Hello everyone currently up rightnow trying to figure out what to do, I opened up a credit card around 2021 with a limit of 6000, unfortunately I went through financial hardship around late 2022 - early 2023 and had to max out the CC to pay bills. My monthly payment for it was $60 but I believe this was just a 18 month no interest offer and after it was up my payment went up to $150 and interest was starting to be charged. It got to the point where I couldn’t no longer pay the monthly and had to stop paying it because it became pointless, I would give a payment and then the interest and other fees would boost the debt even higher. It’s been about 6 months since I’ve made a payment on it and it became a closed acct around 3 months ago and I’m currently sitting on a 7,400 debt. Today I got a letter saying the account will be charged off unless I pay 110 by the 29th and I’m worried about what can come from it if I don’t pay the 110$ since it does mention them taking steps according to the law and what not. any advice or what steps I should take?
For more info on what my current expenses look like , I’m paying 500$ for my car loan (done paying it next year in March) $500 rent (live with parents) use my car for work so I spend about 400-450 a month on gas (delivery driver) $200 insurance , $70 phone bill, my job doesn’t really have a fixed monthly income I get paid twice a month but my checks are different depending on how much work there is, but I’d say I make a monthly income of around 2,600
original posted by blowndonks to r/personalfinance on Wed, 28 Feb 2024 09:13:24 GMT.