Do any of you have financial problems?

Question

I have financial difficulties, and somtimes I feel like I am the only one that does. Do any of you have financial problems, or is it just me? I have horrible credit, and can't open a checking account, and I have to pay all my bills by cash or money order. It feels like everyone else has everything, and I have nothing. I know it is my fault that I have bad credit, etc, but I had just turned 18 when I ruined my credit/overdrafted on my checking account (I'm 22 now).

Nemrac-- I work Monday through Friday from 8 to 5, and I am a full time student, so I can' really get a second job right now (I would probably start getting bad grades--right now I have a 3.83)

Ed-- EXACTLY!! I didn't realize how important credit was at that time either. I just thought everyone had credit cards, and I was dillusional as to my ability to pay them off, etc. The part that kills me is that I am not an uneducated person, and I'm not irresponsbible (usually)-- I just made bad choices that I am paying for dearly now.

Answer 1

I used to work for the largest bank in the world as a credit analyst. I can say that you're not alone.

The first thing you need to do is take a deep breath and relax. It's probably not as bad as you think. There are only two major purchases you need to have credit: A home and a car.

At 22, you're not at the bottom of the pack if you don't have your own house, and cars can be purchased by people with horrid credit (your interest rates and payments may be higher, but it can be done)

You don't say if you're in debt, how much debt you're carrying, or if you are just worried about your credit.

As long as you are able to pay the bills you owe, that's progress.

If you want to get on the right track, you have to remember two concepts: Patience and Frugalty.

Patience is needed because reparing any damage isn't going to happen overnight, and you're going to have to live below your means if you want to save money.

I assume you cannot open a checking accoung because you don't have enough money to start one? In that case, you're going to have to learn some discipline and set aside a certain amount of money each and every paycheck you receive- and remind yourself that you are NOT ALLOWED to touch it.

It will take time, but eventually you will be able to open a checking account. Set up a direct deposit to have your paycheck electronically sent to your bank, so you are less tempted to spend it. Ask your bank to divert a set amount from each paycheck into a savings account. This way, even if you do spend the money in your checking, you will automatically save money towards savings without even thinking about it.

Once you get an account up and running, ask your bank about getting a secured credit card. This means they will establish a line of credit for you against a monetary deposit. In other words, you give them $500.00 and they give you a $500.00 credit line. You pay the bills as you would a normal credit card, except the bank has a guarantee that you won't default on paying them since they are holding $500. (The $500 also collects interest for you, so that's a bonus)

The key to re-building your credit is to live below your means, and pay your balances as asked each month. If you have to carry a balance from time to time, that's fine, as long as you're not revolving a balance for more than two months.

DO NOT go to a credit re-building agency or a "Debt Consolidation" group. They operate by negotiating your creditors to accept a reduced balance to close your accounts- you'll definitely get your bills paid, but the exchange is a nick on your credit report which says you couldn't pay your obligations.

It's really difficult to live below your means in this culture- we have all sorts of gadgets and clothes and such which help brand us as individuals- to give us status.

The good news is that you're not alone. Most people in their 20's are carrying at least $3,000 in credit card debt or more, not including student loans (if they are going to college)

The bad news (to repeat) is that you need to discipline yourself to have patience and give up the things you like to do for a while so that you can live happily when you're 25.

Believe me, get your act together and you'll be good to go in two or three years.

Good luck, feel free to email if you have any other concerns.

Answer 2

I have bad credit as a result of being 18 and not realizing the magnitude of how important credit is. I know so many people that live check to check. People may put on a different front but I think alot of us struggle. Some people have nice things but they are up to their *** in debt and probably worry about payments constantly. I honestly think we should be taught about credit in school, I was clueless!!

Answer 3

Read Matthew 7:7-8. Pray about it and put it in gods hands and leave it there. Don't get discourage or drepress or stress. Girl give that thing to God step back let him work it out. Where there is a will there is away. The bank may say no, but if go say yes it shall come to past, so before you go to open an account, get on your knees a do some heavy praying and whatch god work a miracle he will give you favor. Take it from a person who knows. Also learn from your mistakes, don't go and do it again. Ask god to teach you how to be more finacial responsible. HE WILL ANSWER.

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Answer 5

yes I have financial problems because I OWE a lot to the creditors and I am almost finished paying them. I do have a checking account & a savings account, but the one thing I lack is a STEADY JOB. My job is I work whenever the agencies that I registered with have an assignment for me. I am a TEMP and I work until the contract/assignment finished. I wished the job market wasn't so competetive.

Answer 6

You need to take the bull by the horns and learn to budget. Most young people get themselves into debt with credit cards. Just learn to remember to pay your bills on timeWrite out a budget planner. Work out much you earn what your bills are and see how much money you have left to play with. Never spend beyond your means.

Answer 7

You ARE NOT alone... I do financial tutoring. I have seen people who have never even balanced a checkbook !!

Let me just say that YOU can make a change and turn your financial future around. ONLY YOU can do it.. no one will do it for you. Next time you are out shopping, ask yourself if what you are buying is needed or simply wanted!

Focus on buying things that will MAKE YOU MORE money rather than cost you money. Like stocks, mutual funds, etc... Read read read financial books and get yourself out of the hole YOU dug! YOU can do it!

Answer 8

no you are not alone. lots and lots of young people get into trouble with credit. its sad the Credit Card companies target young people. To make you feel better my wife was in that situation, best friend and brother. do what some of these good people are saying. before you know it you will be fine

Answer 9

Your problem isn't bad credit, it's financial irresponsibility.

You are better off paying in cash and money orders until you learn how to be financially responsible.

Answer 10

I work a full time job, and part time at McDonalds just to barely keep myself above water. So I put in about 75 hours of work a week. Do you do that too? Would u