College student needs help working out his credit card debt (REALLY BADLY). Anyone out there?

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College student needs help working out his credit card debt (REALLY BADLY). Anyone out there?

with no job, getting a loan is not an option either - not much you can do if you're not working - just write to each of them and tell them when you get done with school , you'll be able to start repaying again - in the meantime though, they will probably jack your int rate up to 30% and keep accruing interest, so the debt is going to increase - most likely they will send it to collection agency and you'll have them hounding you on the phone for years

College student needs help working out his credit card debt (REALLY BADLY). Anyone out there?

The loan is not a good idea, you are adding more debt.

I would have suggested you take a balance transfer but since your credit is already damaged, i doubt you can get another card.

I also doubt you can get a loan.

DO NOT contact the credit card company and tell them your situation. Immediately you will be defaulted and required to pay everything in whole.

Best option is to approach one of those credit help facilities so that they can negotiate a lower interest and a manageable payment plan.

College student needs help working out his credit card debt (REALLY BADLY). Anyone out there?

Yeah, that is stupid. Well, the first thing you should do is contact the collection agencies. Try to work out a settlement with them by explaining your situation. Show them you made a mistake and are willing to repay what you can. Negotiate a repayment plan with them, more than than likely it is going to be monthly payments that are going to add up to less than what you originally owed. Next, whatever current credit you do have, make sure you are on top of it. Pay on time! Don't apply for new credit often because that hurts your credit score. Try to keep your credit balances to less than or equal 60% of your credit limit. You don't want to show that you max out your credit cards all the time. You are going to have to be patient. It is going to take a while before your credit is back on track.

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College student needs help working out his credit card debt (REALLY BADLY). Anyone out there?

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