Hi all, longtime reader/new community member seeking advice for handling debt while I need to move:
I recently decided to work with a company to consolidate my CC debt with a personal loan. This is a huge weight off my shoulders because I had a particularly bad 3 years (2019 year being my worst yet) when it came to my mental health and personal finance that sent me spiraling to 20k+ in debt (interest payments were the main problem). As I’m sure you know or possibly even can relate, this became a shameful internal struggle that I didn’t share with anybody for a long time and didn’t seek help due to that. With the new year, I’ve decided to change my life while I still can and stop feeling sorry for myself, which meant getting a better job, getting a financial advisor to help me with budgeting, and making the decision to move out of my expensive building (where I shouldn’t have been in the first place).
I’m moving out of my current apartment and away from a bad living situation with a toxic roommate, with the intent to move into a cheaper place with my friend. We found the perfect place in a cheaper neighborhood but I have a ton of concerns about how my rental application is going to look to a landlord because I have to list out my loans, assets, etc, which I did not have to do when I moved into my current building 2 years ago (my debt wasn’t as bad but I specifically remember we were initially rejected due to income requirements - different can of worms there but I was seriously underpaid at my old job). I now have a stable, well-paying job, despite my debt my credit history is considered good (never going below 650 even when I was deeply in dept going nowhere due to the minimum payments), I’ve never been late/missed out on rent or CC payments, and I managed to build up savings since I took out the loan so I have enough to move with no problem. My roommate is listing out their student loans as opposed to personal loans and they earn more. I was wondering if anybody had advice or has had similar struggles, or if there is anything I can do to convince the landlord that I am a trustworthy tenant.
TL;DR I have to list out my personal loan on a rental application for a great place and I’m very insecure about my debt. I’ve overall turned my life around when it came to finances but I’m worried the loan will negate that.