Too Much Debt None Of It Credit Cards

iVillage Member
Registered: 08-07-2008
Too Much Debt None Of It Credit Cards
8
Thu, 08-07-2008 - 1:00pm

I have read, enjoyed, and learned a great deal from the articles on the site. What is frustrating me is nothing tells you what to do if you have a large amount of debt, but none of it is credit cards - car loan, student loan, and medical bills. I have no problem telling collection agencies that I will not pay their collection fees. They bought the debt knowing that they might not get anything paid on it. I feel extremely guilty about not being able to pay my health care providers every penny and on time. My student loan is on deferment due to my health, but the interest is just capitalizing and putting me further & further in debt (original loan was $25000 but it is now over $80000 and growing). It has gotten to the point that I only access the internet from the public library, do not have cable/satellite TV, do not have a cell phone and only very basic local home phone service. I no longer talk to any of my friends, do not go out at all, have not dated in over 10 years (too embarrassed about my situation), and do not tithe to my church.


If there is anyone out there that can offer suggestions, I am open to them. I am trying to get into a debt relief agency, but I am working so many and such odd hours trying to make as much money as I can to pay my bills that we are having a hard time finding a time we can meet, even over the phone or internet. I am seeing someone to help deal with the depression. One more bill to add to the pile.


Also, one last gripe. The more bills I do get paid off the more creditors appear; sometimes with bills that have been off my credit reports for years. What can I do about these wonderful, terrific, life-sucking people?


Thank you so much for reading my ramblings. It made me feel a little bit better.

iVillage Member
Registered: 08-07-2008
Thu, 08-07-2008 - 1:30pm
You may be able to negotiate those debts.
iVillage Member
Registered: 11-17-2007
Thu, 08-07-2008 - 2:03pm

Have you talked to any credit counselor agency about your debt. Maybe they can come up with something that may help you with the bills. While you are at the library I would do some research about grants. If you

iVillage Member
Registered: 03-07-2005
Thu, 08-07-2008 - 2:11pm

She was telling people that if they looked like they were facing bankruptcy they should transfer as much student loans on to credit cards so that they could claim it on a bankruptcy. I don't believe this myself but I am passing it along That could be an answer for you too.


iVillage Member
Registered: 03-17-2003
Thu, 08-07-2008 - 7:20pm
A point of clarification about debt and bankruptcy.
iVillage Member
Registered: 04-24-2007
Thu, 08-07-2008 - 7:33pm

i just wanted to say that i watch suze orman all the time and i want to back her up on her views. one person called in to her show and had over 200k in student loans. suze advised her to roll it over or transfer it into her home loan because federal students loans cannot be declared in bankruptcy. i think she said this because the monthly payment on this loan were over 1k a month, which

Stephanie
iVillage Member
Registered: 04-24-2007
Sat, 08-09-2008 - 12:43pm

thanks carolyn, you said what i wanted to say perfectly. =)

Stephanie
Stephanie
iVillage Member
Registered: 08-07-2008
Mon, 08-25-2008 - 3:09am

Thank you for your response and suggestions. I am currently researching grants. My credit score is below 600 so credit cards are a little out of the question for now. Maybe if I can get some grants to get me out of the bottomless hole and then go the credit card route. I just don't know. It gets so overwhelming I become paralyzed. As for talking to a credit counseling group, I keep trying to work up the nerve to do that. I am just so embarrassed that it got to this point that I would really like to go hide in a cave somewhere.


Again, thank you for your support.

iVillage Member
Registered: 01-01-2008
Thu, 09-04-2008 - 2:54pm

Your story reminds me of a friend of mine who got $30,000 in student loans but the total has now grown to $84,000 thanks to capitalized interest.