College Student Credit Card Debt

I am currently a junior in college and I desperately used credit cards to pay off college since financial aid didn't cover it all so now I owe around 4,000 in debt. What is the best thing for me to do, since all of the accounts are closed, is there a college student credit card debt consolidation loan or?

This happens all the time to college students, credit card companies prey on people just like yourself. I don't recommend debt consolidation. It can back fire and make things worse for you.

Don't ruin your credit score by ignoring the problem. Whatever you do don't be late on any of your payments. Maybe you can pick up a part time job to pay it off. I do credit repair for a living, and you do have other options. If you respond maybe I can help you with this issue. I need more information. Best of luck

2008-06-04 03:00:16 by JJ1231

Sanyika Calloway Boyce's appearance on "In the Loop with iVillage"

So this is the deal...
I have four credit cards...all which are past due two payments. I owe a little under 4000 all together. I work for the school district and i won't be receiving a check until the end of September. Now I'm being filled to collections. What should I do? I have no idea how I'm going to pay them down. Any recommendations ndations?

Whatever you do, don't ever file bankruptcy for $4,000. I don't care how broke a person is, that is not the move you want to do.

Be familiar with:
The Fair Debt Collection Practices Act (FDCPA)
http://www.expertlaw.com/library/consume r/fair_debt_collection.html

I would prob get a free consult from an attorney who has collection experience for advice, since collectors are aggressive, and persuasive. You have to know the law and your rights. Their job is to say or do anything to get you to pay. U.S. federal law is very specific on what they can and cannot do or say.

Credit Counseling is another alternative who can assist you in negotiations and payment plans. Look for a non-profit company. Ask about their costs and fees, and what do they do for you. Get is all in writing.

Search Credit Counseling Agencies Approved Pursuant to 11 U.S.C. § 111 (US Dept of Justice official site)
http://www.usdoj.gov/ust/eo/bapcpa/ccde/ cc_approved.htm

example:
http://www.nfcc.org/

Get it handled.
Stop using the cards. Cut them up.
Use cash or debit card for all purchases.
Evaluate your lifestyle. Cut back on excesses, and services you can downgrade to less expensive service for now.

Good Luck!

2008-09-02 12:35:01 by Kyle S

Price: $14.95

Hi, I am currently a college student and sole provider for myself. Once college started, so did my parents and my own financial troubles. Ever since then I have been using my credit to buy things. Well I did not have the greatest paying job and it eventually started to add up. I managed to accumulate slightly over $10,000 in credit card debt and I was wondering how I could go about consolidating it. I currently have a great paying job that makes $12,000 on paper, I am a server so add about $2,600 in tips. How can I make that amount of money and not have it paid off?... Well my parents in a last ditch effort to save their own credit have stamped on a $332 a month car payment for me to pay, on top of credit cards that have interest rates over 20%, I am at a stand still. I make minimum payments and try to scrounge for more, but it's tough. I have never been more than 30 days late on any payment, my interest rates rose because most of the time (embarassing to admit my flakiness) I forget the exact date it is due. Which caused my interest rates to rise. So my final question is, how can a college student consolidate her $10,000 worth of credit card debt?
Also I don't have the option of opening a balance transfer credit card and I have gotten my spending under control. All my cards are cut up so I don't use them. I am living bare bones here and have the money to get my self out of the hole but the interest is killing me.

I feel very bad for you as this is a common problem with young college students like yourself. Credit card companies are the scum of the earth. Credit card companies hang out at college campuses and give out credit cards like candy. Just like drug dealers, they know that onces you are hooked they got you for life and although it's not true in your case the credit card companies know that when a college student racks up thousands of dollars in credit card debt they know that their parents will more than likely bail them out

Your question is unclear. You say a great paying job at 12,000. Is that 12,000 per year, per month, per week? If you are just making the minimum payments then it will take you a very long time to pay off the debt. The reason is because of the interest. Because of what's called the usary law which is a law that says credit card companies can't charge more than 29.99% interst but heres the trick they are charging you a lot more than that and I'll show you the true amount of interest you are paying

Let's say your interest rate is 19% APY which means annual percentage yeild but here's the slight of hand, the credit card doesn't apply inerest every year, they do it every month. So here's how you figure your true interest rate. Take the minimun payment and divide that into the finance charge. So let's say your minimum payment is 100 and the finance charge is 83.33. What do you get 83.33% interest. Also notice the credit cards don't call that interest they call it finance charge. Why? Because of the usary law. So ieven if you are doubling up on your payments you are still not getting anywhere. If you pay 200 per month then your interest rate is still over 40%. These rates would make a loan shark blush and loan sharking is illegal. However these companies can do this and get away with it

This is the reason you are not getting anywhere. My advice to you would be take whatever savings you got and put that toward the debt. Sell whatever you have extra around your place. If you've got gold or jewelery then sell that and put it towards your debt. Do whatever you have to do to pay that debt off then go to a cash lifestyle. My opinoins are that you should only take on debt for a college tutiion, buyying a home and perhaps a car. Everything else should be cash

People spend less money when you pay with cash. But when you put it on your credit card it's not as painful and you spend more money. If you buy something for a hundred bucks and if you physcially have to take that out of your wallet it hurts a bit, but when you put it on the plastic it's not as bad and the companies know this. They have brainwashed the youth today making them think they need credit. It's like playing with snakes

2010-02-02 02:12:04 by Meshell

Price: $9.99

I have about 3,000$ in credit card debt and I am a student in college and I cannot pay off all of this while working very little in college. I can't get any loans either even with my parents cosign because they have bad credit. I am stuck in a very bad situation and i called both collection agencies and they want 100$ each for a payment plan and I can't afford that. I need help, what are the options for a 20 year old with bad credit to be able to pay this off?

Pay what you can each month. They can't do anything if you are making some kind of payment. Don't let is stress you. This is such a common problem with college students because the banks love taking advantage of you!!! Hang in there. It will get better.

2008-08-01 14:05:39 by JJ1231

I want to pay it off, but I am working to just support myself right now. I am a full time graduate student. I don't want to file bankruptcy. please help.

I would not recommend that you get a payday loan...That only makes things worse! So please don't do that.

If you are going to cover debt by debt. It would be good to consolidate. But you should becareful with consolidation companies. At this age you need to let banruptcy be your last resort. If it is just credit card debt, there is a way out.

Transfer you balances is a thing to do, if you can get approved for a card that is high enough. But, get rid of all but one of your credit card. Let that be for emergency only..

Do you have a local bank... Talk to them about a consolidation loan, tell them what you want to do. In many cases, they can help you. If you credit score is high enough you should not have any problems getting your debt consolidated.


If you don't have a local bank, you mention that you are a student. You can get student loan like Citibank for additional funds. Since it would be classified as a student loan, your principal payments could possibly be put off until you graduate or atlest for a few years. You will probably have to pay interest.

But you are not totally out the clear, you have to pay to cover your cost. Sorry but life is not free and everyday we rack up a bill just by living. So you are going to have to get a job if you don't have one to pay this debt. You do not want to have horrible credit in times like these so do what ever you can to prevent it.

www.tawanastegall.com/tawanasaid

2008-09-22 07:06:45 by paywhenihaveajob