Bad choices

Date: Fri, 02/02/2007 - 10:18

Submitted by anonymous
on Fri, 02/02/2007 - 10:18

Posts: 202330 Credits: [Donate]

Total Replies: 2

I was 17 and wanted to get my own checking account. I went to wells fargo and opened a student chekcing and savings account. While i was there i was asked if i wanted a credit card. Being 17 i thought that would be really cool to have a credit card so i got one and then used it as if i had all the money to pay it back. Not knowing that i had to pay it off i just set the payments aside till i felt i had money to pay it. While that wenton i was a getting myself in a snowball effect. I then had an overdraft on my account. The account was shortly closed due to me not making payments on it and i was left with nothing. no credit card or checking account.

y credit card payment is 500 and my bank payment is 550. i am now 20 i have a steady budget in place and i just want to get rid of this debt that is holding me back.

I have my other bills that i ahve to pay and ia m finding it so hard to pay these two back at the same time.

First I want to say welcome to the forum and since you have regi

First I want to say welcome to the forum and since you have registered a counselor will be contacting you to discuss your options. Have you tried contacting the Bank and the credit card company to see if they would work out some kind of payment arrangement?

lrhall41

Submitted by PinkLady on Fri, 02/02/2007 - 10:23

( Posts: 1720 | Credits: )

There are professional debt management programs to make your rep

There are professional debt management programs to make your repayments easier with the credit companies. Speak with a debt counselor and figure out your options. He will offer you some quotes at a lower interest rate.

It looks like that you haven't done any payments on your debts. Since you got the card when you were 17, it's been almost three years during which no activity has taken place on the account. Maybe, your debt is past the SOL period. Confirm with your state laws to know whether the companies can sue you or not. Even if no legal actions can happen after the expiry of the statutes, the debt will still remain valid and get reported in your credit copy. This will hurt your credit in a negative manner. You'll have problems in acquiring new credit in the future because of this negative item. If you pay it, your credit worthiness will boost up. Take professional advice from a debt counselor.

lrhall41

Submitted by Steg on Fri, 02/02/2007 - 11:44

( Posts: 390 | Credits: )