Too much debt, no money.. what to do>
Date: Fri, 07/20/2007 - 11:04
I am a full time college student, I just recently enrolled. I thought that after a couple years i'd have a degree, be able to get a good paying job and pay this debt down. I'm 24 and have about 25,000 in debt. I found out that lots of employers won't hire people with bad credit. I don't have any time to work a part time job, I'm getting a 4.0 in ever class and I plan to do that for the duration of my college career. everyday i get calls from debt collectors saying the are seeking litigation. I've already been sued once for a reposession, and my parents make a monthly payment on that for me while i'm in college. They tell me to just finish college and pay the debt when I have a good job. I"m worried that my bad credit will keep my from getting a good job, or that I'll be in jail for my debt before I finish college. Can anyone tell me what to do, or if jail is a possibility, how about the employability based on credit rating? Thanks for the help!
I'm pretty sure you can't go to jail for outstanding debt unless
I'm pretty sure you can't go to jail for outstanding debt unless it's with back-taxes.
Unsecured debt (credit cards) just messes up your credit; credit card companies can't come take away your goods. Secured debt (mortgages, auto loans, etc) allow the loan holder to come get your goods, but you can't be thrown in jail (I'm pretty dang sure). It's not like on The Sopranos when people owe Tony money, so you can rest easy about that.
All i have is medical, repo, and cash store places. Just the me
All i have is medical, repo, and cash store places. Just the medical is HUGE and I owe my dad at least 25k as well, but thanks for letting me know i wont' be in the clinker, that makes me feel better!
