Credit card Debt assistance

[codimom]

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@YoungJay18 wrote:

well to be honest i owe 861 on this the others are personal which i have to pay as well this started of in november of 2012

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be honest... this is a good start.  Lying to ourselves about our debt load is how many of us got into the debt/credit hole in the first place. Lets dig you out.

It might be helpful to those of  us here on the board and yourself to make a list of the debt, with amount /payment/ interest rate.

you don't have to describe what it is, just label them with A, B, C for the personal ones.  then if you can give some idea of your other expenses and your income.

at 19, being over limit on the one card you have, I don't believe anyone will extend more credit to you, so the best plan of attack is to map out a repayment plan.

You may be living on ramen noodles and mac and cheese for a while.... but make a plan, and execute the plan, and you will see some progress.

[E150GT]

Just pay it down. Youre first reaction to debt is to go get another loan? I see the benefit to that only if you have stopped the reason that you are in debt. Otherwise youll have the old debt and now new debt.

[YoungJay18]

i have completly stoped everything i was wasting money on

[YoungJay18]

Capital one 861

Paypal Bill me Later 510 Apt 19.99%

my own parents $600 - this can wait till when ever

[ChesterPDexter]

I would say:  Do everything you can to get the Capital One card under the limit so they don't add fees for being over.  Then make steady payments as large as you can to that card and to the Bill Me Later until those are both paid off.  (maybe pay one off before the other to get rid of it so it's out of the way.)

Then worry about your parents last of all, like you said.  They don't charge interest (I assume) and they don't appear on your credit report.

[YoungJay18]

yea i guess so and im glad they dont ive got a job ill just have to look inot a better one and solve this issuie 

[LionLaw]

You definitely came to the right place for advice; most of us on here have had to figure out at least some aspects of money management the hard way.

$2000 seems like a scary amount of money when you're 19, but if you make a plan and stick to it, you should be OK.

For this example, I'll you have/can get a job with a take-home pay rate of $8 an hour; you can adjust that up or down as necessary. In that case, $2000 is equal to 250 hours of work. That's 4 months at 16 hours a week. With interest accruing on the Cap One and the Bill Me Later account, it will end up taking a little longer than that. But even if you've already got a pretty full schedule, you should be able to find time on nights or weekends to work at least another 16 hours a week. If you have more time to devote to working off this debt, you can obviously pay it off even faster.

There are other ways you can pay down portions of this debt even faster. I'm guessing at least some of that $2000 went towards buying crap you don't need. You can recover a good chunk of the money you spent by putting stuff up on craigslist or ebay.

Once you've got income devoted to paying down these loans, devote everything you can to paying the Cap One down first, while keeping up with the monthly payments on the Bill Me Later account.

Hang in there, and you'll come through this just fine. Plus you'll be all the wiser for the experience, and less likely to get in over your head again.

[YoungJay18]

i currently have a part time at 7.25 a hr for now im currently looking for another so hopefully all this will help and i havent bought anything stupid im glad i didnt if not id be even worse

[ceemee2203]

Don't forget to NOT stop paying. Even if you can't pay more than the minimum, you don't want to add multiple lates on top of everything.

2k is not an insurmountable debt, even at 19.

Right now, you should have two priorities :

1. Pay down debt
2. Get a better paying job.

Once you do two, you'll find one is much easier.

Are you in school? Are you able to pick up more hours at work?

[LionLaw]

OK. Are you in school part time/full time? Do you have any other constraints on your time? Also, do you have any regular expenses?