Thread: Need Advice on Gettin out of Debt!

I'm almost 23 years old and a mother of two and already in debt. Probably because I'm still a college and went kinda overboard with credit cards. I have about 5 cards. All of them are maxed out and closed. Since I dont have a checking account anymore and no income at all. I cant pay my credit card bills. I'm almost $4000 in debt. Some of my collections have gotten sent to law firms to collect the money that i owe. Its gettin pretty stressful on me. Cant file bankruptcy and most credit card debt sites cant help me out cuz i have to have about $5000 to 20,000 in debt. So, does anyone have any advice on what should i do?

Wow, sounds like a tough road ahead for you, but not impossible. If you take things one step at a time, which always seems to be a good way to go, common sense would say you need income first and foremost, right?

Originally Posted by bernibaby86

I'm almost 23 years old and a mother of two and already in debt. Probably because I'm still a college and went kinda overboard with credit cards. I have about 5 cards. All of them are maxed out and closed. Since I dont have a checking account anymore and no income at all. I cant pay my credit card bills. I'm almost $4000 in debt. Some of my collections have gotten sent to law firms to collect the money that i owe. Its gettin pretty stressful on me. Cant file bankruptcy and most credit card debt sites cant help me out cuz i have to have about $5000 to 20,000 in debt. So, does anyone have any advice on what should i do?

Do not file for bankruptcy because of only $4000.00 is really is not that much at all!! I know it may seem like alot to you but it really is not. The best advice I can give you is get a job, any job. doesn't matter what it is or what it pays. Set aside 20% of your pay checks (if you can, if not go 10%) Then contact your collectors and set up settlement offers. You can settle your debt ON YOUR OWN (never pay a company for this!) Most will settle with at LEAST 40% off the balance, some will take three large payments to settle it if you don't have the amount up front.
You can also ask a family for some money, maybe 2k and try to settle all your debts for 2k or less then pay $100 a month to your family member for a year or two.

You are really not in that bad of shape, I know it seems like a lot but if you get it in you and get your spending in control and set a workable budget you really can do this and you can be debt free in a year or two.

ITA with not filing BK for this amount. DH did, because he had about $6000 in hospital bills, not realizing he could have filled out financial request to hospital to possibly have it waived by the hospital.

Only 2 more years till it comes off but it's severely hampering us.

Jen D.