$40k in debt..?

I owe $40k in debt spread between dif cards and i have a car complete debt free worth about 20-25K should i sell the car or take a loan out on the car so i can pay just one payment instead of 4 payments of 190-450 a month (I opened these cards under my fathers name... i work for my father but he pays me crap....he owns a pizzeria ) I also pay him rent! so he really has my stuck... i do know how to run the business but he will not let me or anyone at that matter! and business has been slow so he pays me less! and now i cant afford the payments!!!!! also he wont put me on the books for more then min wage with part time hours!!!!!!!! so tech i made $7,400 last year!!! total so i cant get a loan to fix this! help!!!!

If you can't afford your payments, you need to:
1) Sell your car.
2) Put the money towards your highest interest cards.
3) Stop using your cards.
4) Take advantage of 0% APR offers and transfer as much as possible. (this will shelter some of your debt from interest) -- be sure to pay it off before the interest kicks in.
5) Ask your dad for an interest free loan (or pay him at a lower interest rate than your cards if he won't give it to you for free).

Good luck.

I would sell the car and put that towards the debt right away. Hold 2-3K back to buy a beater car. You may need to go a second job to help pay the debts. With a second job you could probably get it all paid off in 12-18 months. Good thing you are single otherwise you'd have a pissed off wife yelling at you all the time. Good luck.

i really dont see how you can pay off 40k with 7400 per year. The interest alone on that 40k must be more than you make. If you know how to runt he business, sell the car and open your own pizzaria (make sure the store has a bed and shower in the back so you can live there) Then with all that extra money you make from the business, you can pay off your debt.

Not to be blunt but I think your problem is how much you get paid. $40K is a lot of debt to have and you seem motivated to pay it off rather quickly.

Will check a credit consolidation agency.

Well, a couple of things you might want to consider.I've had good luck here...http://debt-consolidation.featured-resou...

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