mickddp
First Time Poster
Cash: $ 0.50
Posts: 1
Joined: 22 Aug 2005
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| I need some advice |
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Hi, i am 19 years old and currenty in debt about 8600 bucks. After i graduated highschool i recieved an offer for a credit card so i took it. Turns out the credit limit was for 7500. Turns out i was not ready to handle that kind of moeny because within 5 months i was saying to myself "how could i get myself into this." And that was 7 months ago and nothing has changed i pay my bills on time every month but i was just wondering if there is some advice someone can give me.
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Mon Aug 22, 2005 3:15 am |
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sayyes
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Joined: 02 Jul 2005
Location: Newport, RI
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Well, the only advice I think we can give you is: "pay off that card"!
You mention that you pay your bills every month, are you paying the minimum payment on your credit card, or are you paying more? If you're only making the minimum payments it will take you forever to pay it off. Try to pay as much on that debt as you can. It doesn't make sense to have money in a savings account earning 1% interest when you're paying 15% on your debt.
If you can't make more than the minimum payments, you might want to think about contacting a debt consolidation company. There is a bunch of information about how to handle debt here:
http://www.ManageYourDollars.net/ReduceDebt
Hope this helps!
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Mon Aug 22, 2005 12:41 pm |
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joep34
New Member
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Joined: 08 Jun 2005
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| get rid of debt |
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Hey mickddp, Sayyes is right on when he says pay off that credit card. It doesnt seem like you are getting into any further debt so what I would do in the meantime is stop putting as much money into savings if you are and put that money towards this debt. Although its important to have savings, you also dont want this debt to continue on longer than needed. So pay more to the credit card minimum and get rid of it asap. If you are struggling, try contacting a personal credit counselor who can give you furher feedback, and they are just there to listen, thats it. http://www.incharge.org. Worked for me, hope you get out and stay out!
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Mon Aug 22, 2005 4:00 pm |
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creditlovers
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Joined: 23 Aug 2005
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My advice is the same. Pay off the credit card. Do not pay the minimum, pay a little more every month. Don't be late on any payments.
if you are late on a payment, they will charge you late fees and may report to the credit agencies.
New personal finance forum at http://talk.creditlovers.com. Please visit and sign up. I will answer your questions!
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Tue Aug 23, 2005 4:52 pm |
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Lambert
Contributing Member
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Joined: 29 Aug 2005
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| Re: I need some advice |
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quote:
Originally posted by mickddp
Hi, i am 19 years old and currenty in debt about 8600 bucks. After i graduated highschool i recieved an offer for a credit card so i took it. Turns out the credit limit was for 7500. Turns out i was not ready to handle that kind of moeny because within 5 months i was saying to myself "how could i get myself into this." And that was 7 months ago and nothing has changed i pay my bills on time every month but i was just wondering if there is some advice someone can give me.
You've been given some pretty good advice. In the grand scheme of things $8 grand is not a lot of debt. but when you don't make much it can seem like a 1 ton ball and chain.
Several things that have not been mentioned, what bills are you paying?
Phone? cable? cellphone? internet? Car insurance?
All of these can be cancelled or downgraded to a cheaper payment. If you're going to the movies, eating out, etc, i know how much fun that stuff is, and it's never fun to be the broke friend, but if you seriously want to get rid of this debt, then I say crack down on the expenses and get it paid off ASAP. You don't want to be 25 and still have this same debt hanging around. Take the lumps now and get out of debt. Then stay away from credit cards in the future. You'll be the happier for it, trust me.
marC
Because the Law of Gravity Doesn't Apply to Credit Card Balances!
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Mon Aug 29, 2005 8:07 pm |
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superinvestor
Member
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Joined: 27 Aug 2005
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If you read all the forums where people talk about their problems w/ credit cards it seems it worse than drugs: a ton of people are having a hard time paying ot off and it's hard to keep away from it  
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Wed Aug 31, 2005 3:09 pm |
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