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Posted: Thu Jan 11, 2007 4:20 pm Subject: My Current Debt

I am a college student living at home, not even paying rent and I am in debt. I have no money in checking, no money in savings, and owe Chase 1400, Discover, 1000, Best Buy 800, and Verizon 200, plus I will continue to have to make those payments. I need help at least just getting to zero percent interest and no late fees for just one year. I am a full time student but am looking for a job right now on campus at Marquette University. I would be able to pay most of this back farely quickly with graduation gifts and job money. I am really stressing over this and need immediate help.

Posted: Thu Jan 11, 2007 4:41 pm Subject:

I doubt if anyone will give you zero percent interest rate. Yes, you can try with some companies to lower down the present interest rates and most fees waived off. Talk to a debt counselor for your options.

Posted: Thu Jan 11, 2007 6:02 pm Subject:

Stevie, I know how you feel. I first got into huge debt when I started in college because I wanted to buy things to feel like I belonged. I was in debt and eventually I had to file for bankruptcy in 2000.

My advice to you is to find a debt consolidation company and work your way to improving your credit. And yes, I lived with a relative as well during college and I think that we get so comfortable with money that we don't think about the consequences of our actions. I didn't that's for sure.

You may also call the credit card companies so that could possibily reduce your interest rate but above that, I don't see what much else you can do. I would highly consider that you don't file bankruptcy as it will appear on your credit report for ten years (I'm on my seventh year).

Good luck to you.

Posted: Fri Jan 12, 2007 12:34 am Subject:

Before you write off the creditors as not giving 0% and waiving late fees, talk to them. I didn't believe that my CC companies ever would. I have two that notified me of their 0% interest and waiver of late fees in consideration for a simple payment of 10% of the balance owed. This last month for one company that was $6.60.

Posted: Fri Jan 12, 2007 6:19 am Subject:

I would call your original creditors and ask to speak to someone in either hardship or loss/risk department. Explain your circumstances in detail to them along with offer to give written statement to send to their dept. Most would probably agree to some of your terms once they realize this is a temporary situation.