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Can I get any recommendations. I am just getting into the process of wanting to pay off my credit card debts and get out of debt for good.

As of now I owe...

Credit cards (citibank) $16000 at 8.99% interest.

Consolidated federal student loans $34000, at 2.8% interest.

As of now everything is up to date, but money is very tight. I've sold most of what I own. I don't own anything large like a car or house. I tried to start a freelance graphic design business and a record label and went into debt for each one. I'm actually getting unemployment now for the first time. I just moved to a new city (san diego) and the slow economy is making it difficult for me to get a job in my field.

Anyway, is my situation bad enough to consider settling debts or bankruptcy? I plan to not get into debt again, for any reason if possible, but I know my credit score is still important. It's about 690 now, because I have a few other cards with zero balances that I've managed to pay off.

Does a bankruptcy ever effect student loans?

I'm trying to get out of debt and streamline my expenses so I can start working on my art again in peace without so much overhead I have to struggle to pay. I have a Master's degree in Fine art.

Any suggestions appreciated.



well,student loans wouldn't be discharged in bankruptcy,and you can't really settle them either.i would look into rehabing the student loan and trying for a hard ship with the credit cards.

Sub: #1 posted on Thu, 09/11/2008 - 10:28

paulmergel paulmergel
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(Posts: 15512 | Credits: )

I realize that sometimes bankruptcy is the only option for some people but I think if you can at all avoid bankruptcy, do. I think it should be the very last resort. debt settlement or debt consilidation get my vote over bankruptcy.

Sub: #2 posted on Thu, 09/11/2008 - 11:00

thlovely1 thlovely1

(Posts: 99 | Credits: )

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