21 yr old needs advice!!

iVillage Member
Registered: 04-13-2009
21 yr old needs advice!!
23
Mon, 04-13-2009 - 10:43am

Hey everyone... I need some advice.


I'm a 21 year old full-time student. I also have a full-time job and bring home about $540 home every two weeks. I just ended a relationship with a guy who helped me run up near $10,000 in credit card debt. I accept full responsibility for letting it happen, I just want to get out of it now. I've moved back home with my parents, and my bills, etc. are as follows:


$100/ mo. to my Mom for past debts (owe her $400)


$100/ mo. in gas (commute to and from school and work)


$150/ mo. Wellsfargo CC


$30/ mo. to Chase Visa


$30/ mo. to another Chase Visa


$30/ mo. to Discover Card


$90/ mo. to cell phone


$50/ mo. misc. (cat food, my snacks, etc.)


EDIT: $25/mo. goes into a savings account


I do my best to pay more than the minimum payment on my credit cards. Now that I don't have a power bill or house payment or even have to pay for food, I feel like I'm in a better position to pay this off.


What do you suggest? I admit that after coming out of this relationship I took some extra money to "spoil" myself because I felt that I deserve it. I am over that now and just want to SPOIL myself by getting the heck out of debt.


 

-Kels

 

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iVillage Member
Registered: 07-02-2008
Mon, 04-13-2009 - 10:52am

Welcome!


I am sorry you are in this mess but glad you are able to move back home for a while and tackle debt repayment! Do you want to list your c/c balances and interest payments?


This might help w/advice because if you have a c/c that has a $1000 balance with 29% interest - I would say tackle that first. If you have one that you owe $6,600 and 3% interest - you are in ok shape for now - I would tackle one with higher interest. Or a low low balance to just get one out of the way.


After this month you will have your mom paid off in 3 months. Then you will have another $100 to put towards debt. This is great !


Stick around - others might have better advice.

iVillage Member
Registered: 04-13-2009
Mon, 04-13-2009 - 11:15am

(moved above)




Edited 4/13/2009 11:38 am ET by kelsmovingforward

 

-Kels

 

iVillage Member
Registered: 07-02-2008
Mon, 04-13-2009 - 11:24am

Thanks for the additional info. In this case I would target chase card #2. It has a lower balance and hopefully you can tackle that one faster. Once you are done paying off your mom throw the extra $100 plus your minimum payment plus any extra onto that card.


As long as Discover doesn't charge you interest you are good there. But keep paying minimums on all other cards of course.


I personally feel a sense of accomplishment when I pay off a bill so I like to target smaller bills that might go away. Gives me a sense of feeling smart.


Others might have different advice. You can do this!!!

iVillage Member
Registered: 01-25-2009
Mon, 04-13-2009 - 11:32am

You are going to laugh at this since you are only 21, but start saving for retirement, now.

iVillage Member
Registered: 04-13-2009
Mon, 04-13-2009 - 11:35am

Thank you! I feel better and I need the encouragement big time.


I feel really overwhelmed because I have been trying to pay off my Wellsfargo first (biggest balance and interest) but I feel like it's a never-ending battle and I think you're right-- I think I will pay off my Chase #2 first. I can do this in a few months and then I'll feel so much better (I hope!).


 

-Kels

 

iVillage Member
Registered: 04-13-2009
Mon, 04-13-2009 - 11:40am

Hello,


Thanks for your input. I actually do have a 401k through my employer! I agree, this is a very good idea.

 

-Kels

 

iVillage Member
Registered: 07-02-2008
Mon, 04-13-2009 - 11:46am

You live near/close to family, right? (obviously if you are going to live with your mom - DUH to my question.)


I would say LEAVE THE C/C AT HOME. I have a husband and two small kids. I am often with my small kids solo. I haven't had a c/c in my posession since July. Can't say I have had an emergency yet where I needed one. Nope. Nothing.


If you carry it - you give yourself potential to use it. That's just my two cents. Others don't like that idea.

iVillage Member
Registered: 04-13-2009
Mon, 04-13-2009 - 12:19pm

Yup, as of March 7th I've been living with my parents. I guess you are right-- worst case, I could call my parents to come get me out of a mess (car problems, whatnot).


I wouldn't say my problem was ever compulsive spending-- it was my ex boyfriend pressuring me and me trusting he'd help me pay it all off. Foolish girl! After 4 years of his BS, you'd think I would have let myself realize he is a liar : )

 

-Kels

 

iVillage Member
Registered: 01-25-2009
Mon, 04-13-2009 - 12:29pm

You are doing GREAT realizing what was happening when now, do give yourself some credit (no pun intended)!

iVillage Member
Registered: 04-13-2009
Mon, 04-13-2009 - 12:53pm

Thank you! I do feel good that I got out of the situation... it could have been worse! I just feel like it's a big deal being only 21 and having this debt over my head. It's overwhelming because I graduate in December and then the student loans will be rolling in.


I enjoy the encouragement!! : )

 

-Kels

 

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