I ran a simulation. For daily compounding interest, which is normal for CCs, on a 22% interest rate, OP needs to pay off $2,020 per month to pay this off in 8 years. $2,020/month is not far cry from the $1,700 realistically mentioned.
Why 8 years and not 7? I put a value of an extra year as the cost of keeping their credit from not falling to the crapper instead of filing for bankruptcy. This is considering OP gets their act together and makes no more additions to OP's debt.
If OP cannot pay $2,020/month and can only pay $1,700, then another realistic scenario is to sell everything and lower the loan to $75,500 by selling everything that is not necessary for basic needs for the loan to be paid off in 8 years.
If OP cannot actually pay the $1,700 a month towards debt and lower their loan to $75,500, bankruptcy makes the most sense.
dikkencider t1_iyda8v0 wrote
Reply to comment by [deleted] in Help! Drowning in debt. by nah_just_ocd
I ran a simulation. For daily compounding interest, which is normal for CCs, on a 22% interest rate, OP needs to pay off $2,020 per month to pay this off in 8 years. $2,020/month is not far cry from the $1,700 realistically mentioned.
Why 8 years and not 7? I put a value of an extra year as the cost of keeping their credit from not falling to the crapper instead of filing for bankruptcy. This is considering OP gets their act together and makes no more additions to OP's debt.
If OP cannot pay $2,020/month and can only pay $1,700, then another realistic scenario is to sell everything and lower the loan to $75,500 by selling everything that is not necessary for basic needs for the loan to be paid off in 8 years.
If OP cannot actually pay the $1,700 a month towards debt and lower their loan to $75,500, bankruptcy makes the most sense.