student in debt.

Hello, I have 5 credit cards. Ive been maintaining amazing credit score for all the years i owned credit cards. But I lost my job, im a full time student and there is nothing I can do about getting my credit cards paid off. I owe 14,000$ all together on 5 cards. I want to file for debt settlement. But how much can they settle for? Paying off $6000 will be just as hard. At a moment i barely survive. I do not have income at all and been out looking for a job for over a month.What will happen to my credit score? How long does it stay on your credit report? What are my options. Please help! thank you.

Well being a full time student is going to put a hamper on you finding work. Did you not think of how you were going to pay your bills while in school?

You wont be able to do a settlement if you have no money to settle with.

Obviously your credit score is going to tank hard. It will stay on your credit for 7 years.

The settlement amount will depend on the negotiation skill of the debt negotiators . The best option for you to repay your debt is to follow balance transfer method. This method helps you to lower your interest rate and repay your existing debts with less effort. Negative items will remain on your credit report at least for 7-10 years. Your credit score will go up once you start making payments on time.

In my opinion, first you have to find part- time job to repay. You can opt for work from home jobs. For credit settlement, talk to Consumer Credit Counseling. A credit counseling agency will typically work within your budget to come up with an affordable monthly payment for all your unsecured debt. The credit counseling agency will put you on a debt management plan that usually includes a lower minimum payment for each of your creditors and a lower interest rate.

I just wanted to add what not to do, based on my own mistakes. When I found myself in your situation, I went to the financial aid office and they set me up with a student loan. It enabled me to pay my credit card payments the entire time I was in school. Now that I've graduated, I have a giant student loan payment, plus those credit card balances hardly went down for all the payments I made!

Student loans do NOT go away if you file bankruptcy, but credit card debt does. So don't take out student loans to pay unsecured credit card debt. Better to let them destroy your credit until you are in a position to pay them off, or file for bk protection.

Hi,

I agree with eileen. The first thing you should do is look out for a proper part-time job. Until and unless you have some money in hand, no debt relief option can help you whether it be credit counseling, consolidation or settlement. In fact taking out a student loan is also not a good idea since they don't go away with bankruptcy as mentioned before.

You can search various websites for the online money making options. Most of these don't require advanced skills, a lot of hard work or extreme amount of time. This is because most of them are designed for part time jobs.

Hope these suggestions will help you.