I'm a 19-year-old college student and over a period of a few months I've gotten deep into debt. I don't want my parents or anyone else to find out because of what they might do. I don't have anyone to help me or any savings. The only thing that I own is a car. An old '98. Nothing else. I'm thinking of selling it but without a car I can't have a job. And without a job, I can't save up money for a new car. So i'm in a real messy situation. I need help.
2006-06-19 17:31:04 · 10 answers · asked by gby 1 in Business & Finance ➔ Personal Finance
Cut the credit card up right away(if it's a credit card), get a second job if you can, and begin paying extra on the card every chance you get. You can pay the money back more often than just once a month. I recommend writing down the card # and remittance address so you can send them some money every time you have any extra money. If you can't find a second job then see if your college has a job posting board that you could post your telephone number for babysitting, pet sitting, house sitting, house cleaning, tutoring, etc. Always at least pay the minimum on the debt each month but it would be much better if you would pay double or triple what the minimum is each month because you are probably being charged outrageous interest percentages. Try to get the credit card company to lower the interest rate by telling them you just got an offer in the mail for a lower interest rate and you are thinking about transfering your debt to it. They may believe you and lower your interest rate a little. Good Luck with everything. I know you'll find a way out....it just may take a little while to get the debt paid off. Be patient & Good Luck! You can do it!!!
2006-06-19 17:49:32 · answer #1 · answered by Rena 2 · 1⤊ 0⤋
First stop spending money. Second, sell everything possible and put the money directly to your debts. (This includes the car which can be sold for the purchase of a much older car. a '98 is still very new!) Third, work your tail off! Pick up an extra job, do side jobs for people you know, clean homes, etc. Fourth, pay off as much as you can as quickly as you can! (The easiest way: pay the minimum payment to each thing each month except the smallest debt and pay as much as you can. Eventually you will have only one debt and you can work on just that one.) Check out the sources below.
2006-06-20 01:26:58 · answer #2 · answered by karinlovespooh 2 · 0⤊ 0⤋
The best idea: Tell your parents, and face up to the truth. They are going to find out sooner or later, and what could they possibly do that could be so bad?
Considing the alternatives:
Start strip teasing. Good money. No dont. You'll end up in more trouble.
Sell your car, buy a bicycle, catch the bus when it rains.
Get a job near where your live.
Consolidate your debt onto a personal loan. Cheaper than Credit cards.
Seriously, tell your parents.
2006-06-20 00:45:45 · answer #3 · answered by the enchanted wizard of rhythm 1 · 0⤊ 0⤋
Well it depends what kind of debt you have.
If it is credit card debt....
if you have more than one credit card you can call the companys and tell them you are a college student and you cant afford the monthly payments. Then, they will try to help you, maybe combind them. OOhh, go to a financial counciler. They cost money, but not that much, just call them, they know that you are in a situation if you're calling and will be able to give you some hope.
2006-06-20 00:36:38 · answer #4 · answered by leeannakulka 2 · 0⤊ 0⤋
1 - STOP SPENDING money on things you don't need. Credit card companies take advantage of college students cause you see it as a free shopping spree. Sorry, it's not free. 2 - Cancel the credit card so you aren't tempted to spend more money. 3 - Work more hours or find a job that pays more. Hate to say it, but the only way to learn from a mistake is to make that mistake and fix it on your own. Good luck.
2006-06-20 00:38:57 · answer #5 · answered by wldntulike_2know 4 · 0⤊ 0⤋
Try to consolidate your cards. If you have room on them, transfer the balance because you get a lower rate on balance transfers. Then close the cards the balance was transferred from so you don't keep spending.
Whatever you do, DON'T call a credit counseling service to consolidate your bills. They aren't as helpful as they like to let you believe. They don't alert your creditors of payments and you can still be harrassed by collection agencies (I used to be a skip tracer).
If all else fails, file for Chapter 7 while you're still young. If you're not married yet definitely do it before you get married. And since you're not making a lot of money, it will be easy for you to file and get your debts discharged. It can cost to file bankruptcy unless you do it yourself or call a paralegal vs an attorney.
Good luck, and just remember, you're still young and have plenty of time to rebuild your credit!!!
2006-06-20 01:37:21 · answer #6 · answered by toffee326 1 · 0⤊ 0⤋
What, are you nuts?
If you are in credit card debit do the following:
1. STOP using your credit cards... cut them up.
2. Get another job, maybe two.
3. Call your credit card companies for a lower interest rate.
2006-06-20 09:22:43 · answer #7 · answered by nikki 3 · 0⤊ 0⤋
plan a heist. That's what i did.......of course I am in prison now. on second thought you may be better served to open an usecured line of credit through a bank or someplace like citifinancial or wells fargo finance and consolidate alll of the other debt with it.
2006-06-20 00:37:24 · answer #8 · answered by DrGonzo44 2 · 0⤊ 0⤋
Call the credit card companies and negotiate a payment plan at a low rate of interest.
2006-06-20 00:34:04 · answer #9 · answered by Anonymous · 0⤊ 0⤋
fastweb.com -- apply for scholarships
2006-06-20 00:35:15 · answer #10 · answered by nursesr4evr 7 · 0⤊ 0⤋