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Didn't Dave Ramsey go bankrupt/default? Hasn't Donald Trump or his company? And countless other people that you guys probably get your panties wet to just thinking about.
I am shocked at the ignorance of the people in this thread.
They elect people to vote for bailouts to banks and auto companies on THEIR behalf, which is theft. No two ways about it. But when their is some joe schmo from nowheresville thats had a hard life and is now finally in debt, lets ridicule him and show him no compassion!
Isn't there any bigger fish out their to fry then little old me?
It's like they say, the reason Hitler, Mao, etc were successful is because of the "sheeple" , the small guys like some of you who control the less fortunate among us. You guys need a change of attitude.
Typical immature kid, trying to talk your way out of paying your debts. I suppose that, when a policeman stops you for speeding, you give him a long story about how many other people speed.
Call or google a reputable Credit Counseling Service ASAP. They will take the information from all your credit cards and do the negotiations for you. They will get your accounts capped so they don't accumulate any more interest and set a monthly payment that you mail to them and they distribute to your creditors. You won't get any phone calls. If things improve, you can send them more money and pay off these debts faster.
It still impacts your credit rating, BUT, if you pay as promised not as much as paying late or defaulting. It actually shows POSITIVELY if you pay as promised (know from experience).
We were all young and stupid, sometimes even old and stupid. Don't just default... it's extremely costly and will hang over your head for untold number of years.
I have been where the OP has been....FIRST..Get a job...any job for the time being...Once that job is secure..Then get a second job.... I know working 2 jobs can be tiresome....but trust me...the more $$ you pay down on the debt...the quicker you will rid of it.... I Know..I was there. I had $13,000 worth of debt racked up....and I worked 2 jobs for 2 years and paid it off...Also was able to sock some away in savings...But you have to want to do it......
I have been where the OP has been....FIRST..Get a job...any job for the time being...Once that job is secure..Then get a second job.... I know working 2 jobs can be tiresome....but trust me...the more $$ you pay down on the debt...the quicker you will rid of it.... I Know..I was there. I had $13,000 worth of debt racked up....and I worked 2 jobs for 2 years and paid it off...Also was able to sock some away in savings...But you have to want to do it......
Exactly.
You're in your 20s and willing and able (?)... you can get yourself out of this hole. No need for anyone to bail you out.
Well, it happened. After 23 years of my life being debt free, I racked up like 15,000 in credit card debt before the age of 25.
I am unemployed, and don't know when I'll have a job or how little it will pay. I'm sure half of my paycheck each month will go towards rent, and the other half towards food. So I won't have the ability to pay back the debt, like ever. Unless inflation really kicks in big time.
I have still made minimum payments to all like 8 of my credit cards. Never had a late payment, but I am almost broke now and no job.
What are my options?
Should I just say screw it and not even pay minimum payments anymore?
What is the worst that could happen to me for not making any payments to any of them again?
Correct me if I'm wrong but what I think would happen is that -
1. I'd not be able to get any new credit for at least 5 years.
2. I may not get hired for a job if they only hire people with good to great credit.
3. Get a lot of annoying letters and phone calls.
4. I may get sued.
What would happen if I got sued? From what I understand they might be able to take money from a bank account if I have any money in one? Or they might be able to take so much from my paycheck each time? But if I make so little, will they even be able to take anything from a paycheck? Is there a max % in the US that they could take from each paycheck? Like 25% or 40%?
Any other consequences?
Edit : I forgot an Important detail. I'm only expecting to make like 20-28 thousand a year once I get a job. So this isn't a small amount of debt for me like it might be for others.
You can not negotiate with them until you default on the payments. Most of them won't entertain this unless you default.
Unless they freeze your interest rate or substantially get it down ( 5% or less ), I'd just stop making payments. Otherwise, you might not even be able to pay the monthly interest rate on it.
People who say this "should be an easy fix" are completely clueless.
Out of th 28 posts above me not one person has told the OP to CUT UP THE CREDIT CARDS so you don't add to the debt !! At any rate, I think this is a phony post and as mentioned, the OP was just looking to see what people would say. Anybody with an attitude that they are a victim of an "Immoral" society has a problem.
Anybody with an attitude that they are a victim of an "Immoral" society has a problem.
What? From what I've read he doesn't mention being a victim. He just is comparing the hypocrisy of how the government and corporations are above the law, when the little people have to follow them or else.
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