im only 16 and im in debt by 15,000 help!?

Answer 1

This is not legally possible since you must be 18-years old to sign a binding contract.

Answer 2

Wow. Who lent you that kind of money at 16? Insanely irresponsible. Technically, you're not actually in debt at all. You cannot enter into a legally binding contract until you're 18 years old, so anything you signed is void. The problem is if a parent co-signed with you. Then they become liable. So if you're planning on paying it off because you've put someone else in a bad position, the best thing you could do would be to seek out a debt consolidation loan. $15,000 over the course of 5 years at 13% would give you a minimum payment of $343.04. If you worked 20 hours a week at a minimum wage job, you could make the minimum payment each month and still have a little left over, (assuming you won't have to pay taxes because your income will be too low). And for heaven's sake, stop spending. Make a budget and stick to it, or you'll be bankrupt by the time you're 21. I know credit might not seem important when you're 16, but do a little Googling and find out what it means to have bad credit. Not fun.

Answer 3

Being a 16 year old is too young to get in trouble with credit so soon.

However, I suppose that since you have it is right time you come out of this rat hole. This will help you learn a lesson in life and also help you be a strong financial manager for yourself.

I will suggest a few tricks I learnt from my own life.

PS I guess all are credit card debts!

I suggest you give a call to the credit card companies telling them that you are only 16 and cant back right now all the amount. Lets hope they respond positively.

However, they will probably not respond. In that case, you have several choices.

You can get free credit reports from transunion, equifax and experian. Then dispute the charges. And wait. After disputing, send letters(registered mail return receipt) asking the credit card companies to send you complete details of proof that the debt is yours, the amount is accurate (including complete month to month statements), and that there is legitimate reasons (state and federal wise) to make you pay the debt. Also, write that if they do not have it, they should immediate stop contacting you for the debt and immediately remove all traces of the debt that cant be verified and validated. They should also according to fair... remove traces of the debt from credit reports.

After that , if they can do all these, try to go in negotiations. U can do eithe rof the following
1. willing to pay in installments .... work parttime or full time and pay it up. Request them to not harm your report

2. Ask them to provide you with a goodwill adjustment

3. Request them to lower the amount you need to pay. Usually you can pay 50% of what owed and still get away with it. However, you report may get stained for 5/7years.

Good lucks

Answer 4

That's not necessarily true, because I got my first credit card when I was 17. It was in my own name, my parent's name wasn't on it or anything.

But anyways, the best thing for you to do is to find a job and pay off the credit card with the highest interest and go from there. It took my a year and a half to get rid of $12,000 in credit card debt.

Or you can always call up one of those credit counseling lines, and they can figure out a monthly payment for you, and try to negotiate with the credit card companies to decrease your current APR, if needed.

Either way, best of luck to you.

Answer 5

How does someone 16 get in any kind of debt. You are a minor. No one can legally hold you accountable for any contract or debt.

Answer 6

how in gods name can you be in debt that much at 16!!
you better get a job quick a full time job, part time will not help.
if its on credit cards (which you shouldnt have) you double your payments or even more so you are paying down the interest too.
quit spending til you are caught up, better plan on staying at your parents for a while til you get out of debt!!
go find a job... now

Answer 7

How on earth can a 16-year-old rack up that much debt?? Cut up any cards you have access to and get a job. If you don't get this paid off soon, your credit rating is going to be a disaster.

Answer 8

Under US law, a minor is NOT bound to any contract. Without a cosigner, no sane person will loan money to someone that is not legally bound to the loan contract. If you are in the US, either you co-signer is $15,000 in debt, or your question is fraudulent.

Answer 9

I hope this is a joke.

Best to get a job. Technically they cannot hold a legally binding contract with a minor. What type of debt is this.

Answer 10

i don't know where these other people come from, but it's very easy to get into debt, and yes at 16. i had my first credit card at 13. in my own name, cause i had my own job. the limit on the card war 5,000 my mom got it reduced to 200. my mom very very very very closely watched that credit card to make sure i didnt spend it, when i turned 17 and she gave me responsibility, bam. 10,000 of debt in one year. and yes i had to pay it all back myself.


Since your so young you problem looked at it like me. "free money, i'll pay back later" so you problem went on a couple shopping sprees but i would advise you to nip it in the bud. save your credit score!!! when you turn my age (22) and start lookinhh for your own house your going to regret those shopping sprees.


my advise is to make sure, sure, sure, sure you pay off the minium every month. until you found some way to pay the full balance of. but make sure you pay that minium. get a job, second if you have to.

Answer 11

I'm not an expert, but I'm pretty sure that a 16 year old can't enter into a binding contract. So unless you owe drug dealers, I would say s#!@w it!