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by mgkimsal 5668 days ago
"millions of users" - is that serious, or sarcastic? I couldn't tell. If you have millions of users, I'd suspect you can find a way to monetize them a bit more than what you already are to get that $150k debt down faster - perhaps even a direct appeal ala Wikipedia.

While credit checking for hiring does happen, it doesn't happen everywhere, and you can likely explain your situation reasonably such that it doesn't become an automatic strike against you. There may be some jobs that are not available to you now - you might not get a defense contracting gig - there are others.

Is the $150k split between the 3 of you ($50k each roughly), or is your share of the debt $150k (as in it was $450k)? The rest of the team probably won't want to voluntarily take on more debt, but they might be willing to help you pay down some of yours voluntarily, assuming that they don't have their own $150k chunks to attack.

What are your skills? It's not uncommon for a sr-level programmer with in-demand skills to be able to pull in $100k+ doing freelance or contract work, and even with other expenses, you can probably have this $150k taken care of in 3-4 years.

Also, have you talked to your creditors to see if any will forgive some of the debt? They may 1099 you for the difference in some cases, but paying tax on, say, $10k of forgiven debt is different than having to pay $10k.

I feel for you - I've been in that situation, just without so many zeros. :/

2 comments

Don't underestimate the power of appeals for donations. We have a small userbase (26k), and make about $1000 a month in donations. Granted it's in a easily monetizable sector, with dedicated users, but I would think the sheer number of users you have could get you a decent amount of donations.
I wasn't being sarcastic. It is just not an easily monitizable space.

It is $150 total, but the way credit was signed up, almost all of it is guaranteed by me. I am looking into consolidation (and partial forgiveness), that might make it entirely mine and that might just be worth it. Take full responsibility and take full action.

While taking it all on might suck, it's totally under your control at that point. Having your credit info impacted by the decisions and actions of others can be painful.re: sarcastic - just wasn't sure how to read what you'd written.

re: monetizing - wikipedia isn't easy to monetize either - which is why they do the appeals. Without knowing your situation, I can't presume to tell you what to do, but you may find a sizeable chunk of people willing to help donate to offset your debts, perhaps in exchange for a guarantee of continued service.

re: 150k - I hope you're able to get that reduced (via forgiveness, consolidation, whatever) quickly - perhaps to $100k soon. There are a number of stories of people getting through debt quickly on various personal finance blogs. Perhaps some of those may serve as motivation from outside the tech-o-sphere.

Best wishes to you on that difficult journey.