Deep in debt, need advice
I'm trying to figure out whether I should keep paying off my debt myself or go with a consumer proposal.
I'm 35 and live in Ontario, Canada. I recently started a full time job making $25 an hour, working 42 hours a week
Here are my debts:
- Credit card: about $8,600
- Line of credit: about $9,800
- Car loan: about $10,800
- Student loan: about $7,000
Total debt is roughly $36,000.
My monthly rent is $900. I also have the usual expenses like groceries, gas, insurance, phone, and car costs. I commute to work, so fuel is a significant expense.
I'm not missing payments right now, but I feel like I'm making very little progress because of the interest, especially on the credit card. My goal is to get out of debt as quickly as possible and eventually save for my own place.
Based on my situation, would you continue paying the debt normally, or would you seriously consider a consumer proposal? For anyone who has gone through one, do you regret it, or was it worth it?
I'd appreciate any honest advice.