No degree, just laid off 1.5 YoE prev TC 90k east coast. Roughly 11k personal loan for bootcamp, 10k on car, 35k credit cards. I supported my family on credit cards while I attended bootcamp. What the hell do I do? 80% credit utilization. Desperately need a job, anxiety makes it hard to focus on interview prep, so I am sporadically switching tasks. I was laid off just after going on paternal leave. 2 kids without insurance. Wife and I are on parents plans. Wife was stay at home mom while I studied. Edit: this post received so much attention and I am absolutely in shock with how supportive this community is. For those that are offering to refer: THANK YOU! My skills lie in web development, mobile apps, and DevOps. I am most comfortable in JS/TS, node, express, and have experience with angularjs/ react. THANK YOU again.
Do you have any family? Maybe go live them for awhile. Find a new job as soon as you can.
Yeah moved in with Grandma lmao
Ask for severance package or go to attorney and sue them.
Unfortunately company didn't secure funding and let go 15 others so I think they will hide behind that.
This is not constructive like asking Bernie to erase credit card debt. OP needs to start looking for income source even driving Uber. While looking for next professional job, when you have one, please save emergency fund for some 6-month, drop credit cards, live within means. It is tough, but it is your wayout
Do Uber, sell your stuff on the side. Whatever scraps of income you can make till you can get another paycheck. I’m sorry about your situation, that’s extremely rough. Hope you get some better advice than me but that’s probably what I would do.
Best advice here
Get the rest of the family earning some money if possible. Even if they need to go work at McDonald's. You might want to get something that allows you to do some hours while you prepare for interviews.
I am sorry that you are going through this. Maybe you can contact your creditors about your situation and ask for time to sort things out.
Lmao best advice so far.
You should do a personal loan instead if your credit score permits
You do realize credit card debt is the most expensive type of debt? It is next to impossible to dig yourself out of it. Consolidate all your credit card debt into one. Drive an Uber and get a job that’ll pay. Flip burgers if it comes to that. Cut costs aggressively and pay down that credit card debt. If possible your wife should also get some job. ANY job is fine as long as it brings in some money. Can the parents take care of the kids? If so you’re going to save money on child care costs. Move in with your family/friends until you sort out your financial situation. You can try leetcode but you should play to your strengths right now and get a job whatever you were doing earlier. 90K is on the low side to support a family but at least it will allow you to stabilize your life until you get higher TC.
Figure out who is the spender in the family and give them a hard line "no more". You can't fill a tub if the drain is open
BK exists for a reason, but make sure you’re ok with the stigma for a while. If you’re ok with the fact that bad things sometimes happen to good people and there’s no embarrassment to checking the “have you ever declared BK,” then it could be a good move. Also, realize it’s a nuclear bomb on your credit for several years, but not the end of the world.
35k credit card debt sounds like a problem. I'm not sure what led you down the path of needing this much debt, but it's whats killing you right now. Just the interest on that debt will be like 10k+ a year, which means you need positive cash flow ASAP or the debt will just grow. My parents got into a credit card death trap when I was younger and it took them like 10 years to escape from it lol
Wife and I had to put out for therapy because I suffered from PTSD and almost killed myself. I'm much better now but have to deal with it since I've been depressed and trying to fill the hole by spending money
The good news is that the credit card debt amount doesn't sound like the worst. Idk what the interest on it is or how your credit is, but refinancing to try and get lower interest rates is something to look into. I'd just do what other people have stated and not be supremely picky about location. Just get the best job possible as early as possible. It's okay to spend 1 to 2 years at a suboptimal place when you're coming from this bad of a circumstance.
Only one answer for you. “Leetcode” And also ask for referrals!
Yes I am starting with top submitted % and working my way down. Is it possible to stay on east coast or pretty much focus 100% LC and west coast? Thanks for replying
Also do I job hunt too? I have various stages at various companies but I might stop applying to study full time first for 200 lc