What should I do with over 50k in debt?

Question

I am in way over my head and need any help someone may have. I am 23 with a lot of debt. Bankrupt is not an option and I just lost my job so a consolidating company is no use. I have been considering active duty in the military since I was thinking about the reserves before. I am in a city with a poor economy and a good job is as hard to find as a honest politician. I have obviously not made the smartest financial decision in the past but I will do whatever it takes to eliminate my problem. Thank you anyone who posts a helpful response.

Answer 1

What kind of debt is this? Is this a car payment? Is this all credit card debt is it from school?

Why isn't bankrupcy an option? Have you already done that in the past?

You should look for a job whever you can find one even if it requires you to move. The military does not pay all the well, but if that is what you want to do, at least you will get some money in your pocket.

Though, considering all the dangers don't do it for the money, you will have to do it because you really want to.

Talk to your creditors try to form a plan with them. Running from them does not work. Also, look into other state, federal jobs they usually pay well.

It sounds like you have to do a bit of downgrading in your life. If your car is new sell it and buy the cheapest car that you can find that runs.
Sell items you do not need on Ebay. Cut out anything extra that you don't need to survive, cable; designer anything,

If you have family that can help you out maybe you can try to go live at home for a while. Really, it's hard to say completely because I don't know what kind of debt you have, but your first course of action should be finding a way to get some income.

Answer 2

If you go in the military and you default on any of your debts, you can be dishonorably discharged. This might not be the best way to go. On the other hand, if you can negotiate a good signing bonus, perhaps you can use that to make a huge payment on your debt, and then your payments will be more manageable while you are in the military. You should consult a financial counselor, who can help you through this. If there are no good jobs in your area and you can commit the next few years to the military, it's a great alternative. Just don't think you can run away from your debts, though, because the military will find out if you default on them. As hard as it is to find a job now, it'll be impossible with a dishonorable discharge on your record.

Answer 3

I like your idea of joining the military. What if you did that but signed up for credit counselling or debt management at the same time. I assume you filed bankruptcy before so you need to wait a couple years to file again?