Need advice

[Anonymous]

Hello all.  I am new to the forums and it looks like you people are here to help people out instead of advertise like most forums.  I have gotten myself into a sticky situation.  I graduated with my masters degree in December and started a new job shortly after.  Because I consolidated my undergraduate loans while interest rates were low, I had to start paying on that immediately (no grace period).  While I was in grad school I also racked up huge credit card debts (most of my cards are maxed out with a total of around $8k).  I will soon have to start paying on my graduate loans as well as they still had a 6 month grace period.  I get paid on the first and just did my budget and I don't even have enough money to cover what I will owe in rent, necessary expenses, and credit/loan payments.  I am 2-3 months behind on payments to a couple of cards and get daily calls from collections.  I don't know where to start and was hoping that you could point me in the right direction.  I have a good job and believe that within a couple of months I can be headed in the right direction, but I really don't know where to start.  Thanks in advance for all of your help. 

ty24

[Anonymous]

Talk to the loan companies-

If these were federal loans- they have programs based on income.
They will work with you either way.

[Tuscani]

Put your student loans in forbearence until you get on your feet.

[Anonymous]

Looks like the consensus is that i should see what I can do about holding off my student loans until I get on my feet.  Should I do nothing about the past due credit card payments?  I'm not sure i can get them totally caught up immediately.  It just depends on how long it takes to get the student loan stuff figured out.  I'm totally up to date on my loans, it's the credit cards that I'm most concerned about.  Do you think I need to contact a debt management agency?  I've heard that some state governments have places to help out with this kind of thing, but I'm not sure where to look to see if mine does.  I recently moved to Kansas from Missouri. 

[Anonymous]

call them - Send them something. This can prevent additional dings.

[Tuscani]

---

ty24 wrote:

Looks like the consensus is that i should see what I can do about holding off my student loans until I get on my feet.  Should I do nothing about the past due credit card payments?  I'm not sure i can get them totally caught up immediately.  It just depends on how long it takes to get the student loan stuff figured out.  I'm totally up to date on my loans, it's the credit cards that I'm most concerned about.  Do you think I need to contact a debt management agency?  I've heard that some state governments have places to help out with this kind of thing, but I'm not sure where to look to see if mine does.  I recently moved to Kansas from Missouri. 

---

I wouldn't recommend a debt management company just yet.. It sounds like putting the loans on forbearance will suffice.. try a GW letter for the existing late payments.

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&message.id=2661

[Anonymous]

ty24,

What ever you do, CALL your student loan company.  I made the mistake and didn't.  If only I knew then what I know now.  Maybe they can get it deferred for you for a couple months or longer so you can get caught up. Mine were also consolidated and once I finally picked up the phone to talk to them instead of ignoring them they were able to defer if long enough for me to get back on my feet! 

 Good Luck 

[Anonymous]

You're getting good advice, the easiest thing to manipulate are student loans (federal ones anyways), so you really should call them. 

Call the credit card companies ASAP as well.  If you wait until it goes too far into delinquency they'll start treating you like a second class citizen.  A couple months late, your soul can still be saved.

Pick up that phone!