I'm 19 and I have debt problems - what can I do to hold off until I finish college?

Question

I have about $6000 in debt already... most of it is Car, Tuition, or other college expense related... I am barely able to squeak by on minimum payments, however I just got a speeding ticket, which tipped the balance... I have 2 more years left of college (I finished High School 2 years early)...

I make a meager $15,000 per year off of my little part time job - My parents can't help me and I don't have any relatives in the country...

I have 4 credit lines open - all of them are maxed out... I haven't missed a payment yet...

Is there any kind of debt consolidation loan, or something I can do to ease this financial pain?

What is funny is I still keep getting credit card offers in the mail...

Answer 1

i found this website online and also heard this organization mentioned on the today show..so i think they are reputable..with debt consolidation you should be able to consolidate or get ur payments reduced..sometimes the agency can get the companys to lower ur interest rates..there is stuff they can do and ur smart to try and work it out now..b4 u get in deeper...check them out and good luck!

Answer 2

from my understanding debt consolidation is not a way out of debt. it jus combine your bills all in one monthly payment. and you must pay it on time just like you do yout credit cards. there is not a way that ,i know of ,where you can not pay for a while unless you want  bad credit. just stay with your payments you have now and just tough it out. if you stop payments on your bills you will mess up your credit and you do not want that!

Answer 3

Well, you could go to your bank and ask for a loan, but the problem is that you probably don't have any collateral.  If you have nothing they can hold the loan against, it will be much more difficult to find a loan.

However, if you can get a student loan to cover your tuition and college expenses, payments on those are deferred until AFTER you graduate.  But you still may need a co-signer.  Especially since your credit score may not be that great.  I say that because if all of  your credit lines are maxed out and you've probably only had credit for a year or so considering your age, then you haven't had a long credit history.  I could be wrong, but your score probably isn't very high.

If none of those options work, you could try to get a credit card with  0% interest on balance transfers.  The downside is that you will still have to make monthly payments.  The upside is that you will be able to consolidate your bills, not pay any interest and it should lower your monthly payments.  Find a card with at least 12 months at the 0% interest rate.  When that runs out, you will need to transfer to another card if you want to still get 0% interest.  You could continue to do that until you pay off the entire amount.

Stay in school!

Answer 4

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Answer 5

You can't borrow your way out of debt. You need to concentrate on getting your spending down, increasing your income, and paying off your debt. It sounds like you can't afford to be in school. You need to take a break. This will save you the cost of tuition, plus you could work full time and really start to pay off the debt. Once you are debt free, it would be a good time to go back to school. Just don't dig yourself into a hole again.

Answer 6

Yes you can get a debt consolidation loan. But if your credit score is low then i would advice a debt management plan rather than a debt consolidation loan. As that would get you high interest rate and you would add to your debts nothing else. But if  you credit score id good you can go for it.

A debt management plan is a plan wherein your debt counselors based upon  your debt amount and income provide you with an affordable debt management plan whereby you have to pay only single monthly payment.

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

Answer 7

based on your condition,I believe you should find something useful here.http://carloan.onlineidea.info/free-car-...

Answer 8

easier said than done but maybe a better paying part-time job. or some other supplement to your income.   the payments wont' go away as long as you want to maintain a decent credit rating.  and it'll cost you more if you fall behind.  i'm sure you're squeezing every penny already but you'd be surprised the extent some go to get by.  i'm not telling you to live on bread and water or ramen noodles until your bills are paid off, but  really just finding creative ways to cut back expenses as much as possible.