Young and in need of some guidance plz!
Date: Fri, 01/11/2008 - 21:35
Hello,
Well I just figured I’d put my story out there and see if the phenomenal site can give me some advice and guidance. Ok I’m 18 years old, and unfortunately I’m in debt already! I started getting in debt when I was 16. I acquired a car loan, and borrowed some money from my wealthy grandma.
Anyways 2 years later I know have 1 car loan with a balance of 6,527.23 I pay 200.00 / month @ 6.84 % apr. I also have 1 personal unsecured loan through the same bank with a balance of 786.11-I pay 100/month @ 14.50 % apr. I’m currently 3 months behind on these 2 loans.
I also have 1 personal unsecured loan through another bank with a balance of 1,040.18 I pay 135.00/month @ 10.74 % apr. I’m current with this loan.
I owe a set amount of 268.48 to an Alltel cell phone cancellation fee, 560.00 to a payday loan that went to collections and is set @ 560 (they are willing to work out payment options they said), and finally I owe 3,000 to my g-ma that I borrowed money from for a car.
I lost my job 4 months ago and just got a new job and am looking for a second job. I’m living at home (I moved back home after I lost my job) and my goal is to have all my debts except my car loan and some of my g-mas loans paid off by august first. Then I want to move into my own apt on august first if possible this is my goal.
I’m going to college online as well but its only 40.00 a month so it’s not a large bill..
Any advice on how to go about paying these amounts back, what I should pay first etc? I know it’s not much debt (thank god!) but it really bothers me to be so young and in debt like this !
I live in Wisconsin btw and the payday loan is through ez money corp. (they are licensed)
Forgot to login! I have looked into the services thsi site offer
Forgot to login! I have looked into the services thsi site offers btw, i know that suggestion will pop up!
-Dave
Dave, Welcome! And please ignore that prior post, it's SPAM!! M
Dave,
Welcome! And please ignore that prior post, it's SPAM!! My gut feeling when I sit down to pay bills is to pay those that are needed for my survival first, then the other stuff.
Since you're living at home and it sounds like you are working, the right thing is to start giving your parents some rent. This would help them and would get you in the habit of setting an amount aside for housing, which is what you'll have to do when you get your own place.
I think since you're three months behind on your car, that would be the next bill you need to focus on--as if you go further behind, you face the real risk of losing it, meaning that your work options are severely limited. This would also not be a good thing for your credit, obviously.
Good idea re getting a second job--as I think you are going to have to really work to get current on this car loan.
Good luck and let us know what happens, OK?