Need financial advice?? ?

I am 25 years old I am a waitress making 100-150$ a day 5 days a week. So at least 500$ a week. Recently I had a bad car accident out of state costing me tons of money . 500$ a month to pay off my hospital bill after already paying 2,000$ towards the bill. 290$ a month for my car payment monthly, 150$ for insurance payment , and 150$ a month towards an emergency surgery I had done. All of these payments on top of electricity and WiFi and gas, etc. I don’t make quite this much a month . What is a smart way to go about paying all of this? I work overtime already so working more isn’t an option. I also walk dogs as a side gig . What happens if you can’t make a payment plan payment ? Should I open a credit line ? Please help! All my mom says is to find a new job but I make more than most hourly workers ! 

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  • 1 month ago
    Favorite Answer

    Pay your necessary bills first--your rent, gas, electric, car payment and so forth. THEN with what's left over figure how much extra you will need. 

    Then begin by contacting those leftover creditors and let them know you are having a difficult time and would like to renegotiate your payment plans. 

    DO NOT attempt to open a credit line. That will put your further into debt. You may not be able to anyway--with all this debt you currently have, you may not be eligible for credit. 

    If your creditors refuse to allow you to reduce your payments on a temporary basis, or for the life of the debt, then you can do a Chapter 13 bankruptcy--it will allow you to make one payment on all creditors per month until they are satisfied. The lawyer you use will contact the creditors and do the negotiating for the total amount--then they will give you a payment you will be able to afford--one payment for everyone--based on your income and budget and expenses. Chapter 13 doesn't hurt too badly credit-wise--your score might drop a bit, but if you spiral down into uncontrolled debt it will drop a LOT--so this is your best alternative. 

    You will need a lawyer specializing in bankruptcy for this--do NOT use one of the 'pay a percentage' type of consumer credit companies.  A lawyer will charge one fee for the Chapter 13, will set up a trustee you pay to, and you will eventually clear your debt without undue hardship.  With a Chapter 13 you will not have to surrender any assets.  You MUST pay your monthly payment on time, and every month until it is cleared, however. You can't miss any payments. 

    It's not ideal, but it will work. 

  • 4 weeks ago

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  • 4 weeks ago

    So the car accident was your fault. 

     That is why you are stuck with the bills.Were you drunk , on your cell phone or both?

    Declare personal bankruptcy and that will get rid of all of the bills except your rent and utilities.

  • Anonymous
    1 month ago

    Why are u paying tons of money unless u didn’t have insurance.

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  • Anonymous
    1 month ago

    I make websites, for people. I charge $15 per hour, for hosting. $25 per hour, for maintenance, and I also earn commission too which is $500+.

    I suppose I could try making a fortune 500 company, but I think making websites, for people is easier, for me.

    I attended, and I graduated from college, and I am self taught too, so I deserve what I am asking, for, and yes it may change what I am asking, for.

    I have taken my time to finish school, and now I am trying to figure out where to live. I have some ideas about what I want to live in, but I just don't know where I could live yet.

    I also took my time to make a website, for myself, so other people can see what I can do, and yes I did publish it online.

    If you want to have a better lifestyle then you are going to have to try to get it on your own.

    If you were my partner then I could teach you what I have learned, but you are not my partner. I learned a lot on my own, and I am looking at a lot of different angles that would allow me to live how I want to live my life. You on the other hand are like a chicken without a head! Running around in circles, and you don't know what you are doing.

    I am a single male, and I am in my thirties.

  • Anonymous
    1 month ago

    dollar sign goes before the number

  • Amy
    Lv 7
    1 month ago

    Don't ruin your body by overworking (e.g. walking dogs when you've had two recent surgeries). In the long run that'll put you in a much worse financial position.

    Your medical insurance should pay a large chunk of the hospital bill even though it was out of state. They aren't allowed to let the hospital bill you more than $8150.

    Make sure you get an itemized list of everything they're billing for.

    It sounds like you have enough savings that you've been able to make the payments so far. Can you keep that up until one of your debts is paid off? Stop contributing to your retirement accounts in order to have more take-home pay? Can you negotiate a slower payment plan?

    Using a credit card is a poor solution because the interest rate is so high.

    If you don't pay it will hurt your credit score and they'll have a collection agency call to harass you. Worst case scenario, you file bankruptcy.

  • 1 month ago

    Even without the extra medical bills, your car is way too expensive for your income.

    $440 a month before gas and maintenance/repairs on an entry level Walmart income.

    - close to 25% of your income for a car?  crazy....

    You haven't told us the amount of your housing and whether it's in alignment or high for your area.

    You don't make more than most hourly workers.  Every Walmart employee starts at what you are also earning - about $12 an hour.

    - factory employees often make $2-$4 an hour more.

    A credit line isn't going to help you.

    You need $500 extra a month to pay for your car, because there is likely no way to reduce that cost now.  If bars are open in your area, you should do a few nights a week waitstaff at a bar.

    In response to DEBS answer, you have already been placed on a payment plan with the hospital and doctor's group.  That is the financial aid that you received (and we don't know your situation and it may have included reduction in the bill or other benefits). 

  • 1 month ago

    Often you can get medial bills reduced.  Have you attempted that yet?  If they're getting paid, however, then they have no incentive to settle for less.  

    Can you sell your car and buy a different vehicle to get rid of your $290 payment a month?  That seems like the obvious spot to save.  Otherwise, your mom is right that more income would help.  That's great you're making more than most hourly workers in your area, but that doesn't mean your hands are tied.  Look anyway.  Why are you only comparing yourself to hourly workers?  How about a reception job?  Think bigger.

    Not making payments and being 30 days late likely will hurt your credit (aside from possible fees/interest).  The question is whether that matters to you right now or not.  Are you going to get a new car or house in the next 5 years?  It's a long ride out of bad credit and should be avoided, but this answers your question on what happens if you miss payments.

  • 1 month ago

    What are your eating habits perhaps you can save there, lot of people spend way too much on food like takouts and just junk food. Cook at home and meal plan, then you can save a lot.

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