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Additional Details
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jOeYf123 | How can I get rid of this debt? |
I'm 21 and I have just under $7,000 of credit card debt with a total of 4 credit cards. I work, go to college, have a car, cell phone all of which I pay for so I do not have anywhere near $7,000 to pay it off. I haven't payed any of the cards in over a year because I felt that it was a waste and not getting myself anywhere at all. So they have been charged off and now I'm stuck and out of ideas. I can't get a loan since my credit is garbage and I would like to avoid asking relatives for a loan. What other option do I have to repair my credit once and for all? I've decided to post this question on here to get an answer from real people with good advice. Thanks |
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silversagess
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With bad credit and no payments in over a year, my first suggestion might be impossible... but you could try applying for a card that will give you 0% interest on balance transfers and then transfer the $7000 in outstand balances from the 4 cards onto the new card. This will at least allow you some time where you are not accruing interest. But again, with bad credit and the state of the economy, it might be hard for you to get credit. The best thing to do to repair your credit and eliminate your debt is to A) Do not charge ANYTHING else. B) Draw up a monthly budget for yourself, listing all your monthly bills including cell phone, rent, gas for your car, car payment, utilities, food, spending money, etc. Figure out how much of your paycheck goes towards your monthly bills and how much you can afford to apply towards the credit card debt. If you can't pay more than the minimum each month, you need to find ways to reduce your expenses. Maybe that means less dining out, or going to clubs, or start clipping coupons to save money or whatever. C) Pay as much as you can every month towards your credit card debt. Try to pay more than the minimum balance on each card. Then when you get larger chunks of money, ie. tax return, birthday money, bonus from work, etc... put it ALL towards your debt.
Skipping payments makes your credit worse. At least making the minimum monthly payment will keep your credit reports clean and your accounts in good standing. It takes 7 years for negative items to "drop off" your credit report. And you don't realize how important good credit is until you want to buy a car or a house or rent a nice apartment.
So.... start making your monthly payments. Pay as much as your can afford. Make sure you get your name (instead of room mates, for example) on any utlility bills at your apartment and pay them on time. Get a free copy of your credit report from annualcreditreport.com so you know where you stand.
It make take some time, but $7000 isn't too bad. You can do it. You just have to make a budget, stick to it, and keep making those payments. Good luck to you. |
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CosmicGuardian
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Pay it off and free yourself from the need for material gain. Buy only as you need to survive and not to extravagance. |
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Mademoiselle
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Call one of those companies that helps you get out of debt.
http://www.google.com/search?hl=en&client=safari&rls=en-us&q=credit+card+debt+help&btnG=Search |
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morphy
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Contact the lenders and agreea monthly repayment scheme, you borrowed it, now pay it back. you cant declare bankruptcy as the debt is not large enough |
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JJT
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I would say focus on paying off the credit card with the highest interest first. Make the highest monthly payments on the card first. As far as the other ones; continue to make payments on them monthly and make sure theyre a little more then the minimum, say bout $20 more dollars than the minimum. It'll take some time but eventually you'll get there. Just control your spending. Its more difficult to pay off debt when you're spending the money to pay it off with.
Whatever you do...DO NOT add to the debt if you can help it. If anything, cut the cards and just pay them. Make the payments regularly and punctually. Fees and interest can add up quickly.
Good luck man. |
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Tina T
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Well, you could seek help from consumer credit counseling and have most of that debt paid off in a few years. You could also file bankruptcy, but it's not really worth it for only $7000, so I would check with CCCS. http://www.cccservices.com/ Be sure to use only a NON-PROFIT ORGANIZATION!
GOOD LUCK! |
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Melody P
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I suggest you sign up for online banking that way you can track your spending. If you track your spending youay find you haven't been managing your money well and may have to cut back on whatever you may be used to do such as movies or eating out. If you are successful in doing so you should have some money left over to pay at least one credit card a month. I also suggest you set up accounts with your 4 credit cards online so you can see how much interest and late fees you've racked up. Your very young and in the near future you need a credit score of 600 or above to purchase a house or new car. If you pay your bills on time your credit score should go up drastically within a couple months.good luck. I hope this helps! |
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M S
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You are obviously living well beyond your means. You need to establish a budget and stick to it, cut up your credit cards, and live on cash (not credit) until you have paid off your debts. A student loan is okay for school if it is needed, but apply for as much financial aid/schlorships as possible. Track ALL of your spending. You may be surprised how much $$ you are spending on non-essentials when you look at where your money actually went.
I can tell you right now: You do not have "bar/alcohol" money. You do not have money to eat out, hell you're may be down to a "Ramen" food budget from the sounds of it. You do not have "toy" or "non-essential" money. Honetly I don't think you can even afford cable TV or home internet (use the school's connection). You need to work as much as you can afford to outside of school to pay off your debt (will also help keep you from spending money). You may even need to cut down to a part-time student so you can rid yourself of debt. If you are REALLY close to graduating (at 21 you should be) then punch though to that goal, pray for a good job, and live lean until you've cleared your debt and repaired you credit. You may even need to live at home for a few years if that's available to you and you get a job in the area to acomplish this. Bankruptcy is a potential option, but get credit counciling (if it is not required already) before doing so and know what you are getting yourself into there. |
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Sally
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Budget. Pay off one card at a time. Start with the one with the highest interest rate. Once the card is paid off cancel it! If you can renigsiate some cost, such as your phone bill or you car payments.
It sounds like you live on your own, if that's the case cut the t.v. this should open a bit of money. even though you are in school you don't need to pay for internet. use the schools computers.
if you can minimize some of your bills to free up some money then you can use that to pay your credit cards off.
Good luck |
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Openly Straight
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I am in your situation except my debt is about 6X yours. I am working 2 jobs and renting a room for $200 per month. Even with that, it will take me about 3 years to get caught up. Bottom line is that it takes hard work and going without to get rid of debt and avoiding bankruptcy. |
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f100_supersabre
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You let your "spend now, pay later" overrule good sense. NOW you want a "free" ride. It ain't gonna happen!!
Cut back on your expenses, such as the cell phone you do NOT really need. (I have NOT had a cell phone in over 20 years, and the one I DID have was paid for by an employer!!)
Contact the companies involved and make arrangements to pay off these debts. (It may take a while, but making the effort WILL help your credit rating!)
Otherwise, your credit will be bad a MINIMUM of seven years, and even then, you will have trouble getting another credit card from ANY major company. |
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g8tr_grrrl
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When you say "charged off" what exactly do you mean? It sounds like you filed bankruptcy but you don't actually say that. If you haven't filed for bankruptcy then do it. Yep, it sucks, but it gets you out of the hole you created for yourself and actually opens the door for more lines of credit...apr's are extremely high but it's credit nonetheless.
If it's just money you're after, like a general loan, you may be up creek. You can talk with your bank (provided you haven't owed them in the past) and see if they will give you a small personal loan. Paying it back on time will certainly help your situation. That's the only suggestion I have there.
If it's credit your after then open utility bills in your name. This is a great way to get your credit back in shape. Stay away from store credit as your likely to get declined due to your current credit condition. Don't go everywhere looking for someone to give you credit. Too many inquiries don't look good and won't help you at all. Be selective and sensible about who you request credit from.
You may also want to try speaking with a Credit Counseling Agency or Debt Consolidation group. If you haven't filed bankruptcy you may be able to consolidate your loans into payments you can handle and fix your credit at the same time.
It's difficult for me to offer too much help as I don't know your situation exactly. If you would like to discuss further you can email me. I'll be glad to help ;o) Best of luck! |
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ruth silly pants
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you may need to look for a better job or another job. you've got a lot of stuff to pay for as it is, but you have to pay off those credit cards. you're going to want to pay them off before you get married as well or else your wife will have your bad credit too and you'll both be screwed. at least make the minimum payments, if you can't do more. you'll need to stop on extravagances like eating out, movies, music, all of that and you may want to consider selling some items that you do have. the point is, if you don't show some effort to pay off these credit cards your interest rate will skyrocket and the company will come after you taking anything they can that would amount to that much money (odds are they're going to go for your car first). just start paying it off and get it done with as quickly as possible. when you get paid set aside enough cash to live off of until your next paycheck including bills and put ALL of the remaining amount to the cards. you'll need to pay some of each card on a consistent basis so that each company will see activity for that specific card.
hope this helps. that's what i would do. |
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He cares
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cut down your spending. depose your car and take bus instead. start paying it off no matter how little. |
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sfyfe30
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I'm guessing if you keep up on the payments you have a solid credit score. I would get a few jobs and not go splurge on the weekends. Shop at the dollar store. Dollar menu. Wash your own car at home. Turn lights off. You get the point. |
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staciedawn84
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Always pay with cash!! People seem to spend less when they are paying cash! If you do still have a credit card or two or however many being used, you need to cut them up, don't use them any more, no matter what the circumstance may be, keep a stash in the bank account, savings account, under the mattress, where ever you'd like for emergency situations, you should be putting atleast 10% up out of each paycheck and just pay the bill as it comes in, if you don't pay the bill on time, you will then accrue late fees which will in turn, make your payment go up! When you file your taxes this year, make it a point to only use your returns to go towards your credit card debt, don't go shopping or use it for senseless junk!! Call around to see if it's possible for you to get lower insurance payments, call and call and call and take the lowest one! If you have a home phone and a cell phone, ditch one or the other, just keep basic service! Do your best to control your electric and water bills! You can try to leave your heat set on 70 in the winter and you air set on 69 in the summer, but the best is between 70 and 72 year round! When it's light outside, open the curtains and blinds and turn the lights off, turn the water off when you brushing your teeth, wash the dishes by hand instead of using the dishwasher (this will lighten up the water and electric bill). If you are a single man, take your laundry to the laundromat, it shouldn't take you more than $10 per week to wash and your water bill and electric bill will cut way back! Try to carpool to work, if there is someone who has to pass by your house on the way to work, why not offer them a little gas money to stop and pick you up, this will cut your gas bill in half! Eat cheap, no eating out!! Pack your lunch for work, and try to keep your grocery bill down to $35 or $40 per week for about a month and this will help to save you some money. Buy a gallon of whole milk and mix it half and half with powdered milk, you can't tell the difference from that and 2%, eat a lot of ramen noodles and rice, you can spice it up a bit, buy a pork chop or two for $2 and make pork fried rice, add some scrambled egg, corn, and a bit of hot sauce to ramen noodles (it's honestly rather tasty), make potato soup, beans are super healthy, super cheap and you can do anything with them!! Bean burgers, bean burritos/tacos, beans and rice, beans and cornbread, chili, nacho chili beans, red beans, white beans, lentils, black beans, brown beans, pintos, kidneys, garbanzo, etc, etc, etc, they are cheaper if you buy them in a bag and cook them your self, look up some yummy recipes online and keep it cheap!! Instead of buying the expensive shampoo, buy the cheap stuff for 6 months or so, same thing with the shave gel and razors (I know the cheap ones suck) or ask for your kind on your birthday and such (I always ask for things I need instead of things I want), make your own household cleaners (if you are interested, I have some great recipes and they work wonders), if you have anything that you don't need around the house, take it to a consignment shop or pawn shop and make sure you use the money to pay your credit card bills. When doing all of these things to save money, it's always smart to take notice of the savings and place whatever you saved even if it's $1, and place it in a safe place (one of the places I named at the top of the page) and keep it there until you have enough money to make a payment. You are after all, trying to get out of debt, so this is why you would be saving money, NOT TO PLAY WITH!! You just need to get really strict on yourself and budget, if you have to ask a trustworthy family to keep your money and pay your bills for you, grandparents and parents would probably be first choice, but someone that you would trust with your life, because that is basically what you would be doing, handing them your life!! Keep an allowance for yourself for gas and groceries and let them do the rest!!
I hope this helps some~ Sorry it was so long!! |
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T Fitz
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you should watch tyra's debt diet while your at it |
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Andy B
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watch oprahs debt diet |
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Heat008
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dont order out or go through drive throughs |
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