I'm 29 years old. I've lost all the money I've had and took out credit card debt and borrowed money from my mom to day trade. Each time I tried making it back, I ended up losing more and spiraled out of control. I'm a complete idiot and I really ruined my life. I'm now trying to turn it around since I hit rock bottom.
There's about 45k of various credit card debt. 12k in line of credit and 45k of credit card debt held by my mom. I have no other debt. I make 90k a year before taxes, which amounts to about 4400 per month. I live with my parents. My mom does not have an income but my dad is supporting her. He does not know about the credit card debt and I've been making the minimum payments.
My credit score is about 650, so I'm not even sure if I'll be approved for some debt consolidation. I have a meeting this Friday to apply. If that doesn't work, it time for me to consider a consumer proposal or bankruptcy?
EDIT: so I had an appointment with an insolvency trustee and it sounds like they may be able to reduce my monthly payment to about 440$ a month for 60 months under a consumer proposal. I also have an appointment this Friday to apply for a debt consolidation. The consumer proposal would allow me to free up money to be able to pay off my mom's debt faster, but the debt consolidation may allow me to recover my credit faster. Obviously I want to do right by my mom, so fully ready to go the CP route, but just wondering what people think about the debt consolidation route if that's possible as an option.
Really appreciate any advice..
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The mom took out $45k in debt to help him gamble. lol
Krayon sexually assaulted his sister.
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