| Young man...in debt...needs help.. |
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Christoph44
First Time Poster
Cash: $ 0.25
Posts: 1
Joined: 09 Apr 2007
Location: Fairfax, Virginia
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| Young man...in debt...needs help.. |
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Hey all, im brand new to this forum. I was hoping to come here and get some good advice on what to do. Here is my story:
Im 21 years old, and i still live at home. (luckily, otherwise id be in more debt). This time last year i bought a car (Mustang)...i was ripped off, of course. I paid $9000 for it, KBB value was $7000. I then got a job making lots of money, being 20 at the time and loving to spend money...i spent spent spent, and got a credit card and spent spent spent. My credit card is maxed out, and I also have three other loans. I have three loans, an auto loan for my car ($9000)..a personal loan for another vehicle i was dumb enough to buy and then return ($4000)...and another personal loan for my college ($700). Along with that, like i said i have a credit card ($6000). Altogether im in about $20,000 of debt...at the age of 21...kinda unfortunate. Like all people in debt, im stressed and down over it...i pay the minimum every month because that is all i can afford. I am currently with Navy Federal Credit Union, they are good to do loans with...i tried getting a consolidation loan earlier today, but im sure it will be declined because im late on credit card payments and other stuff. Im real worried that my credit is gonna be real poor soon, or my car may get reposessed. I see many sites advertising debt relief or debt consolidation but i dont know if they are trustworthy. I am only 21, i have no home ownership (i also pay no rent), so i also have little or no credit to show...basically meaning, not many places will lend me money whether it be for consolidation purposes or needing money for other reasons.
What can i do? Do u know any good companies or sites i can go to for debt consolidation? Or any advice at all?
Thanks.
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Mon Apr 09, 2007 2:30 pm |
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oldguy
Senior Member
Cash: $ 751.85
Posts: 3656
Joined: 21 May 2006
Location: arizona
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quote:
What can i do? Do u know any good companies or sites i can go to for debt consolidation? Or any advice at all?
You are misunderstanding something. Debt consolidation is simply another name for a loan - the last thing that you need is another loan. Why not get a better job, and then put in some overtime, and just payoff the loans? That $20,000 is nothing when you are living for free - it's about 6 months pay for an average wage earner. Unemployment is at an all-time low, everyone has the Help Wanted sign out, grab another job & do it.
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Mon Apr 09, 2007 6:32 pm |
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Kiaser
Senior Member
Cash: $ 43.05
Posts: 209
Joined: 12 Apr 2006
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1) Make more money and pay off the loans
2) Stop being an idiot and making bad decisions and wasting your money
3) Read every single post in these forums and soak in all the information so you'll know how to handle finances.
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Mon Apr 09, 2007 11:44 pm |
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No-Brainer
Senior Member
Cash: $ 83.45
Posts: 986
Joined: 29 Dec 2005
Location: Oregon USA
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You're still about $10,000 under where my son was when he had the same revelation that he was doing it all wrong. He got a third job, sold his fancy car and picked up an old junker for cash and in 7 months had his $30,000 debt down to a managable payment. It can be done!
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Tue Apr 10, 2007 12:20 pm |
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