$45,000 in debt and considering claiming bankruptcy. - As the title says, I am $45,000 in debt. $22,000 towards my car, and $23,000 spread across (mostly) credit cards and some previous debt-consolidating personal loans.


This is not including my current expenses, like rent, gas, groceries, and insurances.


After fleeing to Oregon, I have been moving backwards with every pay period. The tax burden is so high, with a job market so saturated, that I have not been able to make a livable wage. Let alone enough to leave the state. It’s suffocating. My credit score has went from 750 to 575.


The fantasy of only having to pay my current expenses, combined with having money to throw into savings rather than credit card bills, is intoxicating. It almost sounds worth the ten years of being in my report.


Is this a sure-fire way to ruin the next decade of my adult life?




Some things that may be worth mentioning:


I have 100% payment history since having started building my credit


I don’t intend on buying land within my ten-year plan. Or assuming any assets, to be honest.


I have reached a point of facing an eviction notice, with my utilities being turned off at the end of the month if no payment is received. I just had to get help from a friend to buy me pet food.


Thank you for your time.

Edit:

Added this in a comment, but may be easier to see in the body-


I have 11 credit cards. On average, my minimums are about $50. Some are $25, some are $180.


My car insurance is $240/mo (recent speeding ticket as well as a 60% fault accident)


One personal loan is $200/mo, another is $300/mo.


Car loan is $360/mo.


Pretty embarrassed of all of this, and wouldn’t ever say any of this to people who know me. Thank you for taking the time.


My goals are to save with minimal spending. Assuming I have no debt, after obligatory expenses, I would like to save at least $300/mo. I don’t want to spend more than $75-100 on leisurely things. I don’t know how attainable that is as I’m not too sure what the financial situation would totally look like.




In regards to my partner’s contribution- they contribute to half of the rent, utilities, and groceries. They actually have been paying for all of our internet as of late.


Thank you for all of the different perspectives. There have been many options laid out, and I’m looking forward to processing them when I’m home tonight.