What is the best way to fix your credit card debt while in school?

Question

I am currently in school, and I cannot keep up with the payment and afford to pay for school and also transportation, and rent and all the other things life is being wonderful to me about...:)

Lol, is there anything I can do or any ideas you have for me, thank you.

Answer 1

I would suggest you cancel the credit card, and just pay the minimum amount due each month.  Or you can simply stop paying them, and let the bill goto collections, then once it appears on you're credit report, dispute it every month until they take it off you're report.

Answer 2

Chapter 13 bankruptcy if it's severe.  Better than a debt consolidation.

Another option is to borrow heavier on your federal financial aid and pay the credit cards down from it.  You're basically refinancing your debt, but the long-term savings is substantial.  This is a great option to BUILD credit.

Answer 3

Find work to bring in some extra cash to make the payment.

Go to a credit counselor and do a credit proposal.  This would allow you to make lower payments over time, and reduce the debt, but it can also affect your credit....meaning that if you are applying for student loans, you COULD be screwed for getting any in the future.  Also a proposal stays on your credit file for a long time...so, it's good, but bad.

A bankruptcy is another option but it will cripple you financially for SEVEN years.  No student loans, no credit cards, nothing.  It's the last option for many for just those reasons.  Too much to lose.

Best idea - talk to the credit card company and ask for a lower interest rate.  Don't tell them you're broke.  Tell them you're fed up with the high rate and want it down, or you will take your business elsewhere...because you can get a "whatever" rate (find out a lower one from another bank) from "whomever".  It should bring your payment down a touch.

Yup...you need to find a job!

Answer 4

dont spend that much money, only on things u need. get a part time job, after school, or babysitf or other kids, my sis gets paid 300 dollers for babysitting a month.

Answer 5

yes there are things you can do. first thing cut the card up! right now stop reading this and cut it up right now then come back and read the rest. if you can't keep up with the payments then why the h**l are you using it? second pay the debt off quick your interest rate is probably something like 20% with that card if so look into going to a bank and getting a personal loan your interest will be lower (saving you money and should give you a slightly lower monthly payment) if you can't just pay it off now with savings . third don't ever ever use a credit card unless without doing it you are completely screwed (i.e. trans blows up in you car (as long as your car is worth more than a new trans if not part it) in the middle of no where and without it being fixed you are left there to die. never ever ever! use a credit card unless you can pay it all off at the end of the month when the bill comes.

Answer 6

You'll have to start paying it off, there is no other way to go abou it.

Answer 7

GET A PART TIME JOB =)

Answer 8

Sell your car to pay off the credit card debit.