Here is my current situation

Net Income: $3,017/Month
Current Cash in hand: $4,653

Monthly Expenses:
- Car Payment: $503
- Car Insurance: $240
Note: Payoff = $8,000
Resale Value= $22,000
Car Quity = $14,000

Credit Card Debt (Current APR)
-Chase 1: $7,400 (29.99%)
-Chase 2: $1,100 (8.24%)
-Citi : $6,400 (19.99%)
-RetailCC: $500 (8%)

As you can clearly see above I am in dire need of help. I have a lot of CC debt with high interest rates. A high car and insurance payment. About the only thing I do have going for me is the $18,000+- in equity/cash that i have between the cash i managed to save up by paying minimum on CC payments and the value i have in my car.

What do i do??? My inital thought was to sell my car for a less expensive one and use the proceeds to pay of the CC debt. Something where i can finance at most $20k, putting down $5k. But then would i not just be putting myself into the same debt situation by finanaing $20k? Then i looked to lease a car, simply so i dont have to put down cash. But leases come with high payments (4-500/month) plus insurance.

I also have roughly 1,000 - (possibly) $2000 worth of stuff i purchased, on these cards, that i can sell. Do i sell this stuff?? It is mostly dumb things like electronics and even a gun or two that i purchased like a fool.

I am lost. Please advise on my situation. My credit is good as i rarely late on payments.

To throw another wrench in the mix, i need to get a place of my own within a year as family situation is causing me to have to leave home (i am only 24)

HELP PLease!!!

Hi - this may help you. As far as the credit and retail debt that you currently carry, our company can enroll you in debt settlement that will reduce the $15,400 to $8,470. We will stop ALL of the interest and you pay down on the principal. If you can afford a payment of $284 for 36 months - and NOT pay your regular monthly payments on these cards, we can get you out of debt in 36 months. You do have other payment options, depending on how soon you want to be debt-free. I thought the lower payment might help you right now because you do have the other monthly debts.

Don't mention the good without the bad. There is obviously a (temporary) negative affect on your credit whenever you work with a debt settlement program. In your specific situation with the need to move out of your parents home, you might not be able to justify the negative affect to your credit which may prevent you from getting an apartment without a co-signer.

Don't get me wrong, debt settlement is a great option and although there has been negative press lately, there are companies out there that are successful. It just does not sound good for this individual situation.

Debt settlement is not the answer. You might as well file bankruptcy since debt settlement shows up on you credit report for 7 years causing a lot of negative things like not getting loans, apartments, or even jobs.

What you need to do is first, do sell you car and pay off the loan. Do not buy another car with another loan. Get something like a 98 Honda Civic or something you can buy in cash. This will save money from not having a car payment and you will not have to have full coverage insurance since the car is not worth enough and you do not have a loan that requires full coverage.

Also, sell all the crap you wasted money on and use it for the credit cards.

For the CCs, you might have to work a lot more at your job if you can or get a second job. Start paying the most you can above the minimum payment of the card with the highest interest rate while continuing to pay the minimums on the others. Be sure to make the payments early or at least on time every month. Once that card is paid off, move to the next highest interest rate card and pay as much as you can including the money you were using on the first card. Continue to pay minimums on the others.

Once you start paying off cards is paid off, do not close the accounts. This will hurt your credit score. Instead, keep them open and use them every so often for small things like gas and pay them off in FULL every month on TIME. This will keep the accounts open, your credit utilization low, and your credit score high.

I bet if you do this, not only will you be 100% out of debt, have extra money to move out on and emergencies, but your credit will look a lot better.

If you have additional questions, feel free to contact me.

Good luck!