Debt Problems
PLEASE HELP! Debt problems you guys are my last resort!!?
I am drowning in debt, $4,500 to be exact but for some reason most debt consolidation companies don't take that "small amount" seriously. Well I lost my job about a month and a half ago and have been searching rediculously to find another one. I've never had problems finding a job but then again I am only 19 and haven't had the toughest jobs. Either way, I have no job and i'm almost 90-days past due with all of my 14 credit accounts. They're all cancelled I do not use them anymore and haven't since last year but I obviously cannot make the payments. I am living with my father and off what few things I sell on eBay. I am also a college student. I could also go to school full time which i'd like to do however this load of debt is on my back and I it's like I can't focus on anything else. I've come to my last straw and i've thought of filing bankruptcy. But then it's like, bankruptcy at 19? I think that's a little extreme, but now i've come to the point where I literally have no choice what do I do? Are there any other options besides this? Please anyone with experience!! I am already signed up with two agencies, I have no money!! Another agency isn't going to help! Any other options please i'm desperate!
Public Comments
- Try www.prosper.com, maybe they can help
- You don't file bankruptcy for $4500 of debt. These days the laws have changed and you will still end up paying the government for that debt anyways, so totally not worth it. By the time you paid a lawyer $2000 for your bankruptcy fees you would be in an even worse position. Don't do it. I don't know which debt companies you have talked to, but that doesn't sound right. They will always help you, they want your money too. It sounds like maybe you don't understand how it works? I don't know.. I would call a credit counseling agency, or do one online and have them amortize your payments into one that you can afford. Basically they talk to your creditors and set a low interest rate, you agree to make a payment to them each month until the debt is paid. Its better than nothing and it can really help you get out of debt. Try ACCC, www.consumercredit.com. They WILL help you with that small amount. They did it for my husband before we got married and he only owed $3000. He was 120 days past due. As far as a job goes, have you tried going to a job agency, like FlexForce or something?? They can help place you in a job. You CAN get out of this. It just takes perseverence and a little bit of leg work to get it done. You are young yet, if you can get this taken care of now, it won't affect you later on. You just need to learn from your mistakes.
- Obviously the first thing is to get a job. Do not worry if it a job you hate because you are not getting a career but a job to solve the problem you face. Not contact all you r credit card companies and explain your situation. If they are not willing to work with you just ignore them for now. Those that are willing to work with you keep in contact with and as soon as you have a job establish a budget. The only things on your budget should be food, clothing ( what is necessary now) and shelter ( whatever you pay to help your dad if he needs it ). Then if you have a car budget for gas, then figure what you can pay the credit card companies and STICK TO IT. You will have dings on your credit but you have learned a hard lesson early. Credit cards are not good for anything but trouble. It is possible to go through life without a credit score as it only reflects your ability to handle debt. For many years people lived while paying cash for everything.
