I need help! =[ I'm in debt?

Question

So recently(about 3 months ago) I graduated and received about $1500.00 in graduation money which I put into my bank account. I also got a credit card to establish some sort of credit with. Well, needless to say, knowing that I had that money, I went out and blew ALL of it on stupid things I didn't need. Now I am in debt by almost $400.00. I am too scared to ask my mom for money and tell her what happened. I want to get a job, but I am moving away and going to school full time, and I don't want work to add onto my schooling. How can I obtain money to pay this off, without possibly getting a job for now. If it comes down to it, I definitely will, trust me! So what should I do? =/

Answer 1

Some options:

1) try to get an extension on student loans - most colleges will allow you to submit a request for necessities and tack it onto your loans.  You will have to pay it back eventually, but it can buy you come time if your school will do it.

2) Get a part time job. I assume you are attending university - try to get a work-study job that will allow you to work on campus - and try to get in the library or computer lab if possible.

3) Depending upon your skills and abilities, there are other jobs that pay better than min. wage.  While I will not recommend stripping :), being a waitress on weekends in more affluent communities can pay really well. Also, you could see about working evenings/weekends in care homes (like half-way houses) for the elderly or disabled. Many communities have them and the pay is normally 1.5 - 2x's minimum wage - and if you can score the night turn (11 - 7am) then you have to do only basic work and have time to study.

4) Accept what you did as a mistake and learn from it. Make a plan and stick to it.  It would also be a good idea, at this point, to leave that card with them - it can be too tempting at times to use it.

5) In the mean time, create a bank account that has online access so you can setup automatic payments.  Set your credit card to do automatic payments (via an online interface)  and just make sure you have the money in the account.  There would be not point in having the card to establish credit if you miss a couple payments and end up with a credit score lower than you started with.

Good luck.  I finished college almost 2 years ago - left with over $25k in credit card debt and $30k in student loans. Through a tough budget i have the student loans down to $20k and the credit cards down to about $18k.  Once you get debt, it is nearly impossible to get rid of it and it snow balls worse and worse. Do yourself a favor and use cash for everything.  Only put on the card what you can pay for (and it is good practice to pay for it as soon as you put it on the card). Try not to carry any balances over here on out - you will regret it if you do because it is soo hard to catch up and get out of debt once you fall in.

Answer 2

400 isn't bad. Sell some of the "stupid" things you bought. Or get a part time job, lots of people survive part time jobs while going to school.

And learn a lesson from this, credit cards are evil.

Answer 3

$400 can be paid off in a month with a part-time minimum wage job.  Get some work, cover your own debt, and leave your folks out of it.  You'll be proud of yourself and that counts for a lot.

Answer 4

Get a job. Cut up the credit card. You have to take responsibility for your own actions. Work=Money. There's no magic wand that will fix your promlems. Read "The Total Money Makeover" by Dave Ramsey. It will change your life and you will be so grateful that you only made a $400 mistake. BTW, lots of people work while they go to school.