I have major debt problems. Actually about $60,000.00 worth fo them. I have around $38,000.00 in private student loan debt. My payment for this is around $350 a month and will take 20 years to pay off. I also have around $7500 in government student loan debt. I owe nearly $12000 on my car, $7500 on credit cards, and owe $2700 on a personal loan. The major reason for all this debt was because i got layed off fromm my previous job. I decided to go back to school( a two year tech school). At the time i was living with my parents and soon after starting school my parents got our house repo'd. Now i had no other choice but to move out on my own. I was determined to finish school so i got a part time job which was not enough to cover barely any of my expenses. I did not qualify for any financial aid because I was under 23 single, didn't have any kids, was never in the service, and my parents who offered no help at all made too much money. I was forced to take out private student loans just to be able to get by and am now paying for it. I have graduated and do have a good job. I make 21.46 per hour. I know this is more than a lot of people make, but i am struggling to pay all the bills every month and i am not blowing my money on things i dont need. so far my credit is still pretty good, but starting this month i have to start paying on my student loans that were in deferral period. I am sure that i will have no choice but to pay some of my bills late and hurt my credit. I dont own a house, but would really like too some day. As of next month i will be paying out between $1400 and $1600 a month paying minimum payments. At this rate it could take me from 10 to 20 years just to pay off this debt. It seems like all the hard work i have done in the past to better my self has actually just hurt me. Can anyone help me?
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