I have about $6000 in debt already… most of it is Car, Tuition, or other college expense related… I am barely able to squeak by on minimum payments, however I just got a speeding ticket, which tipped the balance… I have 2 more years left of college (I finished High School 2 years early)…
I make a meager $15,000 per year off of my little part time job – My parents can’t help me and I don’t have any relatives in the country…
I have 4 credit lines open – all of them are maxed out… I haven’t missed a payment yet…
Is there any kind of debt consolidation loan, or something I can do to ease this financial pain?
What is funny is I still keep getting credit card offers in the mail…
i found this website online and also heard this organization mentioned on the today show..so i think they are reputable..with debt consolidation you should be able to consolidate or get ur payments reduced..sometimes the agency can get the companys to lower ur interest rates..there is stuff they can do and ur smart to try and work it out now..b4 u get in deeper…check them out and good luck!
You can’t borrow your way out of debt. You need to concentrate on getting your spending down, increasing your income, and paying off your debt. It sounds like you can’t afford to be in school. You need to take a break. This will save you the cost of tuition, plus you could work full time and really start to pay off the debt. Once you are debt free, it would be a good time to go back to school. Just don’t dig yourself into a hole again.
Well, you could go to your bank and ask for a loan, but the problem is that you probably don’t have any collateral. If you have nothing they can hold the loan against, it will be much more difficult to find a loan.
However, if you can get a student loan to cover your tuition and college expenses, payments on those are deferred until AFTER you graduate. But you still may need a co-signer. Especially since your credit score may not be that great. I say that because if all of your credit lines are maxed out and you’ve probably only had credit for a year or so considering your age, then you haven’t had a long credit history. I could be wrong, but your score probably isn’t very high.
If none of those options work, you could try to get a credit card with 0% interest on balance transfers. The downside is that you will still have to make monthly payments. The upside is that you will be able to consolidate your bills, not pay any interest and it should lower your monthly payments. Find a card with at least 12 months at the 0% interest rate. When that runs out, you will need to transfer to another card if you want to still get 0% interest. You could continue to do that until you pay off the entire amount.
Stay in school!
easier said than done but maybe a better paying part-time job. or some other supplement to your income. the payments wont’ go away as long as you want to maintain a decent credit rating. and it’ll cost you more if you fall behind. i’m sure you’re squeezing every penny already but you’d be surprised the extent some go to get by. i’m not telling you to live on bread and water or ramen noodles until your bills are paid off, but really just finding creative ways to cut back expenses as much as possible.
from my understanding debt consolidation is not a way out of debt. it jus combine your bills all in one monthly payment. and you must pay it on time just like you do yout credit cards. there is not a way that ,i know of ,where you can not pay for a while unless you want bad credit. just stay with your payments you have now and just tough it out. if you stop payments on your bills you will mess up your credit and you do not want that!
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