I'm 20.. and freshman in collge...I don't have job...I owe credit card about $7000. I didnt make any payment since last april.....cuz I don't have any money. collection agency calll me everyday at my house and whenever they call I ignore or tell them I'm not home. Any suggestion??? what should I do..
2006-11-23 11:25:33 · 6 answers · asked by Anthony 3 in Business & Finance ➔ Credit
The first thing you need to do is get a job. Once you have money coming in talk to your creditor and try to work out a repayment schedule. Don't ignore them. Once you make an agreement with them make sure you stick with it and pay more if you can. You may be able to work out a lower amount to pay them or a reduced interest rate, but make sure you get any agreement in writing. You have already damaged your credit, but it isn't anything which cannot be corrected. Unless you straighten this out you may find it difficult to find a better paying job when you graduate from college. Some companies will check your credit before making a decision to hire an applicant.
2006-11-23 11:41:37 · answer #1 · answered by Flyby 6 · 0⤊ 0⤋
You definitely need to stop spending with credit cards and come up with a plan to make paying off your credit cards a priority! This will mean living more humbly than the average college student, but it's worth it because you need to take care of what you created for yourself.
Find out what the maximum you can pay each month is, and use this credit card calculator to find out how long it will take to pay off your credit cards. http://www.creditorweb.com/creditcards/tools/payoffcalculator.aspx
Make sure you tell the collections agencies that you are willing to pay, and do send them a payment in good faith.
The next thing you have to do is determine WHY you spent beyond your means in the first place. When you can't control your spending and you are so young, it's really important that you understand what triggers you to gratify yourself in the short term.
2006-11-23 14:53:11 · answer #2 · answered by Linda B 1 · 0⤊ 0⤋
Destroy the credit cards and mail them to the companies. Contact them, in writeing, and ask for a one time settlement amount. Do not accept the first one, deny, the payment will be lowered, deny, the payment will almmost become the actuall amount owed, offer to pay that.
One Company wanted $1239.89 from me, after 2 months of negotiations I payed them $325.88, done.
2006-11-23 11:38:35 · answer #3 · answered by Anonymous · 0⤊ 0⤋
You can't ignore them, they won't go away and the situation will get worse. You have already wrecked your credit rating. Call the credit card company and work out some payment schedule. Get a job.
2006-11-23 11:28:59 · answer #4 · answered by Random Precision 4 · 0⤊ 0⤋
What you can do is contact a Debt Management Company. They will help you, talk to your Creditors. They will also talk to the Creditors and possibly lower the interest on them. From the minute you sign up with them, if a creditor calls you, you let them know who you are going through and your Reference number...then call and let the Management Company know. Then after that you make one payment to them depending on how much you can afford.
Here are a couple examples:
www.careonecredit.com
www.creditsolutions.com
www.thefreedompoint.com
Good Luck to you.
2006-11-23 11:48:15 · answer #5 · answered by missm101426 2 · 0⤊ 0⤋
Apply for Credit Consolidation this way you can pay your bill in minimum amount. This will also save you from that collection
agency calling you everyday.
2006-11-23 13:01:08 · answer #6 · answered by linda c 5 · 0⤊ 0⤋