Hello all. I am basically posting this about myself and feel pretty helpless. For the past few years, I have been very Independent financially, working hard at my jobs and have taken out quite a few loans (Credit cards, loans). Recently, I decided to quit my 2nd job and 1st job and now have been between jobs for the past 3 months. I have two new jobs lined up, but the debt is overwhelming, I can't move in with anyone to catch up (my parents wont help) and have even contiplated bankruptsy at this young age. Is there any other solution out there to help someone as young and stupid as I (lol)? Any good and/or practical advice would be helpful.
2006-11-14 09:47:04 · 6 answers · asked by inquisitive_grl 1 in Business & Finance ➔ Credit
Like someone mentioned earlier, you may be able to do a debt consolidation. When I was younger I had very bad credit so I know how it feels. I have good credit now but still go through a little trouble now and then. First thing, call your creditors and explain your situation. Most will be willing to work with you, just don't make any promises you can't keep. When I done a debt consolidation a few months ago, they paid off my car loan and credit cards. This usually lower because when you pay something off the interest is knocked off. The loan officer can explain this to you in more detail. It's best to have an auto or home as collateral. Even if you don't think you can get approved I would still reccomend you check into it because sometimes they can find a way to approve you because that is how they make their living. That would probably help you but before you sign any agreements you should think about it and make sure this would help your situation. I had a good experience with citifinancial, I don't know if they are in your area but you can probably find them or their parent company citigroup on the web.
Hope this helps you.
2006-11-14 12:10:34 · answer #1 · answered by Casey 2 · 0⤊ 0⤋
I hear debt consolidation is bad. See this link. http://answers.yahoo.com/question/index;_ylt=Ar6KaVs70m4Eww7.mZVSW8Dsy6IX?qid=1006051614479
Oh well I guess I don't have the right link! Anyhow I heard that debt consolidation was only bad in the sense that the consolidators go through a process of credit negotiation that does take its time and during that process the bills aren't being paid off. Not only that YOU could save yourself some dough and time by doing that negotiation yourself providing you understand a thing or two about how those credit folks work. Even if I am wrong on all this I hope to stir up a better answers for you than what you have now.
2006-11-14 18:52:27 · answer #2 · answered by B 6 · 0⤊ 1⤋
What good is fixing the debt without fixing the problem actualy giving you debt. Look at what you spend on and change it to where you are barely getting by but able to sustain yourself. Pay the required amounts plus what you can actually spare ... on credit cards and loans. If you have already done all this.. you could always sell a few non important material things... live off noodles and rice for a month lol... if you have dug yourself to a point that you have no options do what you have to do.. best things to live without to save money is cable+internet and eat noodles rofl.. sounds silly but its probably save ahundred amonth atleast for those things if not 200. use friends house for internet. cellphone + another phone get rid of one... cancel the plan.. get to workin asap! nothing is beneath you for part time..
2006-11-16 00:39:03 · answer #3 · answered by Anonymous · 0⤊ 0⤋
depending on where you live try a roommate situation. you can find lots on rent.com or roommates.com. or ask around. bankruptcy is always an option. you can file every 7 yrs. the economy is really stagnant right now so don't expect miracles over night. everyone is going in circles -- or worse -- so you aren't alone. i moved in with a friend of mine who bought a house cause he couldn't afford it by himself anymore. so it works well for both of us.
if you are dealing with credit cards and banks you need to call them and not wait for them to call you. let them know what your plans are and you have jobs lined up and have intent to pay. it is even better if you go to the bank if you can and talk to them face to face if that is an option. the problem is the collecting schmucks that call you are on the bottom of the bank food chain -- they actually get commission if you give payment over the phone. if you talk to them in person they don't think of you as one of the random millions that owe them money.
often larger churches have money stashed for peoples rainy days -- so if you go catholic or unitarian overnight it would help your situation.
good luck. remember they can't get blood from a turnip so if your a turnip right now they are just going to have to wait.
2006-11-14 18:05:57 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Almost everybody make that mistake, specially when you just start having a adult life. Please don't call yourself in that way, we all make mistake but you have to take advantage of your bad experience.
What I recommend you is a debit consolidation. There are many agencies that can help you with, I just can remember the one bellow, but try to find some government agencies that work with no profit. I know how you feel, and I wish you the best and good luck!
http://www.expertfinancialsolutions.com/default.asp
2006-11-14 18:08:23 · answer #5 · answered by sunshine 4 · 0⤊ 0⤋
Listed below is a free link for ways to "stretch" your dollar and save money.
2006-11-14 22:09:12 · answer #6 · answered by Mariposa 7 · 0⤊ 0⤋