first time posting-desperately need hope
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first time posting-desperately need hope
| Wed, 01-28-2009 - 5:17pm |
I am a 22 year old senior in college. I have about 30,000 in credit card debt. I have been paying minimum payments for around 2 years and nothing has changed...I'm basically just paying interest. My minimum monthly payments all together adds up to around $700. I made a stupid mistake when I was around 19 and helped a boyfriend with legal fees, living costs and I myself was completely irresponsible with the credit cards. For some reason I thought I would be able to pay minimum payments and after college have a job where I could start paying the balance off. Now that I'm about to graduate, I am panicking about what I am going to do because I don't have a job lined up and since my parents helped pay my rent through college I will have that added expense.
I don't know what to do...I hear about how people are able to pay the principle but I don't see how that is possible when my interest rates are so high. I feel like I am the only person my age with this amount of debt. I am embarrassed and terrified and I don't like telling anyone about my situation because they always panic like me. I don't want to tell my parents or ask them for help because I am ashamed and I want to take care of the debt on my own since it was my stupid behavior that caused it.
I've tried looking into debt consolidation or debt counselors but I don't trust any of them- it scares me and I don't want things to get worse. I am beginning to lose hope and feel completely helpless- I feel like my whole life is completely out of control. Thank you for reading and if you have any advice PLEASE tell me!!!
I don't know what to do...I hear about how people are able to pay the principle but I don't see how that is possible when my interest rates are so high. I feel like I am the only person my age with this amount of debt. I am embarrassed and terrified and I don't like telling anyone about my situation because they always panic like me. I don't want to tell my parents or ask them for help because I am ashamed and I want to take care of the debt on my own since it was my stupid behavior that caused it.
I've tried looking into debt consolidation or debt counselors but I don't trust any of them- it scares me and I don't want things to get worse. I am beginning to lose hope and feel completely helpless- I feel like my whole life is completely out of control. Thank you for reading and if you have any advice PLEASE tell me!!!

New today too. Have had debt since college, also, but graduated 8 years ago :(
Sorry you have this stress, congratulations on graduating!
We are using Novadebt. Can't really recommend them yet because still waiting for everything to go through. It seems good, but like you, I am skeptical. Everything will be confirmed for us on Monday, but here is what they have predicted for us:
-negotiate better terms with cc
- one monthly payment for all debt which will be much lower than all minimums added
- small monthly fee for their services
- debt-free in 4.5 years
People have also recommended the Dave Ramsey plan. Maybe you want to check out those for options and I am sure other people can be more helpful than a newbie like me. Good luck!
As for a job you may have to get something that is not in your field but will pay bills.
Sharon