I Have $100K In Credit Card Debt

[Music] brought to you by the every dooll app start budgeting for free today well I am pretty much on the edge of bankruptcy I think um I don't know whether I should go through with that or not um I'm in quite a bit of credit card debt which is pretty embarrassing because I've worked your debt snowball before I've read your books and I still find myself in this predicament so um got about $100,000 well I started a a business and I've used my personal credit basically to fund the business so I'm in about $120,000 in debt total about 100,000 of that is credit card debt and 20,000 is an SBA loan from uh my first business that didn't go too well during covid so I'm I'm kind of at the point where I'm trying to decide whether or not to throw the towel in on my business and you know get a regular job maybe it probably declare bankruptcy because I don't think the payments are um doable for me or um you know I'm kind of just lost at this point scary how old are you very I am 37 you married no okay single okay um don't have any kids what kind of money is business what kind of money is your business making well you know we started off bringing in about uh it actually grew pretty quickly I had a team and everything I had a uh I started it with a A friend of mine and we were doing up to about 20 30,000 a month and now I'm down to pretty much 5,000 6,000 a month gross but gross revenue the yeah that's before expenses uh I'd say uh yeah before expenses 5'6 okay so after expenses what are you netting um the business is actually profitable now it's netting like three 4,000 a month so I've got so what happened why did it go from what did you say 20,000 to 5,000 well I had a team at first so I had a I know why why'd you get rid of them if it was working what happened well so my my partner and I had a falling out he long story short had a drug problem and I had to buy him out so that's where the first start of the credit card debt started piling on because I kind of used the credit card money to to buy him out that should have caused your business to prosper why is your business failing well every inflation has killed us so all the no it doesn't you raise your prices with inflation why is your business failing um right now it's failing because I'm just spread too thin I'm doing everything everything myself right now why did you go from 20,000 down to 5,000 well our our cost went up and they kept going up and the cost doesn't cause your Revenue to come down the revenue is down because the leads are down I'm not able to I was buying leads at that point and um the lead cost doubled now they're now they're pretty much tripled so I had to kind of stop doing that so you were buying you were buying paid paid leads on social uh no I was actually buying from a lead generation company so that was kind of only they were buying them and they tripled back to you cuz all all your prid socials are gone up three and 4x with Facebook and uh Apple 13 and yeah it's jacked it's jacked a bunch of us yeah okay well so what is it you're selling uh car shipping so we are Auto Transport Brokers okay all right well let's go let's go let's the reason I'm asking all these questions is you've got to get to an income when you get to an income then you've got the way out of this until you get to an income you don't have the way out of this and so far all I'm hearing is a race to the bottom so if you need to close it close it and go get a job or if you need to work it on the side and go get three jobs that's fine but you're not bankrupt you just don't have an income I mean what if you went went and got a job making 200,000 you can pay it off in no time so your problem is your income not your debt and and this business is running you you're not running it so you need to get some income coming in dude when you do that we can walk you right out of this credit card debt create your free every dollar budget today the simplest way to budget for your life