21 and ashamed to be in debt

iVillage Member
Registered: 06-24-2008
21 and ashamed to be in debt
5
Wed, 06-25-2008 - 5:10pm

Hello,


I am a 21 year old student with 6k of credit card debt. I have one credit card, and thank God I do not have a student loan.

Avatar for cl_phocid
iVillage Member
Registered: 03-26-2003
Wed, 06-25-2008 - 5:52pm

Hello and welcome to the board.

All my best,
Danni

iVillage Member
Registered: 06-24-2008
Wed, 06-25-2008 - 7:59pm
Thank you for your support! I hope to make payments of no less than $400 per month. If I can keep that up it should not take more than a year to be debt free. I'm also planning on putting my next tax refund directly towards my balance. I try to tell myself that even though it's tough, if I can tackle this now, I'll be much less inclined to let myself get into debt in the future. Can anyone tell me: is 15.2% a lot of interest? I am not familiar with the average interest rates people are charged. I don't know if I should call and see if they'll lower it or not.
iVillage Member
Registered: 06-20-2008
Wed, 06-25-2008 - 8:28pm

Hi and Welcome!!!

First of all, welcome to the Support Group, I recently joined myself and have found great people and best of all a place to vent.

The good news is that you came to your senses. I'm in no place to give advice being that I am in a deeper hole. I just turned 26 and have over 50K between credit cards and school loans. The worst part is I still don't have my bachelors. One thing I can truly say is that no matter what, FINISH school and get YOUR Degree. I have been trying to go back to school, and finish mine, but its been very difficult. You've managed to go to school, without loans, keep up the good work. CUT up the credit card. Another piece of advice is to read the different threads here. I'm sure you'll find ways to save money.

I know its difficult to have friends who are better off, it might feel like the end of the world if you don't get to go out as much to party with them but in the long run, you'll be better off. That's something that I've come to realize, I still go out with my friends, but only once a week, instead of three or four times.

Best of luck, I know you'll be debt free in no time.

Mo's

iVillage Member
Registered: 03-17-2003
Wed, 06-25-2008 - 9:51pm

15.25% is fairly high.

iVillage Member
Registered: 07-12-2008
Sat, 07-12-2008 - 3:02am
Good for you that you have recognized you have a problem and that you are working towards a solution.
 

Steve