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Young and in debt

Date: Thu, 03/08/2012 - 17:36

Submitted by joedicam
on Thu, 03/08/2012 - 17:36

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Total Replies: 6


Hey guys I am 22 years old and in what seems to be a black hole of debt. I owe $15,000 in credit cards, have an $11,000 auto loan, and a bunch of student loans. just paying the minimum on my credit cards every month is 500 dollars and my student loans are another 500, I need help and i do not know where to begin. I work two jobs just to keep a roof over my head and food on the table. If anyone can please point me in the right direction thatd be great. Thank you all in advance


You do not have much financial tools at your disposal to stem the rot. It would require huge attitudinal change to ameliorate the situation. Only through persistence following of financial best practices, you can get out of such mess.


lrhall41

Submitted by skyden.dredge on Wed, 03/14/2012 - 04:55

( Posts: 3 | Credits: )


Regarding your student loan, please reply to what Soap Lady has said whether it is a private loan or federal loan. I would suggest you to go for debt settlement for your credit card debts since it is an unsecured debt. Your outstanding balance gets reduced in a debt settlement process. As far as auto loans are concerned, it is a secured loan and debt consolidation or debt settlement is not applicable for it. I would advice you to have a talk with the company from where you have taken out the auto loan. :)


lrhall41

Submitted by kate.kelley12 on Thu, 03/15/2012 - 02:16

( Posts: 8 | Credits: )


Quote:

You do not have much financial tools at your disposal to stem the rot. It would require huge attitudinal change to ameliorate the situation. Only through persistence following of financial best practices, you can get out of such mess.
Can you please write in plain english? I have 2 degrees and had to look up "ameliorate". I could figure out what it meant but to the average person or to some of our posters with limited english language skills, what type wrote belongs in a research paper, not a public message forum.


lrhall41

Submitted by SOAPLADY on Thu, 03/15/2012 - 07:42

( Posts: 17315 | Credits: )