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Help! In too deep with Credit Cards!!!

Date: Sun, 11/26/2006 - 12:00

Submitted by anonymous
on Sun, 11/26/2006 - 12:00

Posts: 202330 Credits: [Donate]

Total Replies: 3


I'm not sure what to do with the credit card debt that I have incurred. I currently have about $19,000 in credit card debt in addition to $14,000 in secured debt(automobile). I will be graduating from college in about six months and then will have to start paying off those loans as well. I just don't know what to do to get things paid off. I'm beginning to feel that my only option is bankruptcy. I have been forced to use my credit cards to pay for my daily living expenses and just don't know what to do to get out of the situation. Up until now, I have been able to pay minimum payments, but can't do this for much longer. Please help me!


Hi there. I feel your pain. I started out pretty much the same way, right out of college. You did not meantion what kind of job, if any, that you have? With the new bankrupcy laws, that might actually hurt you more than help you. First step is to determine how long it would take to pay down with your current income and if that will not give you a livable situation, you need to look at either alternate ways to bring in money or perhaps credit counseling.


lrhall41

Submitted by kunoichi on Sun, 11/26/2006 - 12:36

( Posts: 3 | Credits: )


Congratulations on the impending graduation. Your parents are probably very proud.

You need to relax--you're young and have so much time ahead of you that bankruptcy is not a good options. Your best bet is to set-up a payment plan with the creditors at a lower interest rate to repay this debt slowly but surely. You can either consult a credit counseling company or use a settlement company that will reduce the total amount of debt you owe without having to file for bankruptcy. If you register here, you can get a consultation about what option is good for you. You can also call a few reputable settlement companies like SDS and forgetadebt.com and see if that's something that works for you.

Most importantly, don't worry about this too much. It sounds like you're a smart kid and I'm sure you can resolve it.


lrhall41

Submitted by johng on Sun, 11/26/2006 - 13:15

( Posts: 24 | Credits: )


hhaguland, Welcome to the forums. Since you have registered a debt counselor will be contacting you shortly. I am sure they can be of assistance to you. Since you are so young I would agree with previous post about bankruptcy where there is a will theres a way. Best Wishes Kyside38


lrhall41

Submitted by KYSIDE38 on Sun, 11/26/2006 - 14:42

( Posts: 2477 | Credits: )