Credit Card Companies???

Question

PLEASE HELP!!!! i know this sounds like a catch 22 but really i am completly in need of some serious financial help and at 23 i really cant live with being bankrupt at this very moment if i want to try and get anywhere in aquiring any assets in my life. I have had an unfortunate experiance with CREDIT as some of probably have and my day to day 2job life is taking more out of me than i can give. ive tried the 2 job 3 job thing and it really isnt making the debt that i am in any more managable. Im wondering if there are any options that i have other that to file to be bankrupt, have a child to be qualified to recieve government money which would completly go against my morals,as well as mybe prosituting, which also is completly against my morals and values. I know that probably also sound very irrational but really what else can i do?? I was think a credit card but than which compant do i trust that wont just put me further in debt. I just need something managable to be able to manage th

Answer 1

You'd have to see a financial counselor, I'm pretty sure, to seek bankruptcy these days. New laws have made it almost impossible to seek bankruptcy until after credit counselling and negotiations with credit card holders have failed and there are extenuating circumstances. At this point, your best bet is to stick with the two jobs, create a realistic budget for absolutely necessary expenses only, and think of ways you can reduce your expenses further. Can you move back in with your parents or another relative for a time (and pay them rent for their extra expenses)? Right now, you can cut up your credit cards. Cut them up. That's the only way to ensure you don't use them again. If you don't want temptation knocking at your door, go to the website below and opt out of recieving credit card offers. Live as frugally as possible. Dave Ramsey has a couple of books out on how to manage your money to get out of debt and a class called Financial Peace University that would be available at area churches on occasion. It's kind of on the expensive side, but I've had friends go through this class (lasts 13 weeks) and they've paid off a few thousand dollars while in the class and some have paid off over ten thousand dollars of debt in a year's time. I'm putting as many of Dave's principles to use as possible (don't have the money for the class, but did get and use Total Money Makeover) and I am having sucess at paying off my debt. Try to negotiate a lower interest payment with credit card companies (through a counsellor), if they know you're serious about paying off debt instead of filing for bankruptcy, they'll be willing. Good luck!!!

Answer 2

I can tell you exactly what you need to do:
Either hire a financial advisor or make a budget and stick to it.

If you don't already have a budget where you are living to the bare minimum and tracking every purchase you make, it is time to start. You will be suprised how much money people can waste every week on things they forgot they bought (ie. buying 2 coffee's a day at $2 a day is $20 a week, or over $1,000 a year).

Make sure that as much of your paycheck as possible goes to paying off your debt.

If you have already tried this and it just isn't working, it is time to talk to a financial advisor. They can help you come up with a plan to amalgamate and eliminate your debt in the most cost-effective way. They will help you to see what is happening in your life that you are unable to come up with your payments.

Also, having a kid does NOT save you money. If you have a kid then you are simply not going to be able to work as much, and in the end you will pay more money to raise the kid than you will recieve in government assistance.

Good luck with managing your debt. Remember that going bankrupt may actually be the best ting to do with your credit at this time...