I'm kinda stuck in a financial crisis here...
Okay. So.
My monthly salary is $ 2,000. I LOVE to buy branded goods, and will use my credit card to pay.
I only pay 10-15% of total payable amount of the credit card bills and roll over the rest.
So as of last month, I owe the bank $ 6000 in total. I will have to pay half of the total payable amount before the bank will extend its loan to me.
My monthly expenditure is roughly $ 3200. I don't have any savings, and my only asset is a jewellery set worth $8000.
So here's the thing.
I recently was talent-scouted by a Korean company, to go to Korea and audition to become a models. The air ticket is $ 500 and in addition, I reckon I would spend $1500 or so.
Although there is only 10% chance of getting the model contract, but I would be able to get $10,000 if I get the deal.
I currently have three solutions:
1) Pawn my jewellery , but I would only be able to get $ 6400. The interest is 1% per month, and I need to redeem it in 3months.
2) Borrow $3000 from my brother, although no interest but I have to pay him back in the next month.
3) Loan $3000 from a finance company, interest is 3.5% per month
(Or any combination of the above?)
What is the best way to clear off my debt and finance my trip to korea?
Answers & Comments
Verified answer
Yer absolutely NUTS to try this...
If you are being talent scouted, THEY pay expenses, not you.
You are about to be scammed out a HUGE sum of money.....not counting that you'll probably end up drugged and sold into sexual slavery...
Stay AWAY from this... at all costs...
Other options - sell your designer clothes, bags, etc to a designer resale shop or on Ebay.
You aren't going to get a $3000 loan if you already have $6000 in credit card debt and are only paying off 10-15% a month
And sorry but if you were scouted, then the company should be paying YOUR airfare and expenses. If this was legit you would not be asked to pay. They would cover this and then take money out of your first few jobs
The right solution for you is to forget this scam offer of a modeling job, stop spending more than you can afford to, and pay off your credit cards.
Do you realize you are in debt THREE MONTHS of income AND you have no savings? You are in serious debt. If you used 25% of your income just to pay off your debt, it will take you A YEAR just to pay it off, assuming you don't charge anything else?
I'm sure I'm wasting my time even typing this, because you don't see that you're already in a crisis due to your massive debt, you think it's a crisis only because you can't figure out how to increase your debt by 50% to go on a trip to Korea that you can't afford where you will get scammed.
Good luck, I sincerely mean it. You will need it.
You need to have massive luxury spending cuts. If you are going that far into debt you need to be buying cheaper goods, if you continue going that far into debt they may block you from taking out any more money, your credit rating would ruined. You probably wouldn't be able to get another card and will be completely stuck.