Hi. A little background info: I have a 4 yr degree, a Masters degree and K-6 Teaching certification, all of which I have little to no work experience in.
I have been diagnosed with a few mental illnesses that hinder my quality of work and has contributed me to leaving stable, good paying jobs.
I qualify to apply for SSDI but financially speaking, it makes no sense long-term. I am now on unemployment, however. I am in debt (mortgage, student loans, one credit card, home equity line of credit, lendingclub.com loan, heating/air loan, car loan, medical bills, checking account went into collections, I may owe on a teaching fellows loan if I don’t teach K-6 for 3 yrs.) in the tune of almost $200,000.
My monthly bills are ~$3,000 per month (included in that figure is child support). I currently make only $1,650 a month with unemployment. Needless to say, all my savings are now gone and I am about to be in a financial mess. In the next month or two, I can see that I am going to have to stop paying certain bills altogether.
I have a lot of education but I find it very difficult to function on my jobs when I had them (both times I left voluntarily; I felt like I was at my wits end and was going to have a breakdown or die). I do a bit of independent contracting that nets less than $50 a month on average. I am even to the point where I am going to rent out my house so that I can rent out a cheap room somewhere to lower my bills. My credit score is about 678 or so as of now (no delinquent accounts or late payments yet).
What do I do? I sometimes just want to stop paying the unsecured debts…I simply can’t afford to pay them (I am looking for a work, but I am afraid that I will end up leaving after a period of time, like I always do–running from myself). Should I only pay the essentials and just let my credit suffer if I can’t pay the other accounts?
If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.My Mental Health Issues Are Keeping Me in Debt and I Can't Find My Way Out. - Greg by Steve Rhode