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23yo feeling overwhelmed with debt. Need advice!

Date: Sun, 06/03/2018 - 08:44
Submitted by JONES on Sun, 06/03/2018 - 08:44
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Hi there, I have 2 credit cards that are maxed out totaling $7000. I also have an installment loan with a balance of $4500. I also have a student loan currently at $9000. My credit card minimum payments are high, and my installment loan payments are $300 per month. I'm asking for any advice on strategies to pay down the debt. My credit cards are both 20%, and lately the payments have been $100+. My installment loan is 36%!! I applied to my bank for a personal loan so that I can pay off the loan with 36% interest. Is there any one else in $20,000 in debt st 23yo :( any suggestions or advice would be great thank you


It looks like you are in a big trouble. But first tell me - do you have a steady income? how much do you save per month?
I would suggest you to consult an attorney and opt for a debt settlement program. Your debt amount is quite big. a REPUTED debt settlement company may help you to settle your debts within 50% to 40%.
Apart from that, you can get a seasonal/part-time job and earn as much as possible. And most importantly...avoid using credit cards and other forms of creating debts.


Submitted by Barbara Delinsky on Tue, 06/05/2018 - 05:53

Barbara Delinsky

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Your situation is bad but manageable. You can probably settle the unsecured debt for under 5K in multiple payments. The student loan if it's private can be settled for 50 cents on the dollar, however if it's NCT it could take almost 6-8 months of non-payment to get to that stage. Your credit will take a hit, however it will rebound, but it could take some time if you have no stable trade lines such as car payment, mortgage etc. As a debt negotiator I wouldn't stress too much, your situation is extremely manageable. I have seen and resolved far worse. Just take it one day at a time and it will be fine.


Submitted by Chimpy on Wed, 06/13/2018 - 09:45

Chimpy

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