Im 24 years old and have at least $7000 in credit card debts.For some unfortunate situations in my life i couldnt pay my creditors for at least 6 months which made it go pastdue on my credit and affected my credit score really bad.Have a full time job now and trying to pay them off step by step but on top off that im in more financial distress,I need at least $2000 within a month and was thinking to apply for a bank loan....Due to my bad credit history within past 6 months do you think any bank will give me loan?? Need ideas........PLEASE HELP!!
2007-02-01 19:11:23 · 6 answers · asked by salpirwani 1 in Business & Finance ➔ Personal Finance
firstly why do you need the $2000, what is it for? if it is something that is non essential than no do not have it... you prolly wont be able to take out a loan and i wouldnt advise it either.
you need to pay off these debts one by one, first pay off the debt with the highest interest rate on it, while on the others pay the minimum a month, on the high intrest rate one pay as much over the minimum as you can and as much extra as you can
if your lifestyle is dictating your debt then change your lifestyle, if you are going out every night or have gym fee's, golf memberships etc etc cancel all these until you can afford them without debt.... do not live a lifestyle that you cant afford.
if you have a debt management service where you are that is FREE then go and have a chat wih them, sort out a budget for yourself and stick to it, their advice can be very valuable in this.
2007-02-01 19:24:56 · answer #1 · answered by merrpet 2 · 0⤊ 0⤋
Owing 7 grand at age 24 is definitely not the end of the world. You've got the right idea. Pay it off. That's all there is to it. Learn a lesson from this and don't go into debt again. You're working and have the means to get yourself out from under. Just do what you've gotta do and move on with your life. Put it into proper perspective. It seems like a big deal, but it really isn't. I'd bet half of your friends owe a comparable amount. They just don't talk about it. Happens to most everyone at some time or another. Just don't let it be a way of life. You'll be okay.
2007-02-01 22:01:23 · answer #2 · answered by Big R 6 · 0⤊ 0⤋
it is stupid to take out a loan to compensate another loan.
what you are doing is getting yourself into deeper trouble.
Ok first good thing is you have an income.
here is my advice.
Cut ur creditcard into
2. throw it in a bin.
Now call up your bank visa or what ever. and ask for a debitcard.
put all your income into here.
3. work out ur income to total weekly spending.
say
Income = 600$ a week.
Totaly weekly spending. (petrol, food, rent etc) 350$
that leaves you with 250 $!!!
4. making sacrifice (pleasure events, movies, dining out)
Stop all social events for few months.. or reduce it to minimum spending (take 50$ when u go out and when its finished go home).
5. Ring up your creditors and say you can afford about 200$ repayment per week. what can they do for u ?
2000$ in one month is imposible because you can only afford 1000$ as a maximum you could posiblely save. so tell them that give you time to pay it off in 2 months... i am sure they will gladly help and might charge you a late fee of like (65 $) or something like that...
continue until ur out of debt.. and heres a tip for spending money... the old fashion way is the best way, do with what you got with cash in hand... ask for discounts and barter when u shop etc.. :)
i am 23 years old... have full time job and 2 mortgages under my belt just doing this.... and i still have money to go out on weekends if i wanted to. :)
2007-02-01 21:35:33 · answer #3 · answered by Vu 3 · 0⤊ 0⤋
I got a nightime job to pay off my cc debt and college loans; I bartend 4 nights a week in addition to my day job. I even stripped for awhile-the money can be good, but the work is stressful. One of my college friends worked as a shot girl at a nightclub, she made at least $100 every night, but usually made about $300. My old boss drove a cab for extra cash at night.
theres ALWAYS something you can do to make extra money. give up your weekends for few months get an extra job.
2007-02-01 23:41:29 · answer #4 · answered by tankgrrl30 2 · 0⤊ 0⤋
it may look love that's time for them to start advertising countless the flaws they offered on credit. do they produce different sources alongside with vehicles or 401K or IRA funds they are able to entice from? Are they employed in such a style that they are able to artwork beyond common time or a 2d interest? There are credit counseling amenities available yet some are actually not likely all that effectual. the main element they are going to do is positioned them on a funds. in spite of they do, they shouldn't sign into anymore contracts which value them extra funds interior the long-term. you will possibly desire to not sense sorry for them in the event that they are able to discover the money for $3300 a month for the abode - a house it sounds like they would not have offered. pay attention of scammers which will seek for this variety of question and furnish speedy restoration loans. For one element, you have not have been given an criminal accountability to "save" them. Any promises could come to you, not them. you're doing the marvelous element, searching for approaches to assist them, yet finally, they might desire to help themselves.
2016-09-28 07:43:00 · answer #5 · answered by ? 4 · 0⤊ 0⤋
how much do you need and when can you pay back
2007-02-02 00:02:21 · answer #6 · answered by Anonymous · 0⤊ 1⤋