I am a 21 year old College Student with about ,000.00 worth of Credit Card Debt. I have 7 credit cards with an average APR of 19.6%. I don’t have a job right now, but I am in the process of getting one…that being said at best I am going to be making between -. I have no collateral so taking out a loan is basically out of the question. My parent’s won’t take out a loan for me and my girlfriend makes ,000.00 and has a loan out for ,000.00 right now. I am not sure what to do, does anyone have any ideas?
Check out Dave Ramsey.
He has books and a radio program. He helps people get debt free. And it does not cost you anything (unless you decide to buy his books rather than check them out at the library).
Dave has a strategy he calls "The Debt Snowball". The best way to tackle a large amount of debt is to have a plan.
Suggest you get yourself two or three part time jobs.
budget with a vengeance and get a second part time job used exclusively for credit card payments. And according to my other homepage it never hurts to call the card companies and ask them to lower the rates.
Try to get a another credit card with a lower interest rate, if you can I would transfer your balance( or as much as you can) to the lower interest rate.. 19.6% is going to kill you, it is going to grow so fast with making payments 20% of 30,000 is $6,000 then your balance would be 36k.. Like you said trying getting a job and pay down the card with the HIGHEST interest rate 1st making all other minimum payments. Put as much as you can towards the HIGHEST interest rate b/c that will grow the fastest.
First step is to take the credit cards out of your wallet. Put them somewhere you won’t touch them or better yet, cut them up. The only way you will pay them off will be to stop using them completely.
You are in a lot of debt for a young man, get a job and don’t worry how little it pays, it is better than nothing. Try and consolidate as many cards as possible, without going over limit. Make minimum payments and pay extra on the card with the highest interest rate.
You can get out of debt if you really try but it has to be something you want and you have to be disciplined.