need help with debt...please anyone!?

Question

ok about a week ago i was in debt 15,000..to tell you the truth, i was pretty comfortable with that..but something happened and now ill owe 25,000..just thinking about it makes me want to throw up and i start to sweat real bad. I never waned to cross 17 because thats when i get iffy and now im screwed. I make decent money but itll take 2 years to pay that off. Now my questions is, is there anything i can do..obviously, if you owe money, you need to pay it off, not move it around with debt consolidation. I know, but im really stressed out and i need some advice. Please no comments like "your pathetic" or "racking up that much was stupid"..whats done is done. i mean i checked my credit score and its 800..but id rather have a score of 690-710 and owe 5,000 than this..

Answer 1

I don't think that anyone has answered your question yet. "is there anything i can do.." Your options are limited and i would like to see proof of an 800 fico with more than 5k in credit card bills. All things aside though the task of paying off those accounts is troublesome enough.

You have probably already obtained a 0% interest card to either house the debt so that you don't pay for more than you borrowed or you should do so. Don't take money out of your retirement accounts or your home while the markets are so volatile. Pay and pay and if you feel that you are struggling to pay off the accounts in a year then call the CC companies and see if they will work out an "arrangement". In the near future the banking industry will be very willing to accept all reasonable offers in order to maintain accounts in good standing.

You don't need the help of a third party at this time.

Answer 2

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Answer 3

First, you need to re-think your spending habits. I don't know what you did that racked up that debt another $10K in one week but that ain't good.

Make a strict budget. Eliminate the extras -- cell phone, eating out, new clothes, premium cable and internet, etc. Put every penny that you can squeeze out of the budget on the highest interest rate debt, while paying the minimum on the rest. When the highest rate debt is paid off, move to the next till they are all paid off.

Figure out ways to come up with more cash to throw at that debt. Get a second job -- pizza delivery has flexible hours and you get the leftover pizzas. Have a garage sale, collect alum cans, mow lawns.

If you work at it, you can pay it all off in 2 or 3 years.

Answer 4

The first thing is to take a serious look at your lifestyle and and dump off anything that is not ABSOLUTELY neccessary for living.
You should bring your outgoing income down as much as possible to shift that into paying off the debt.
Homecooked meals, public transportation, regular t.v. instead of cable or sattellite, etc.
Anything that costs you monthly fees that you can get out of with little or no payoff you should dump.If you must have a cell phone then use a less expensive monthly minute agreement.
Let go of any clubs or unneccessary extra curricular activites that cost you monthly.
All of these things can help you, but you need to take a look at your lifestyle and budget and see what you can do without. You can then shift the extra money into paying off your debt.

Answer 5

Your question is to general to answer w/ specifics. Is it all c/c debt, or do you have a combination of secured and UN-secured debt. There are options if your score is still high, but you need to act now. $10,000.00 is a lot to owe in a weeks time! If all of this debt is UN-secured , you can negotiate the % with the finance company, and it will effect your score! If it is secured debt, return the security, and if not de-valued to an extreme, pay off the difference! I hope this hepls, Good Luck!

Answer 6

Opt for a debt consolidation loan: The easiest method of getting a debt consolidation loan is to utilize the equity of your home. Equity of your home is calculated and determined by the difference in the amount you have paid and the amount you owe. If the amount you have paid is more than the amount due, you can use it as collateral. This allows you to borrow money on lower interest rates. Besides, you also get tax benefit on this type of loan. Consult your tax advisor before opting for this loan.

Answer 7

When people discuss reducing their debts the main thing that they think about is how to reduce the credit card bills and pay off their loansyou get into debt. Believe it or not by answering a few simple questions and changing the way you do things will help you eliminate your debts in next to no time at all.

Answer 8

Well I would consider doing a couple of things, starting tomorrow, first do you have anything of value that you could use as collateral? A house? A Car? If you can't get a decent loan using either of those, or consider selling whatever you have that has value and put the full amount realized from that sale to that debt! Next, take a part time job to help pay off that debt. It takes discipline, just commit yourself to being debt free and work as hard as you can to pay it off.

Good Luck

Answer 9

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