Help with debt?

Question

i work and i have 3 credit cars 2 pay for and an overdraft. i have had them for 4 years now and i can only afford 2 pay the minimum payments so they never seem 2 go down, i work as much as i can and i dont realy go out or spend money as i dont have it 2 spend. i live with my parents. i need 2 get them paid off as soon as i can as i have an oppurtunity to travel in february so i need 2 get them paid asap. i owe about 1500-2000. any ideas please help, im 23 and need 2 get out of this mess!

Answer 1

If you can not work any more, then it looks like the Travel opertunity is out.  You have been living beyond your means for 4 years now, and want a quick fix to a 4 year problems.

You could try going to your Bank and getting a consolidation loan (only from your Bank not other lenders)  Try to get the rate lower than your cards.  But it will take longer than 7 months to clean up the mess.

Answer 2

I think it's clear that you are living beyond your means.  Your thought should be to clear the debt and then to build savings - not clear the debt just to ring it back up again.

What are your expenses? You are living with your parents, so you are (most likely) living for free, right?

Answer 3

If you find it difficult to manage your debts then you can go for a debt consolidation company. They would negotiate with your creditors after negotiating will provide you with a debt management plan on the basis of your income, debts an total situation. Thus you would only have to pay single payment in a month.

Here is the debt consolidation company named http://ezconsolidation.com for your reference.

Answer 4

How much do you put down?  You may need a better job or another job.

What about putting all of your credit card debt onto a new credit card that has 0% interest for a year.  That way you can make payments that go after the principle not just interest or overdraft.  Be wary though after the year is up at no interest these cards tend to sky rocket to 26% or more which is twice to three times as high as normal credit cards.  

You also need to look at how you are spending your money.  By living with you parents you should be able to save.  I dont think that travel should be your main focus but rather paying off your debt.  You could get a part time job serving tables  and put all of that money from that job into you debt.  Talk to your parents about doing extra work around the house so that you can make money.  People dont realize that even 10 or 20 bucks sent to your credit card debt is good.  I dont wait until the end of the month to pay.  I pay whenever i have the money so that I will not be tempted into spending it on something i dont need.  

Good luck.

And if you get a credit card to put your other debt on get one that has rewards for mileage so that way when you transfer your debt you willl have a lot of mile already for that trip NEXT year when you are debt free.   By paying off your debt you could get a free plane ticket.....