I cant find a job and my debt keeps getting bigger... serious help only... please...?

Question

I've been a cashier at stop and shop for four long years.. and i only make 8.65 and hour... i'm in a lot of debt too (long story... kinda personal so i wont explain it, but its about 5000) i feel like i'm in this HUGE whole and i just cant get out. my pay check every week is about 150-180, not much at all. i put about 100 bucks a week on a bill, not much of a dent. i'm trying SO hard to find another job and i just cant, i applied to about 15 other retail jobs hoping that my experience will help me... and so far nothing. i'm still in school, just a community college either going for general studies or baking... i'm 23, sometimes i just want to go to a trade school and get something in 6 months and get a job. i dont know what to do.. any advice is wanted.. anything at all... thank you...

Answer 1

The following are the recommended sites for you to earn more easy money legally which can make you clear your debts faster and provide you easy life.

Answer 2

The secret to your problem is quite simple.

Firstly you need to write down every item that you must buy and pay for each week and the cost of this item. Total this up. If the total is more than the net income you earn then you are in serious trouble.

You will need to look carefully at your list and see if there is anything there that you can do without, if there is then scratch it off. You will need to be ruthless when doing this. Now once you have got your expenses down  below your income earned, that means you are able to save the difference. Do not buy anything that is not on your list. Your  saving is the amount you will use to reduce your debt.

Obviously, this saving amount must be more than the interest rate being charged on your outstanding debt, otherwise you are again in serious trouble.

You say that you are at present paying $100.00 per week off the debt. How much of this amount is interest and how much is going towards reducing the debt? What is the interest rate being charged on the debt? Are you able to refinance the debt with somebody else at a lower rate of interest with repayments still of $100.00 per week. ?

Just as a matter of interest, if you took out a personal loan for $5000 at an interest rate of 8% pa over 12 months your monthly repayments would be $434.94 ( just about what you are paying right now). In twelve months you are debt free.  

If you tookout a $5000 personal loan at 8% pa over 24 months the monthly repayment amount is only $226.14 ( much less than the amount you are paying at present) and you are debt free in two years.  

You must try to refinance your debt.

The link below will take you to a site where you can work out the monthly repayments for any amount of you borrow at whatever rate of interest you will be paying and for whatever term.

Answer 3

You're certainly trying. I suggest you keep on trying and hope something does pop up. You don't describe your living arrangement. Can you live with your parents? Can you take on a roommate or move in with somebody else? Maybe you need to put school and the cost of it on the back burner until you get this debt behind you. It would also allow you more time for work. Good luck to you.