Question by Mallie.K: Scared College Student in debt?
I made the mistake of getting involved with credit cards and have run up 1500 in toatal on thee different cards. I am hoping to get a full time summer job and once i start work payments will not be an issue and when i go back to school i have 2000 in work study. I need to get the payments down and the fees down but i dont seem to qualify for anything because I am “not in enough debt”. I just need someone to help me. I am so scared and have creied myself to sleep for weeks. I am a responsible person but I lost my father and my mother has breast cancer and didn’t want to ask for money to go eat with friends or for school supplies so I got a credit card. I just need somone to help and tell me there is a way out of this
Best answer:
Answer by racemoid
The best thing you can do is straight up go to work, even if you have to cut a couple of classes out of your semester to do so. A steady income will help keep your finances in line.
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Do your very best to make payments on time. Pay off the card with the highest interest tate first. Then work on the next one. If you are offered another deal with no or the lowest interest of any of the cards, just be aware that they charge a transfer fee based on how much you transfer. GL and save your money so you can use cash from now on.
You are starting to play a very addicting and dangerous gamble. What you just need to do is not go by the due dates of these balances, but when ever you have $ 10 here and there, put it in. Be responsible enough to turn down going out or that latte to pay for your bills. And what I did when I found my debt was too much to handle was to put a stop to everything, even my credit cards – by all means, do not cancel them out – this only makes it worse. Call up the credit card retention department and see if they’ll work with you – tell them you’re a student and they might lower your apr. But from now on, start looking for side jobs – babysitting, whatever, because getting caught up in debt is not a way to start off your career when you finally get out of college. Consolidation needs about $ 10,000.00, but any negotiation they do, you can do with credit card companies, so it’s time for you to really take care of this before it gets worse.
I been in a similar place in that I didn’t have parents or someone to help me out with anything. I’ve been in debt and it sucks.
The sad truth is that you need a job that will pay you overtime or pretty well this summer. Work on getting a job like it’s a full-time job. Then work as much as you can if you can get overtime.
Pick one card to pay first. Usually the lowest balance or the highest interest rate should go first.
You should reduce your expenses as much as possible. Use the library as much as you can for your texts if possible. Eating and drinking with friends may need to be reduced significantly.
You may need to cut back a class and take a part-time job in town where you are going to college. Work study pays only minimum wage and only 10 hours weekly. That may not be enough for you to pay all your bills.
You’ll be okay if you make the hard decisions. Your friends, if they are decent people, will respect you for it. You’ll likely meet people in similar or worse circumstances than your own while working.
Meet with your financial aid office and talk to them about your options with cutting back a class or going off work-study for semester and then going back on. Discuss this with your academic advisor as well. Don’t go into this alone. You may be surprized.
Self discipline is part of the game of growing up.