

Ashby said:
@Zen
Working on fixing that and getting back on track.

You’re in a stronger position than a lot of people. Good luck digging out of it.

38

Honestly, I’d consider bankruptcy. Gambling debt can be really hard to climb out of, but counseling might help too.

39

Shawn said:
Honestly, I’d consider bankruptcy. Gambling debt can be really hard to climb out of, but counseling might help too.

Appreciate it… this gives me some motivation to get back on my feet.