I am in debt because I took out loans to go to college now I am unemployed and have all of this money to pay back and it is really stressing me out. Can someone please offer me some advice?
2007-03-25 14:06:39 · 8 answers · asked by Anonymous in Business & Finance ➔ Credit
No, I would not be depressed about it.
What is the worst thing that could happen to me?
It is only money.
Call your creditors and explain your situation. Most likely they will understand, if not, tell them to take a number and that you will deal with them whenever you are able to do so.
Remember, they took a risk when they loaned you the money. There is really not much they can do to you at this point.
2007-03-25 15:16:42 · answer #1 · answered by Ti 7 · 1⤊ 0⤋
I completely understand what you are going through. First off, is all of your debt in student loans or is there also credit card bills? If it is all student loans they will sometimes allow a deferment for a few months until you can get up and going in a good job. What ever you do don't stop workng. work at what ever legal job you can. If you didn't finish school you can go back and that will hold off the repayment for a time but you will be getting in deeper also. Don't worry if you can't find a job in the field you have your degree in...just work, work, work...eventually things will turn around. There is nothing better than a strong work ethic and employers will pick up on that on applications. If there are not jobs in your area then you may want to think about relocating. The job market is in good shape (regardless of what the media would have you think). there are jobs out there you just have to be willing to do them.
2007-03-25 16:25:50 · answer #2 · answered by beth102965 1 · 0⤊ 0⤋
The way you handle your debt now could determine your credit rating for the next ten years. The best advice I can give you is to go out and get a job, any job, make yourself a budget, and start paying off your debt.
If you don't like the first job, keep looking, but whatever you do, don't quit your present job until you have a new one.
If your parents will let you live at home while you're paying down your debt, do it. If not, get a cheap place with a roommate.
Finally, avoid credit cards for now. If you can't afford to pay cash for something, then don't buy it.
2007-03-25 14:17:08 · answer #3 · answered by Anonymous · 0⤊ 1⤋
You are not defined by the amount of money you owe.
By the way -- you are NOT UNEMPLOYED.
You are in transition for the correct job. Just remember, if you claim it, the universe returns it.
If you are unemployed, then the universe will return negativity in your job search. If you can articulate and believe in the perfect job and that you are worthy of that job, then you will begin your search and the universe will bring you exactly what you ask for.
Your "college loans" are not "debts". They are "investments" in your future and they are "investments" in you.
You KNOW you are worth more than $23,000 so the collateral you put down on those loans (YOU AND YOUR TALENTS) is worth infinitely more than the loan value.
So why are you stressed?
This is only problematic when you believe the lie -- the lie that you are worth nothing!
Go out and claim what is rightfully yours!
2007-03-25 14:15:28 · answer #4 · answered by DaMan 5 · 2⤊ 0⤋
In your situation I woudn't be depressed. Student loans are considered "good debt" and are far less likely to get into bad terms than credit cards. You'll get a new job soon and this debt will be gone soon enough.
In the meantime, call your student loan lender and let them know the situation. They'll want to verify unemployment and will probably try to get you on your states unemployement insurance. They may or may not suspend your debt for a few months, but it's unlikely they'll go to collections if you keep them informed.
2007-03-25 16:00:56 · answer #5 · answered by payroll_wife 1 · 0⤊ 0⤋
I wont be depressesd, I would opt for debt consolidation. When you gets into a debt trap it becomes difficult to get out of it. Taking more loans to repay the debts leads to more stress and financial crisis. Finally, there is no option but to adopt debt consolidation, which leads to a new llease of life. Many people receive abusive calls from debt collectors and are stressed. Hence opting for debt consolidation is the number one solution and helps to overcome abusive calls and be free from mental stress.
2007-03-26 00:41:59 · answer #6 · answered by stone m 2 · 0⤊ 0⤋
Hate to bring it up...but it's brought me to everything I am today. It's probably kind of last resort to you, but the US military can do wonders with your student loans (especially the Air Force). Unfortunately, it comes down to your beliefs and your family...but since being in the Air Force for 6 years, I've meet several people like you in big college debt to join the Air Force to completely wipe college debts away. Personally, I loved every bit of my AF experience. See a recruiter and see what happens. You might or might not be for it, everyone is different...good luck.
2007-03-25 19:11:19 · answer #7 · answered by Anonymous · 0⤊ 1⤋
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2016-10-20 11:01:01 · answer #8 · answered by rybicki 4 · 0⤊ 0⤋