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Credits cards and loans....

Frequent Contributor

Credits cards and loans....

So I'm out of school now with 20K debt and minimum payment of ~$200 each month for my loan repayment and I have no job. I live at my parents right now, and they pay for shelter and food. I'm looking for a job and am scared once the grace period on my loans are over, I won't be able to pay ~$200 a month and all my credit cards will be closed...Help?! Thanks!

Message 1 of 11
10 REPLIES
Regular Contributor

Re: Credits cards and loans....

Is your 20k in debt on credit cards?  I'm confused why you are thinking your loan status will affect your credit cards...

AMEX True Earnings (14k) || Discover IT (10k) || Chase Sapphire Preferred (6k) || Chase Freedom (6k) || Citi ThankYou Preferred (6.3k) || GE CareCredit (4.9k) || Citi Double Cash (4.9k) || Sallie Mae (4k) || Best Buy (2k) || AMEX Blue Cash Everyday (2k) || Target REDcard (1.5k)
Message 2 of 11
Established Contributor

Re: Credits cards and loans....

Sounds like you will need to get a job ASAP - even if it isn't something you want to do long term.  So that may mean being a pizza delivery driver, working at a fast food restaurant, etc., while in your off time hitting the pavement putting in resumes face to face until you find a job that fits you.

Message 3 of 11
Frequent Contributor

Re: Credits cards and loans....

The loans are all school loans. No cc debt for me.. Does this info help any?

Message 4 of 11
Established Contributor

Re: Credits cards and loans....


subwaysandwich wrote:

The loans are all school loans. No cc debt for me.. Does this info help any?


They won't close your cards unless you quit using them.  Good job on no cc debt - keep it that way.  Take it from me that student loans can be a real pain.

Message 5 of 11
Frequent Contributor

Re: Credits cards and loans....

I think you should get a easy stress free job.  Work at a gamestop, subway, pizza maker, etc...

Message 6 of 11
Regular Contributor

Re: Credits cards and loans....

Like others have said, you need a source of income.  Even a part time job will help. 

Experian: 729 Equifax: 740 Transunion: 732
Capital One Mastercard: $0.4K, Capital One Quicksilver: $5K, Chase Southwest Premier: $7.5K, Amex Blue Cash Everyday: $24.9K, Discover It: $9.4K, Chase Sapphire Preferred: $16.9K, Citi Hilton HHonors Reserve: $7.7K, Arrival+ BarclayCard MC WE: $7.5K
Message 7 of 11
Frequent Contributor

Re: Credits cards and loans....

You can easilly maky over $500 monthly by working part time 2 days per week at a very easy job that pays minimum wage.

 

You are worrying about something that is not really a problem.

Message 8 of 11
Epic Contributor

Re: Credits cards and loans....


subwaysandwich wrote:

So I'm out of school now with 20K debt and minimum payment of ~$200 each month for my loan repayment and I have no job. I live at my parents right now, and they pay for shelter and food. I'm looking for a job and am scared once the grace period on my loans are over, I won't be able to pay ~$200 a month and all my credit cards will be closed...Help?! Thanks!


ALL your student loans you can get additional deferment, hardships, etc.... Do not default on them!!

 

Message 9 of 11
Frequent Contributor

Re: Credits cards and loans....


Creditaddict wrote:

subwaysandwich wrote:

So I'm out of school now with 20K debt and minimum payment of ~$200 each month for my loan repayment and I have no job. I live at my parents right now, and they pay for shelter and food. I'm looking for a job and am scared once the grace period on my loans are over, I won't be able to pay ~$200 a month and all my credit cards will be closed...Help?! Thanks!


ALL your student loans you can get additional deferment, hardships, etc.... Do not default on them!!

 


That's kinda what I meant haha. I think I saw a post where someone asked what if they fall behind on their student loans and if that happens, CCC will see it and close or take action on that person's accounts/cards

Message 10 of 11