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Tom | I have 125 thousand in credit card debt and a 125 thousand dollars in student loans which are not payable yet? |
beacause i'm still in law school. I make 47k a year now but the minimum payments are 2300 a year and interest on these debts is about 1000 a month. I took the money out to invest in the stock market, I am now a member of Gamblers Anonymous because after doing thuis successfully for 6 years I had some big wins and then I started a quick slide from 250,000 in the bank to in debt. Any suggestions on dealing with my creditors in terms of calling them up and asking for some kind of extended payment plan or the like.
Additional Details
I am not late on any payments. and i have available another approximately 40,000 I have always maintained a perfect credit score and in the past I was earning 150k a year. |
 |
 
BABS
 |
Number 1: You have to deal with the gambling problem. It's seems like you're doing that.
If you were making $150K per year at one time, I'm sure that you will again in the future. In the mean time, you must PAY DOWN THE DEBT as quickly as possible to avoid even more interest payments. Also, STOP using the credit cards. Sacrifices need to be made.
Good Luck and unfortunatly this is a very hard lesson to learn. Luckily you borrowed money from banks and not from loan sharks for your gambling problem. If you had, your problems would be WAY worse.
You can do it. Have faith in yourself. - NO GAMBLING! |
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~Just 1 good egg~
 |
I'd say see a credit counselor right away, possibly even a good lawyer, although that is quite a chunk of money!!!
I do not advocate walking away from problems and who will pay this debt if you don't?? Do you think debt just goes away with bankruptcy? Somebody pays for it.... |
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fred d
 |
just call them, their willing to work with u because they want ur money or their money back |
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ga.peach67
 |
Don't file for bankruptcy. That should be your last resort. Have you been paying these debts on time? If you still have decent credit, get a consolidator loan at a low interest rate and at least just have the one debt to deal with instead of creditors all over the place. Get a second job if you can find the time. I have no other suggestions other than reaching out to a rich relative. Good luck. |
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sanbox69
 |
see a credit counsellor |
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Windy629
|
i don't believe Bankruptcy will clear Student loan debt. That debt will be with you FOREVER!
Talk to your creditors. Ask for interest free payments. It never hurts to ask.
Your student loan (if still deferred) aren't a problem yet. You can also continue to take classes to keep them in deferment longer and maybe even throw a few dollars at them while you only still owe the principle.
Don't run from your mistakes, own up to them.
Good luck to you. |
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Lance W
|
Student loans are NOT dischargable in bankruptcy - keep that in mind if that silly idea creeps into your skull. Unless you are already behind, your creditors won't want to work with you much - stupid as it sounds. They have no foresight in heading off problems. Only when the threat of losing that flow of interest emerges do they wake up. |
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Beach Girl
|
Yikes.
You can call "Consumer Credit Counseling" and they will combine your payments into ONE monthly payment that will be less than your current ones individually, but you can not use the credit cards AT ALL EVER AGAIN....if you're ready for that. Otherwise, just make payments over the minimum due every month like the rest of us and realize you'll probably still be in debt when you're 90. Weren't thinking of the future grandkids inheriting that huh? |
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lilr90a
|
you shouldnt have gotten a credit card in the first place, they only cause trouble... |
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bobby d
|
www.daveramsey.com |
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Nicholas B
 |
My recommendation......since you make 47K a year....you make plenty of money to pay this off in a relatively short period of time.....probably.
I know with 125K credit card debt....getting another loan may not be easy....but if your interest rates is above 6-7 percent (which on a credit card I'd have to assume is probably the case for most if not all of it) try to get a large line-of-credit from your bank or credit union with a low interest rate.
Pay off the cards (or at least the highest interest ones as much as you can) and close the accounts for the ones you can pay off.
Once your interest rates are as low as you can get them.....pay as much as you can afford to every month.
Try to keep at least a month's worth of money in the bank at all times (for emergencies or to pay off bills should you lose your job or something crappy)
Live as inexpensively as possible.
Close your phone line (landline) and get cable internet, and Vonage for your phone. If at all possible.....cancel your cell phone unless you'd have a hefty cancellation fee for doing so.
Cancel your cable TV service if you have it....you don't need TV....it just conditions you to buy more stuff anyways.
live in the cheapest apartment you can find that isn't a total craphole.
Use blankets more during the winter, and keep the temperature lower than you'd normally be comfortable in.
If you heat with a gas furnace....shut it off. Heat with electric heaters as much as possible. Electric is FAR cheaper now in most areas. Your electric bill will likely go up about a hundred bucks to heat your entire house....but that sure beats 250-300 for the gas bill. That's an extra 150-200 bucks you can pay towards your debt.
Don't buy anything you don't absolutely need. This includes movies, video games, new TV's, furniture.
If you need something larger....find a way to get it for free....without stealing.
Try looking on yahoo groups for a "freecycle" group in your area. They are just networks of people who rather than throw things away, list them for others to ask for if they want them.
I've gotten a few things this way.
Lastly....if you have a lot of items you don't need.....try having a garage sale/yard sale. List things on ebay instead if that works better.....Why let all that sit around gathering dust when it could be putting a few dollars back towards your debt. |
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jetsfan925
 |
you should probably just talk to your creditors. tell them that you are in law school, and not able to pay that right now. also, maybe talk to a bank about getting another loan. this site may also be able to give you some good ideas (use the private sector tab to ask free questions):
http://www.brienprivatefinance.com |
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g k
|
you need to see a credit counsuelar so they can advise you what to do in lowering your payment each month. goodluck man! |
|
ed
|
Stowe away on the next slow boat to China. |
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Lucy
|
In the UK we have something called the Citizens Advice Bureau. I'm not sure what the USA equivalent would be but there must be one.
They are there to help people in all kinds of situations including one's as extreme as yours.
They will contact creditors on your behalf and should be able to write off most of your debt or at the very least write off the interest.
My advice would be to talk to one of your trusted teachers. If you are at law school you are in the perfect place to find out.
You may be embaressed to talk about it but it's better to be embaressed and get it sorted out than to leave it and end up drowning in debt.
My guess is that your credit rating will be seriously affected but in time you will be able to rebuild it and to be fair you are earning a decent salary now for a student so it's time to be sensible now to make sure you have a stable future. |
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guynextdoor
|
holy **** thats a lot. try getting a low interest loan to pay for all those debts or extended payment plan, the interest is staggering. |
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ADarlingC
|
Sounds like you are very busy, and being this much in debt is not uncommon at all. You will want to do all that you can to prevent going Bankrupt. Bankruptcy will ruin your credit and haunt you for many many years. Being a Law student, do you have any professors or fellow tax attorney students who may be willing to give you complimentary Credit Counseling to get you on the right track? If not, try any book by Dave Ramsey OR Robert T. Kiyosaki. These Authors lay out smart ways to get rid of large debt! Good Luck! |
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nite_angelica
|
Dang... you are in law school, you dropped out of law school, you took a semester off from law school. I can't keep up.
Not to mention, I'm finding it hard to believe that someone in college was able to secure $125k worth of credit cards. |
|
PK
|
Congrats on the Gamblers Anonymous first of all. Second, pay the debt as soon as possible. Easier said than done, i know. But i say this because the interest will kill you in the long run.
I used to be in debt up to my eyeballs...now I'm debt free. I had to file bankruptcy, but still had loans out i had to pay. I scrimped and saved, pinched pennies, and did what i knew i had to do.
Now, when my credit card bills come, the balances get paid off every month because, like i said, the interest will kill you. the bills get paid, on time and in full, every month. And pay those student loans! Those things will mess up a credit score in a heartbeat.
I've live with bad credit and I've lived with great credit. The great credit opens so many more doors for you. Anything you want you can get...and when you do, pay them off as soon as possible. |
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mailaccount63
|
Wow! |
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Feeling Mutual
|
Take the bar, get a job as a Bankruptcy attorney. |
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nakedbongoplayer
|
Tom, you are in bad shape, my friend. I hope you become a wealthy lawyer because you need money badly. |
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MoneyEnergy
|
I'd like to talk to you.
MoneyEnergy
http://www.getmoneyenergy.com |
|
KissMyConverse
|
Whatever you do, actively work with your creditors. Stay in touch with them and cooperate. Defer,defer defer. You can reach a settlement amount. As for gambling...do it the right way. Become a Real Estate attourney, invest in property now that the market's down, you can come out ahead with proper discipline. |
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Cheryl K
|
1. don't chase your losses by gambling again.
2. figure out a budget of what you can afford to start paying back...then decide on what you are paying the highest interest too and start with them...you could also start with the debts that have gone to collections most recently. I am not sure if you are in the states, but in Canada things become non-collectible after 6-7 years (depending on the province).
3. don't worry about student loans yet, because they are not in repayment yet, they are considered good debt (if there is such a thing).
4. a creditor is always going to tell you the offered payments are not good enough, but they can't get blood from a stone, so it's "this or nothing" right.
5. lastly there could be settlement offers or renegotiate interest rates to help reduce the debt increasing on a monthly basis
6. i think that because you gambled yourself into debt, you have to repay these debts.... how will getting off without penalty ever lead you away from your problem? If there is no repercussion, what would stop you from gambling again? |
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Kelsey Lane
|
dummy
quit paying your minimum payment, get rid of your credit card debt, the interest willl make it so much worse unless you deal with it RIGHT NOW |
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Hankerin for a Hunka Cheese
|
Fake your own death |
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Shana
|
Speak with a credit counselor and/or a bankruptcy attorney. With the changes in bankruptcy laws, I believe you would still be on the hook for paying it all back, but they'll work with you. Don't try to do it yourself, the credit companies will be more willing to work with you if you have a counselor or attorney assisting you. |
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Undecided
|
I would file bankruptcy. |
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indiannacantown637christalmighty
|
I strongly believe that you should give up gambling whatsoever. I know when you win it gets very addictive and wants you to go further more but my friend it's a big, bad world when it comes to owing any debt, you know it, and it's a terrible feeling, right?
So, you should seriously start making a commitment on how to pay it off. That's going to be very tough but not impossible.
First of all, you've got to check and see which one of your credit account has the least interest charge. Then check out with them personally, talk to them and request them to pay all your other debts with your promise commitment to pay them back every month on whatever you settle down with. That way you will be able to clear up the other debts. Or file for bankruptcy. Of course there's no easy way out, it takes several years to pay off.
But who knows you might be a big lawyer one day and be able to pay off quickly. Probably you've learnt your lesson by now and will be careful next time. You will have to follow a strategy of owing yourself first before you owe others. Basically, you've got to treat yourself with some respect. You can't respect yourself when you can't pay yourself first. |
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joshdog38
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well stop gambling and file bankruptcy |
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