I am a 21 year old student and have $35,000 in credit card debt. What can I do to cut the debt so I can sleep?

Question

I've had a full-time job since I was 15 and I have been the support system for my ENTIRE family since (no joke). Ok so i've leaned on my credit cards for everything: rent, groceries, books, tution, lunch, metrocard... everything for the past 2 years. Now the lousy job my mom had laid her off, she was helping me but now I do not know what to do... Every bit of me is stressed and I am almost tearing confessing this to the public. I honestly cannot sleep at night anymore and have anxiety attacks that results in over eating... I've gained 15 pounds over the summer alone... I cannot believe I am saying all of this but I desperately need advise. I am in my senior year at college and was hoping to go to law school but I just can't cope with anything anymore. Please help

Answer 1

Do not stress over it. It is only money. There is very little they can do to at this point. I assume that you have very few assets.
You credit may be ruined for awhile, so what?
Learn to get by on what you earn. Stay in school. In a few years all this will be in your past.
I wish you the best..

Answer 2

Take a couple years after graduation and get a job. Try to make some money in odd ways also. When i was in college I used to volunteer for pharmacutical research studies on weekends. I was making around 2 grand for 2 to 3 weekend stays plus a few outpatient visits. They tested high blood pressure and cholestoral medication on healthy people.

I would still be volunteering for those studies if I hadn't moved after college.

Another suggestion, if you haven't done this already, is to take out new credit cards and take advantage of the promotional 0% APRs. That is what I used to do also. They'd give a low rate for a year and then when the year was over I would transfer to a new credit card. That worked for a while, until I had more then enough credit cards.

35K in credit card debt is alot.

Did you not qualify for low interest, gov't subsidized, student loans?

I still owe 26 grand in student loans, but they're only at 3.25% interest.

Answer 3

I'm not going to criticize you for your issues. Alot of people make mistakes and its a good thing that your trying to fix it now. My advice to you is to get another student loan to pay off your credit card balance. At the most a student loan will be maybe 10% interest. It will be deferred till you graduate. You will never be able to pay off a credit card with a $3k balance at 23% on 11 hours a week. Unless you are making $500 an hour. Do some research on taking out another student loan.

Answer 4

Well everyone has mentioned getting a credit counselor already and looking into other loans with lower interest. However, I'm 21 years old too and I watch out every cent of mine. I do not blow it on useless junk. So make sure that you are watching every penny. Buy books online and buy them used. Buy them at the cheapest sites and get financial aid for school if possible. Keep working and keep going to school. Do not drop out of shcool! Ask financial aid for some options. Do not blow your dime on expensive lunches or groceries. Cut out coupons! I'm serious, this is the way to save! Saving has never been more important! If I didn't save like I do now and watch out for every penny I have, I would be in total debt! Good luck to you doll! Oh yes and do get some sleep! You need your energy!

Answer 5

You need to get to a credit counsellor right away. Try to get one thru the college. You need to stop charging on a credit card you can't pay. You need to transfer some of that debt to a low interest credit card. talk to a college advisor. They can help. You may need a bank loan to pay the credit cards off and secure a lower rate. Talk to a bank loan officer at the college or local bank to see what can be done. You should be looking into student loans from the college you go to, you will qualify for low interest loans for books and tuition. Why don't you do that. Don't put tuition on a credit card. Talk to the financial aid dept. at the college. They will help you get this mess straightened out. Calm down, it will all work out. Good Luck, continue with your education, and smarten up on the money end too. PS tell your mom and family to get any kind of jobs to help you pay this off. Young kids can earn money too by doing car washing and lawns, Etc.

Answer 6

FIRST, CUT THEM ALL INTO ITTY BITTY PIECES AND GET NO MORE!!!! Then, immediately go to see a credit counselor or call a credit card service that will consolidate and take over paying the debt for you. Some will charge a monthly fee but they will handle everything including getting the monthly interest rate lowered. You have to be diligent about paying them, of course. Most of all find a way to pay your bills without using any kind of credit.

It will take awhile to pay that amount off but you will see it going down and that will be a good thing. Good luck!

Answer 7

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Answer 8

Hang in there. You'll be fine. You're doing a good thing for your family. Maybe contact a credit counselor or something. Keep working hard at making it to law school. You'll be making enough money soon enough to pay off these debts. Don't give up. Life can be tough, but the strong survive and thrive!!! Let that be you! Blessings! I'll pray for you.

Answer 9

Don't go into bankruptcy: that will make all of your student loans and maybe other debts due immediately ... to the point of garnishing the paycheck. Contact a local not-for-profit credit counseling service for real advice for your situation. P.S. Some neighborhood centers have credit counseling services, as do some larger churches. Check in your area for these, as well as with your university counseling and financial aid offices. You can get your best help from local agencies that understand your state's laws and remedies available for the stressed out students.

Answer 10

take a lesson from this event and make sure you do not goof up with money like anything in future, you know buddy credit cards charge us 35 to 40% interest per annum, no surprise you were caught stranded by the amount that popped up in ur bill .
now the lecture part is done lets think of solution....
one thing that i cannot stop telling guys like you in life that
" spend less save more" thats how richness becomes part of our mindset.
if you have some savings say to the tune of 10k then use that to pay the debt partially, ask your mother to sort out this to the tune of say onother $10k,
heyyyyyy but promise her you wouldnot repeat such a nuttz kindaa act again,
although i am strictly against borrowing , but here i cant stop advicing you that borrow if possible from a few friends say $5k each from three friends and try and repay them from you salary on ocassions like these we come to know why friendship is important,

or may be if possible ask your mom to help you get some bank loan @15-16% and that way you can repay that amount with it and sideby side payback loan amount in installments from your salary .

i hope you realise buddy mistake made is not bad unless you repeat it.
cheers, hope my advice is of some help to you