I have run up about 8000 dollars in debt

Date: Tue, 12/26/2006 - 09:45

Submitted by anonymous
on Tue, 12/26/2006 - 09:45

Posts: 202330 Credits: [Donate]

Total Replies: 1

My parnets insisted that I get a credit card while in college to help with future purchases and to have some credit for buying a car and what not. I have gotten myself into a lot of trouble though and my on 5 cards total I have run up about 8000 dollars in debt. I am still a student but have a job and feel that I have just totally screwed myself over. My payments keep increasing and I dont know what to do. Shoud I try to consolidate all the debt or maybe get a new card that has 0 percent on transfers and put a couple of the balances on one card. Am I screwed forever? What is my best course of action.
THank You

Hi You are still a young lad and you are thinking in the righ

Hi

You are still a young lad and you are thinking in the right direction. You will see your credit back in shape. Consolidate now because just by paying the minimums, your money is no way going towards the principal. Its going wasted in interest alone. Once you have consolidated all debts under one monthly payment, late fees and charges won't add in your account. Most of the fees will be waived off. The counselor will talk to your creditors and lower down the interest rates. It will be a lot easier paying the debts in the consolidation program because paying on your own has not delivered positive results to you so far. Talk to a debt counselor, maybe someone is referred from here after filling up the application form. He will discuss your options and help you in becoming debt free.

lrhall41

Submitted by aciotsf on Tue, 12/26/2006 - 11:25

( Posts: 511 | Credits: )