letting 3k go to collections?..

[Anonymous514]

Hi so I have 2796$ of debt on my Nasa Fcu card if I don't pay it and let it go to collections Will my other cards get closed to? Chase Freedom Unlimited. Discover. Wells Fargo Amex. Wal-Mart MasterCard PayPal extras? I am going to college in August and I just got my full-time status at work taken away and I can't afford to save for my dorm deposit and colleg supplies and pay that debt. And I will have no job because I'm moving to the college in August and quitting my job. I wanna say if I get fired though Nasa will cancel my debt per the insurance?

[Anonymous]

Hi, please don't do that. If you are going to college call them and let them know you are going to be a FT student and see if you can do a repayment plan. I used to be in college and I have student loans; therefore the money owed back to me I would use to pay off CC debit. Why not do that? Putting that 3K into collections can hunt you and you already have good credit already. Most of us on this forums (including myself) had made stupid decisions when we are younger and do yourself a favor and do not make the same mistakes as we did. Sorry to be so harsh but it's the truth. 

[ojefferyo]

$3k in debt is not alot of money, call them and work out a payment plan. Letting it go into collection will almost certainly cause AA in most of your accounts. 

[Anonymous]

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@bigalkescott514 wrote:

Hi so I have 2796$ of debt on my Nasa Fcu card if I don't pay it and let it go to collections Will my other cards get closed to? Chase Freedom Unlimited. Discover. Wells Fargo Amex. Wal-Mart MasterCard PayPal extras? I am going to college in August and I just got my full-time status at work taken away and I can't afford to save for my dorm deposit and colleg supplies and pay that debt. And I will have no job because I'm moving to the college in August and quitting my job. I wanna say if I get fired though Nasa will cancel my debt per the insurance?

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What insurance are you talking about - can you give more detail?

If you are talking about credit card insurance, that makes minimum payments on your credit card in the event that you lose your job. It in no way pays for your entire debt - plus those types of policies are usually difficult to claim.

[Anonymous]

Please refrain from doing that. Building a good credit history is really hard and collection stays in your credit history for 7 years. I understand it's easy to say not do it, but if you can avoid it, it will be really really good!!  Do you know if any one of your existing cards are offering 0% apr balance transfer, so that you can atleast avoid mounting debt and pay minimum until you get back to good standing in your financial situation? Also try to avoid accumulating more debt on other credit cards for sometime. We all are been there, so we know, how it feels. Just be strong, think out of the box, you will definitely find a way! Just stay positive! I am sure other experts would give you better suggestions, so wait, stay away  from the word called 'collection'! Best of luck for your studies!!

[CreditMagic7]

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@ojefferyo wrote:

$3k in debt is not alot of money, call them and work out a payment plan. Letting it go into collection will almost certainly cause AA in most of your accounts. 

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^THIS!!

They are a Credit Union which unlike the major bank lenders very well can work with you in forming some sort of a restructure on that current debt/balance but if at all possible please avoid letting it go to collections.

I found CU's are very accommadating and kind of specialize in working out different terms especially when you find yourself in a pinch. Don't ignore them but get in touch as suggested above and EXPLAIN your issue.

Best of luck in getting this worked out to your favor.

[Anonymous514]

It is hard staying positive I can pay atleast 2k by then so I will only owe about 796 by August if I can get by until taxes! Thank you all!!!!!!!!!!

[ojefferyo]

Best bet is to call them, we can't set up any payment arrangements on their behalf. I'm sure they are VERY willing to work with you. 

[Anonymous]

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@bigalkescott514 wrote:

It is hard staying positive I can pay atleast 2k by then so I will only owe about 796 by August if I can get by until taxes! Thank you all!!!!!!!!!!

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CALL THEM! 

[Loquat]

If you're not going to college until August...why not pick up another part time job now...or 2 additional part time jobs if you can?  Don't let this ruin your credit...it's not worth it...and even a few hours a week at a local grocery store or even Walmart would help.