16 k in debt god help me

Date: Fri, 11/12/2010 - 18:51

Submitted by anonymous
on Fri, 11/12/2010 - 18:51

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Three years ago I had a decent saving account and no credit card debt. Economy hit me first and then health issues and I am now 16k in debt with zero in my 401k due to paying part of medical. I am 28 yrs old. Partial of this does include an auto loan on a vehicle that is 5 yrs old. I considered trading it in for a lease to gain possibly three grand back as the car is getting up in miles. I make only 29k a year now and am struggling to make ends meet. I am at a point in my life where I would love to go back to college for a trade where I can make decent money again. But obviously this debt is holding me back, Can anyone offer suggestions? I managed to keep a 780 credit score. I am on top of my payments but just barely. I have no room for savings which is why I keep occurring debt. Something always seems to happen! Please help me. I do not have family to lean on.The program i went to go to college for is 28k. But I can't justify taking on more debt when I am this over my head already. I feel utterly stuck and just need good solid advice. BTW my interest rates are 5% on auto loan, 7% credit card, and 8% personal loan. So very low rates. Just amount wise I can't seem to pay down. Thank you for any ideas you can provide.

is your auto financed by a manufacturer's bank (ex, gmac, nissan

is your auto financed by a manufacturer's bank (ex, gmac, nissan etc) or other bank? if you have never skipped a payment and rolled it to the end of the note, they may be of some help there. i know nissan will. if you are in good standing and never missed a payment and no late payments, they may "modify" your auto loan (redo the loan with lower payment and possibly lower interest). depending on your cc balance, it would have to be low enough for a car payment skip/rollover to benefit you. have you contacted the cc bank to ask about their hardship program? if you are current with it, they may not help you, but some will, as they did us.. most want you to miss one payment, and if you have been a long standing customer-never missed a payment etc, they will call and talk very nicely to ask if they can help you. boa is the only one we had a problem with. with them, they ask you as much as a mortgage company does about finances and such and you have to have your numbers crunched to show you have the funds left from your salary each month to pay them. if you are in the hole at all, they will not help you.

lrhall41

Submitted by generallee on Fri, 11/12/2010 - 19:30

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