Financial question(credit card debt)

[panther4life]

Need some advice please. I am 26 years old and have managed to rack up over 20k in credit card debt. My work is straight commision (I sell cars) and although i consider myslef pretty good at it, I am not consistenly making enough to keep on making the minimum payments. I have done good in the past, think i chipped off over 10k at one point but now I'm in too deep I think because of all of my other bills that really cant be reduced.

Dont wanna file for bankruptcy, dont even have the money it would cost to do it.

For the first time ever I am seriously contemplating just writing them all off and taking the beating on my credit for the next 7 years or whatever it takes. Credit Counseling(debt settlement companies)sound like a great option but they still seemingly hurt your credit as much as if I didnt pay them at all anymore.

My only fear is of getting sued and having my wages levied.

WTF should I do???

[88 Bronco]

Need some advice please. I am 26 years old and have managed to rack up over 20k in credit card debt. My work is straight commision (I sell cars) and although i consider myslef pretty good at it, I am not consistenly making enough to keep on making the minimum payments. I have done good in the past, think i chipped off over 10k at one point but now I'm in too deep I think because of all of my other bills that really cant be reduced.

Dont wanna file for bankruptcy, dont even have the money it would cost to do it.

For the first time ever I am seriously contemplating just writing them all off and taking the beating on my credit for the next 7 years or whatever it takes. Credit Counseling(debt settlement companies)sound like a great option but they still seemingly hurt your credit as much as if I didnt pay them at all anymore.

My only fear is of getting sued and having my wages levied.

WTF should I do???

Call your creditors and explain your situtation. They may lower your interest rates which can help you save your credit

[panther4life]

Call your creditors and explain your situtation. They may lower your interest rates which can help you save your credit

The debt is spread out over 5 companies and I would need them all to cave. Still an option, just wanted to see if you guys could offer me some more options or talk me out of what i'm considering

[AKPantherFan]

Well for one- you need to cut up your credit cards....(or do like me and lock them in a safe- so they are not in your wallet every time you see something you dont have cash for)

You need to sit down and figure up your finances and WHAT YOU NEED to live on. Give yourself a little bit of cash and then focus the rest on paying off your debt.

How many credit cards do you have?

I dug myself out of over 13k in debt (medical bills for me)

you need to call them 1st thing and let them know about your situation. Being as up front as possible will benefit you the most.

I wouldn’t consider the credit debt companies unless its a last resort- i think if you make that move your credit gets killed anyways.

All you can do right now is

A. --get another or a different job (something that would suck, but your credit is more important)

B. Call them and work with them- better yet they WILL work with you. iF YOU DONT LIKE WHAT YOU HEAR, hang up and call back to speak to someone different

C. CUT UP your cards- as long as you have them, you will be tempted to use them considering your financial state.

D. Cut your spending.. Its time to set yourself a budget and live on it.

It needs to be the "how much do i need to make it to the next paycheck" type budget. Then take the rest to pay off your bills.

JUST CHIP AWAY AT IT MAN!!!!! It takes time, but you will be able to do it.

If you default and let the CC companies kill your credit then you are screwed for 7 years, you can have this paid off in 1/2 that time.

Hard work pays off- just don’t give up...

For what its worth- have have 98$ on my credit card and my car, truck, and snowmobile is paid off.

It just takes sacrifice- but the piece of mind is worth it.

AK

[88 Bronco]

The debt is spread out over 5 companies and I would need them all to cave. Still an option, just wanted to see if you guys could offer me some more options or talk me out of what i'm considering

Credit is a very important thing and you shouldn't be laissez faire about it. The worst thing about debt consolidation is the either people wind up in the same place in a couple of years or the company takes them for one hell of a ride.

Do you have time for a second job, even if it's something like stocking shelves? Using that income to solely pay down you debt would be a wise decision. I know everyone says theres no jobs out there, but I always see a different cashier at the grocery store.

[jasonluckydog]

In the state of SC they cant garnish your wages just harass you ..You need to go on a program this guy is da poo

You follow his program and you will be debt free

http://www.daveramsey.com/

[Ja Rhule]

Take a phone book and look for some elder people names. Call them and tell them you're their grandson. Explain exactly what happened and tell them you need money fast. I heard it works.

But seriously, you need to get a second job if you want payoff your debt. Work weekends and nights. That can be extra $800 a month. I know its hard and life is precious but you fug up and now you reap what you saw. Start looking for a second job.

PS: You can go back to college and get a college loan to payoff your credit card. I heard some people do that.

[PanthersFanNY]

How did you get yourself in so much credit card debt?

I agree with others, though. A second job seems like a necessity for you at this point.

[88 Bronco]

And stop making the minimum payment. Pay a little extra on time. Late fees get tacked on to the debt so you have to be on time or you will be stuck in this rut for a long time.

[panther4life]

Well the 2nd job thing cant happen. I sell cars that means i work a poo ton of hours as it is

Breakdown of my bills

House(rent)1,000...expensive but I gotta keep it for my dog(he's got dog door and back yard which are a must considering the hours I work)

Car payment $400/month

Car Insurance $150/month

Gas,Water,Power,Direct tv, Cell phone, internet...roughly $400/month

Minimum Payments on credit cards, roughly $550

Gas to work $200/month

Then I have to eat and most of the time cuz of my erratic work schedule I'm eating fast food or something of that nature.

Then when you think about all the other b.s such as haircuts,toilet paper, paper towels, dog food and on and on and on.

How I got to where I'm at. When I was 18 I wanted outta my parents house badly,I enjoyed being 21-23, racking up bartabs, knowing what day i'd make better money than what i was at the time (pharmacy tech making 10/hour back then)also did some 0 percent poo on plasma t.v a few years ago, paid for christmas gifts 6 outta the past 8 years on credit cards.

Now I can make anywhere from as low as 2k a month and as much as 8-9k month. More often that now I will probably be between 4k and 5500 month before taxes.

I am single now and dont have any extra money to enjoy my youth and I'm afraid its passing me by. All the way up until I got into the car business I live a wild and fun life, which i dont regret..but now i' m a first class citzen, work my ass off and have no free time or free money. Theres my life now, wtf happened

[88 Bronco]

Cut out (or throttle back) the bills you don't need right now. No DirecTV or a cheaper package, cheaper cellphone plan, cheaper car payment or something better on gas, leftovers in a lunchbox are cheaper than fastfood but so is a sandwich.

[jasonluckydog]

What 88 Bronco said sell the car even at a loss and buy a fishing car get rid of everything

Think about a cheaper place like a studio sweet they can run 150-200 week includes everything internet/kitchen.phone/hk etc.

[panther4life]

What 88 Bronco said sell the car even at a loss and buy a fishing car get rid of everything

Think about a cheaper place like a studio sweet they can run 150-200 week includes everything internet/kitchen.phone/hk etc.

screw the studio, i've got a dog

[88 Bronco]

http://www.carolinahuddle.com/forum/the-lounge/34296-landscaping.html

Here you go