Hello everyone. Recently I have taken a strong look at my financial situation. Today, I am 24 years old with about 105 thousand dollars of debt. This includes about 50,000 in student loan debt and the rest in credit card/and car repor loan. My student loans are not a worry becuase I am currently in grad school and have about 10 months left until im finished. They are all in deferment and not in default. As for my credit. Its shot. I had 11 credit cards when I was in college, all max and charged off now becuase I was living on them. I havent paid on any of them since 2002. Recently I sent a few pay for delete letters to a phone bill, utility bill, and a cable bill that I let go bad. I also sent validation letters to all other collection agencies that were listed on my credit reports. This is not the situation I hoped to be in at 24. I should be saving for home and car. But I have many lates and charge offs, and 1 repo on my report. This is just the beginning of my fight. I need to get this under control. I blam no one other than my self. I love not living on any credit. Pay cash for everything, and if I dont have it, I dont need it. But, Im sick and tired of being sick and tired.
The good news is..you've come to the right board, you're not alone, half your debt is an investment in your future, AND you're only 24. I would suggest you start prioritizing the debts by impact. If you owe for past utilities....get those taken care of. Once you're out of grad school, you'll probably want to move, and you don't want outstanding collections to utility companies to hinder you from getting new service. Then, contact your creditors to see if they would be interested in a settlement. Even when you get out of school, you can enter a reduced payment forbearance where the interest will accrue, but you can make a fraction of your real payment until you get back on your feet. Hope this helps.
Check out this website to totally eliminate your student loan debt and cc debt. debtonator.newleafassociates.com
sounds similar to me.... I am 28 years old (married with a 5yr old) In my last year of grad school... 11 months to go.. I have 38k loans for undergrad and it will be about 40 to 45k of loans for grad school... so around 80k roughly 2 cars... 21k on one and 23k on the other... total sofar... 123k credit card debt... around 5k loan debt... another 5k so that is 133k... what can I do? BK don't erase the student loans... I am thinking about joining the airforce to see if they will erase some of the debt... I am currently deffering the loans so I don't have a payment, but I don't know what I will do in 1 1/2 years when I have to start paying... I only make 55k a year... Will the AF dissolve my student loans if I join? I am 28... I don't have much to lose...
im too am in a similar boat. im also 24. i have about $28,000 in undergrad loans that will go into repayment shortly, and about $10,000 in charged off credit cards, 1 repo at $5000 and a few utilites and phone bills that came from horrible roomates. i'm considering grad school, but i really want to clean up my credit as best i can before i do that. sure some of the debt came from dumb things, some also came from the fact that i've lived on my own since i was 18, little or no guidance or help from family. can't run and hide with my parents. no one bothered to mention hey this might come back and bite you in the ass big time in 5 years. i just tell myself i learned a big lesson at a young age, and as long as i only have myself to take care of and stay in good health i will be able to put this behind me.
Re: Re: 24 With $105000 in debt ignore that website, it is spam. there is no 'easy' fix, but you've taken the first step towards getting yourself in a better situation. welcome to CN
Re: Re: 24 With $105000 in debt Mongrol, I've don't think there is anyway to get out of a student loan other than dying. they took my tax return one year because of my wifes' student loan..even though we were paying on it. They decided we were taking too long to pay it off I suppose.
Re: Re: 24 With $105000 in debt Yupe, me too. I am default cause i thought BK would take care of it. And, situation hasnt been better for me after BK ($ wise). And, they just took it from my tax rtn. After 2 yrs tax payment (close to 3000), the balance hasnt come down, but going up due to the collection fees. Anyone, knows how to reduce the collection fee (25-35% from the debt right now), plus interest. Thks!
