What to do with debt?

[dixxon21]

Looking for some advice, I'm a 22 yr old with some heavy debt i have about 5000$ in credit card debt and another 12000$ in a school loan for a trade school i finished last year. But i have yet to really break into the field i studied with any substantial job. and i recently had to leave my restaurant job that was my main source of income. While i have been looking for a replacement restaurant job in the meanwhile i have all these payments due and i really falling behind and feeling a little overwhelmed over what my options are with all of these debts over my head and am juts looking for some advise. Thank you all in advance.

[landarch]

When I was in college the first time I got into this trouble. I had CC bills that didn't get paid for a few months at a time, bounced checks, all the bad stuff. DO what you can to avoid this. It really does take seven or so years--after it's all paid off--for all this to go away and you get your credit back. There's no replacement for paying it back, no shortcuts or BS. Then, don't make the same mistake most of us do (including myself) of getting debt free after college then getting married, having kids, and ringing up so muck debt that you long for those piss-poor number from college.....

[boosterp]

Call and talk to the creditors, ask for a deferment until you have the ability to pay. They will usually work with you.

[Thomas Merton]

pay off your credit cards before the student loan. Then cut those cards up. Without a steady source of income, credit cards are nothing but trouble.

I'm sure there's some fed/gov program to help with the loans

Just curious, what does "I had to leave" from your job actually mean?

[Hottub]

I don't just consolidate it, I eliminate it. Using just the money I already make.

[Patient zer0]

Go see a bank and see if you qualify for a consolidation. They can lump all your debt together at a lower interest rate and you only have to focus on one payment.

Keep your head up. Debt is a bitch. I'm dealing with my idiotic spending I've done over the years and I'm trying to get out of the redzone.

See a bank and look at that option, call your credit card co and see if they will reduce the rate. It may cost a small fee I saved 3 percent and had to pay 35 bucks.

Cut all your non essential spending and try to pay more than just the minimums.

If you need to get 2 jobs for the mean time so be it. Its better than running into major credit problems that will haunt you for a few years or untill you can really get ontop of the debt you have.

Do you have any savings that you could tap into?

See if u can find a very low credit card, apply and transfer the balance of your existing credit card

[biggirl]

I feel for you...we are working on the same problem. Good Luck.

Oh forgot to say....we just aren't buying anything at all anymore except necessities and we cut some extras like dish network...that kinda thing. Our kids are pissed they can't watch NickJr now, but I just tell them to go outside. We've been spending more time with our friends and taking turns making dinners..that kinda thing. It's really fun.

[absinthe]

I'll add that if bankruptcy is an option then credit card debt is dischargeable, but the student loans are not dischargeable unless you can prove hardship. I understand that proving hardship has become difficult under current laws. The following link has the current definition highlighted in yellow.

http://www.moranlaw.net/student_loan_brunner.htm

I am not a lawyer, far from it (I'm a research scientist). This is accurate as far as I know, but should be independently confirmed.

Good luck no matter what your options are and there has been some good advice in this thread.

[Contra]

I sweep it under the rug and forget about it.

[Gvac]

I've heard Sleeves say it's impossible to make any more money, but you can have a better lived life.

[lleeder]

1.Drive around looking for a crib in the garbage.
2.Knock on the door and find out the ss# of the child.
3.Start your new life.
4.Lliiiiiiiiiinger looooooooooooonnnnnnnnnnnger

[brettmojo]

Three words.

Fake your death.

[Bob Impact]

I don't just consolidate it, I eliminate it. Using just the money I already make.

Now can you tell me your telephone number three times in a row?

[cougarjake13]

Looking for some advice, I'm a 22 yr old with some heavy debt i have about 5000$ in credit card debt and another 12000$ in a school loan for a trade school i finished last year. But i have yet to really break into the field i studied with any substantial job. and i recently had to leave my restaurant job that was my main source of income. While i have been looking for a replacement restaurant job in the meanwhile i have all these payments due and i really falling behind and feeling a little overwhelmed over what my options are with all of these debts over my head and am juts looking for some advise. Thank you all in advance.

you might be able to put the school loan into deferment


credit card you might have to call one of those debt reduction places

[epo]

you might be able to put the school loan into deferment


credit card you might have to call one of those debt reduction places

Those debt reduction places are mostly scams. You are better working with a bank for a consolidation loan or the CC companies themselves.

[Hottub]

Those debt reduction places are mostly scams. You are better working with a bank for a consolidation loan or the CC companies themselves.

Those credit card councilors are practically collection agencies themselves.
You need help from people who are attorney driven, and have been in business for nearly 10 years.