23 Years Old and $45k in Credit Card Debt – Seeking Advice please.
Hi, Never thought id be writing this sadly but here we go. I’m a 23-year-old who’s in a bit of a tough spot financially. I’ve accumulated $45,000 in credit card debt over the years, and it’s starting to become overwhelming. I’m looking for advice on how to handle this situation and get my finances back on track.
Some background: I’ve been using credit cards and have always paid the minimum balance each month. However, over time, my debt has grown, and now I’m at the point where i havent been making any payments for almost 30 days.
I am an entrepreneur I’ve been running my own business (registered LLC) for the past four years, which has been a bit of a rollercoaster financially.
Started off excellent but Unfortunately, about a year and a half ago, due to the COVID pandemic, and personal health issues my net revenue went from $100,000 yearly to a grand or 2 a month. ( i take full accountability).
I have 7 cards total with 45k worth of debt. I’m considering a few different options, such as debt consolidation or bankruptcy, but I’m not sure what the best course of action is.
I do have a few wealthy relatives with perfect credit and assets. My Actual income right now is next to nothing. 0 assets. Barely anything in my bank account. Crazy how quick things can change.
My skills/ accomplishments/ education:
-degree from a reputable university
-I am extremely skilled at sales and marketing
-Started 2 businesses and grew them from 0-100k in profit (i know this doesn’t matter now just throwing it out there)
Bottom line: I have nothing against getting a job or working for someone else but I have proven myself in the past which has me feeling really bad about where I am. Any advice or insight would be greatly appreciated. I don’t want to destroy my future. Thanks in advance for your help.