Hello, here's my debt story..(nightmare)
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|Mon, 05-05-2003 - 10:30pm|
I'm new to the boards and happened to stummble upon them while searching for debt management websites. My story might be a little different from many here on the boards because I am single, childless, & I don't own a house (or have a mortage). The bulk of my debt is comes from credit cards, a car loan and the major "debt" is a result of student loans. The c/c debt is high- $15,000 -but it is on two cards which I am not paying interest on, it will accrue in 6 months if the cards aren't paid off. My tactic has been to open up new credit cards and transfer the balances. I can't do this forever. I plan on paying one c/c off this summer and about $8,000 and transfer the rest. So far this has worked for me. The car loan I've got one more year. Very bad decision to buy a new car when there is a student loan hanging overhead.
And my biggest problem is the student loan for several reasons: The first is I not only sunk $35,000 into a career I am both unhappy with and currently unemployed at. But the worst of it is that no matter how much money I pay back the interest rate is compounding daily. I must have paid back over $9,000 and only managed to whittle it down to $33,000. That's after 5 years of paying these loans. I even went ahead and consolidated my loans w/a gov't program to lower the interest rate. I am in deferrement (the gov't pays a certain amount of interest for me) because I am jobless going on 6 months. I can't collect unemployment because I was self-employed so I'm dipping into my (small, but life saving)- life savings to make ends meet.
The whole situation is depressing me and I feel the weight of the world on my shoulders. I recently went for a job interview and was turned down. The thing is I have a master's and two bacchelor degrees which is supposedly a key to success. I am trying to keep my spirits up but it is so difficult. I'm trying to make a viable plan to turn things around so that I can get out from under the red. But it is hard to think I can't make a dent in the loans. Well, that's my story. Or at least the beginning of it. I hope I can find some encouraging words here and I hope to be able to offer the same as we manage and then become totally free of all finanical debt. It is possible right? :-)