D J
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OK, you are in a bad place but you can recover. If you are out of school consolidate your loans for a lower rate, check with you school. Now start getting out of debt. Pay every bill on time. in this order.
Rent, utilities, food and transportation. Then the rest pay as you can. Cut out the extras, no fun, nothing that does not fall into need. You want to see a movie, you will not die if your don't. It's a want not a need. New clothes, nope. Nothing extra. If you have credit card debt, play the one with the highest interest rate first with the bulk of the left over money, minimums on the rest. If they have a annual fee close them if no annual fee leave them open. Put them all in a zip lock bag, fill 3/4 full with water and put in the freezer. You will have to wait for them to thaw in order to use them. (microwave will ruin card).
Pack lunch, no dining out, no fun but just think how good it will feel when you are debt free.
Once you are out of debt you can start "paying yourself" Start saving money for big purchases.
Ok get to it. and check out these sites.
Good Luck |
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AlchikZ
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It sucks to be you! Jeez, 50k! Ouch... The best thing to do is start plugging away at paying it back. Once you done it for a while check into seeing if you can get the interest rate reduced (Depending on what it is now and what the going rate is.). There's not quick cure for this... |
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?
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Consolidate your debts and start paying them off. Don't expect a free ride. |
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Tulipa
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Yes paying will certainly help you.
Don't leave the country just find some free credit counselors to help you.
You must be prepared to do things right though.
Best Wishes. |
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Samantha1029
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no, start working on paying off past bills. Sometimes the best thing to do if u have small bills, is get one big loan with a low monthly payment from ur bank or something and send all the money off. So they are paid. Follow up with them tho and make sure they get off ur credit report. Set a limit every month of what u have to pay and try to pay more each month. |
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jen p
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no, you shouldn't leave the country. You need to pay back what you owe. the best way to avoid paying your loans back for the rest of your life is to pay more than the monthly minimum balance. i've borrowed 20k and if i pay 400 a month (about the amount of a car payment) i'll have it paid off if 4.5 years. but if i just pay the minimum balance it will take me 30 years and i would pay back 3 times what I owe in just interest!! |
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Gaby
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Leaving the country is not an option. just remember that.
get two to three jobs and pay it off gradually, sure you'll be tired, and you wont have as much time to "hang out" but its better than filing for backruptcy and losing everything, am i right, buddy? |
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Lori K
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You have to start rebuilding your credit. Pay your student loans each month and pay them on time. Pay all of your other credit card bills, loans and utilities on time each month. Don't have people doing credit enquiries on you. Your credit will slowly improve. |
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mr knowitall
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here's an idea get a job with that high priced brain of yours you spent 50,000 on an education and you cant figure out that paying off a loan helps your credit let me guess you didn't major in accounting |
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Ahely M
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your screwed!pray to god, work like crazy,go to collage get some nollage! |
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Judge Judy is Back!
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You should go to the Suzy Orman website. It answers all sorts of credit questions. http://www.suzeorman.com/ |
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Liliac
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Yes, start paying back your student because if you don't then the government can garnish your wages and eventually take your tax refund check. There is also a credit card for people with "bad credit" called first premeir credit card they dont care about credit and it will help but because as long as you pay on time they will report a positive mark towards your credit. I hops this helps, but i just have to ask......$50,000 in student loans shouldn't you be in a career that you can afford to pay the loans back???? |
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Grace C
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You might want to talk to your personal banker. The longer you leave it, then more intrest will build up.
If you start to pay them off gradually the debt should start going, but it will take a long time.
Maybe put time off to get another job to help pay for it?
If you try and start a new it'd have to been somewhere far away and you'd have to be gone for over 7 years...you couldn't make any contact what so ever. Not really worth it in my eyes.
Hope you can pay if off!! |
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"Googy"
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I have to tell you you are not the only one, i owe 20 thousand in student plus 10 thousand to credit companies. what i do is ignore them but if you can get a good job you can get lower payments to upgrade your credit. I just change my phone number. they will always find you through your ssn though, but like i said i don't worry about it anymore. sorry i couldn't be more help. |
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Charles WE
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Pay your loan. Don't run out. You'll eventually have to pay and when you do, it may come at a worse time than it is now. |
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mutvulture
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The best thing you can do is start paying all your bills on time all the time.
If you do this it will improve your score. It will take time there are no short cuts.
Leaving the country and not paying your debt will not fix this, it will make it worse. |
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heyteach
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That's bad. You need to go some place such as Consumer Credit Counseling and work out a payment plan and learn about budgets. You will likely need to work extra jobs as well.
Leaving the country isn't going to solve anything and student loans are NOT dischargeable in bankruptcy. Here's a page to read over and use the links:
http://www.ed.gov/offices/OSFAP/DCS/repaying.html
HOWEVER, there are some programs which if you work with them, could result in credits for you. Check out this:
http://www.fool.com/foolu/askfoolu/2000/askfoolu001220.htm
You're going to have to figure out a way to live for next to nothing for some time and do a LOT of extra work. You need to learn about budgeting as well so you don't have this albatross around your neck for your entire life.
Good luck. |
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SAMD010
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Things have changed . . . But I remember when I paid off my Student Loan way back in the late 70s . . . I began to receive all kinds of brochures from banks and financial groups, asking me to become more friendly with them, etc. It was $33,000 . . . |
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SD Beauty 78
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Just get a good job and start paying your debt! Umm or marry rich. Or, work 2 jobs and live like a bum for a year or two.. that should do it. You have a LOT of options.. |
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Kyle M
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Pack your backs and move to Iraq....I hear land is cheap there you should be able to get started with little money or none, or you could declare bankruptcy |
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Jose V
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declare bankruptcy |
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