Student Credit Card Debt… In Collections.?

Question by Justin: Student Credit Card Debt… In Collections.?
I’m a 21 year old college student and like most, I racked up about $ 8,000 in credit card debt and now I’m unemployed. I’m in for a doctorate degree and I don’t have time for a job as I take 40 hours of classes each week. All of these credit cards has gone into collections… will it hurt me if I leave them there for a few years? I do have a side job as a DJ on the weekends but I get paid cash and I rarely put money in my bank account just because it’s never needed so I don’t think they can garnish that. My school is paid for by my parents and I live in a home that a friend of mine owns so I don’t have to pay rent. What should I do? I just can’t afford to pay them off as I’m barely making enough to survive through school.
Also, I will go further with this since I’ve gotten a few nasty responses from it.

No, mommy and daddy do NOT support me through school. Both of my parents were killed in a car accident 6 years ago and I have been on my own ever since. Every time from the insurance settlement went towards their bills, expenses, and what was left over was enough for a PHD. I also do not have other family members other than an aunt and uncle who live in Iowa who are on food stamps and both unemployed.

I do have a job as I am a DJ on the weekends which is enough for gas & food. I can not get a ”2nd job” as I simply don’t have time. I’m in school 40 hours a week then I am doing homework about 20 hours the rest of the week. I’m not sure what to do at this point… if I slack on school it will take 12 years to do instead of 6 as my school only offers it in half time or full time student classes.
I guess I will have to keep adding more to this as people just don’t seem to understand.

The college program that I am in is a locked in program. I will not have a degree until I graduate. It’s a ”finishing in a phd” program. I don’t go through the ranks like traditional universities as this is a private one that does not have time off, other than a 2 week break between semesters that are in session year around.

Best answer:

Answer by Calvin C
NOT LIKE MOST. You are the exception to the rule. less then 1/2 of college students graduate with any debt at all. You need to get smart and college will not do it. You are pissing money away on unneeded b/s which is obvious. Mommy daddy support you and you live free. What a spoiled baby you are. GROW UP GET A JOB panty waste like you make us who work puke

Student card-did your poor parents co sign so you screwed their credit as well

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Credit card debt and default? please help!?

Question by Truth Slave: Credit card debt and default? please help!?
I, on the advice of a debt settlement agency (big mistake btw) stopped paying on my 8 credit cards about 6 months ago. now the piper is calling and its time to pay, but I do not have enough money to settle with all of them. I fired the agency and am handling it now myself.

my question is this…should I use what little money I have saved to pay off and settle 1 or 2 cards and face the other 6 later, or stretch it out until court dates and judgments ensue? I cannot even afford 50 dollars a month because if you multiply that by 8 I am back in the same boat I was in before I called the debt settlement agency. If I cannot pay the settlement offers, will they still be available come court time? should I just continue not paying? I know I am not alone in this, just confused.

please detailed answers please,

Best answer:

Answer by Jennifer K
Call each one of your credit card companies and explain what happened. Start paying the minimum payment on each one of your cards if you can afford it. If you can’t afford this then start making what ever payments you can. The key thing is to pay a little on EACH credit card, this shows that you are atleast making an effort. Check your statements to see how much you are getting charged for finance charges, you have to pay atleast a little more than the finance charge each month or your balances will just keep going up. Cut out all unnecessary bills each month and put that money towards the credit cards. It may be hard but you need to make some sacrifices to get in good so you can fix your credit rating. Then cut up all but the two lowest interest rate cards – you shouldn’t need more than that.

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How do I get out of credit card debt?

Question by Amy: How do I get out of credit card debt?
I’m in over my head with credit card debt, can I get some advice as in what I should do?

Best answer:

Answer by Austin
Move to Uganda. The only currency their is kidnapped kids.

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Consolidating Credit Card Debt?

Question by tekking25: Consolidating Credit Card Debt?
I’m 26 years old and I’m buried in credit card debt. I owe about $ 30,000. I just finished College and I’m leaving to the Air Force next week. I’ve been doing some research and I found a debt consolidating company that promised to reduced my credit card debt by 60%. They told me to stop paying my creditors and let my accounts go to deliquent status. Once in deliquent status, they will come and they will try to settle the accoutns at lower price. I have the following questions:
1) is this a good strategy?
2) How this will affect me in the long run?
3) Is there an alternative way?
4) Should I file for bankrupcy?

Thanks

Best answer:

Answer by Amanda J
I, personally, have never heard of willing allowing your credit cards/accounts to go in to delinqent status.
Several years ago I was thousands in debt and it consumed me. I was over the limit with 2 of my cards, creating the over the limit fee disaster. That, in turn caused me to have late fees, because I couldn’t pay the minimum, plus the over the limit fee. It was a MESS.
I went with Genesis Financial Management. I’m not soliciting anything here, but it really worked for me. I definitely wouldn’t file for bankruptcy if you can help it (obviously).
I would call a non-profit debt consolidation company (like the one I used) and see how much your monthly payments would come to.
If the monthly payment is more than you can handle and you can’t even STRETCH yourself to make that payment….than unfortunately bankruptcy may have to be an option for you.

JUST BE CAREFUL of some of these debt consolidation places. I have heard that some of them charge you astronomical fees. You don’t want that. You just need help.
I’m telling you, Genesis was awesome to me.
Hopefully they can help you!!!!!

GOOD LUCK!!!!

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what would you do if you were in credit card debt?

Question by Chunkerbutt: what would you do if you were in credit card debt?
If you were in 15000.00 credit card debt, and the c/c company would not lower your apr. would you talk with there hardship department or continue to pay? You have never been late in the 6+ years you have been with them…

would you do debt consolidation or settlement?
i already cut the cards up long ago, i never have gotten my nails done, dont have any extra expenses to cut out ie; coffee, smoking etc.. I basically work to pay the bills i have with only 30 bucks til next payday…

getting a second job isnt that easy these days…
yes i have a great credit rating.. and i am under 30– creditors have told me i am rare case and they usually dont see someone my age with that high of rating..

I am in this debt due to loss of job in 07/08 for my honey.. which i am sure there are plenty of people out there like me..
i was paying the payment protector but they told me i could benifiet from it since i have moved and could stop mim payments for up to four months and if i was to make payments on the card it woudl go straight to principle not interest.. so that was awesome but not a lot of help

Best answer:

Answer by CatDad
Credit card companies won’t settle unless you are drastically past due….at least 3 months or more. Not all creditors will settle if you go past due…rather, they’ll take you to court instead. Most do offer hardship programs…but only if you’ve fallen behind in your payments.

When you sign up with a debt consolidation firm, the program involves deliberately ceasing payments to all your creditors to force your accounts into default to attempt settlements for less. Your credit card companies will deliberately not be paid so that all the accounts will default/charge-off so that they can attempt settlements at around 50%. If you are current on your accounts, this process will ruin your credit rating. You can never predict how your creditors will respond to the deliberate defaulting of your accounts…they might settle at 50%…or they might serve you a summons, take you to court…and if they win, you could be looking at wage garnishment.

A better option may be to enter a debt management plan through a non profit credit counseling firm like CCCS. They can negotiate reduced payments and interest but NOT settlements. Contact your local Red Cross or use this site for a referral: http://www.nfcc.org If the CCCS does not work and you’ve exhausted all other means, then you should think about filing for Chapter 7
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How to payoff a credit card debt.?

Question by andrew: How to payoff a credit card debt.?
My wife has a $ 17,000 credit card debt. I had the idea to switch it to another card with no balance transfer fee and 0% interest for 1 year but we ended up putting another $ 2.000 on it. How can we pay this off faster and save as much as possible on a monthly basis? We thought of calling a credit counseling place but don’t want it to disturb our credit. Any logical ideas?

Best answer:

Answer by anonimitie
Ol’ Reliable: Stop charging to it and pay it off.

Make a budget and stick to it. Buy what you need and forsake what you want. With nineteen grand of debt, hopefully you have some nice things to occupy yourself while you’re paying down your balance.

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Current american credit card debt?

Question by AndySunshine: Current american credit card debt?
Hey does anyone know how much credit card debt America is in as of 2008?

Also including a credible website would be nice

Thank you all so much! :D

Best answer:

Answer by Navy Lifter
Americans currently owe about $ 951.7 billion total in debt. While common statistics report that the average American owes $ 8,000 credit card debt; it isn’t entirely accurate. Most Americans actually owe nothing in credit card debt. Only about 1 in 20 households actually carries $ 8,000 or more in credit card debt. The actual average cc debt per household is under $ 2,000.

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