 | 
01-13-2005, 04:37 AM
| | Junior Member | | Join Date: Jan 2005
Posts: 7
| | | Student with credit card debt
I live in Oregon. I am 24 and work full time and go to school full time. In the span of about 2 years I accumulated about $12,000 of credit card debt trying to support my boyfriend and I. I make a steady $32,000/year right now, have some tuition to pay, and signed up with a debt management program 1 year ago. My monthly payments are about $300, so at that rate I think it's going to take about 4 years to get rid of the debt. I own a used car, worth about $3000 max, but don't own a house or anything else. (I also have $11,000 in student loans, but those are manageable.) I have 1 cell phone bill in collections, but I started with Debt Reduction Services when I was current with my credit card payments, so only 1 item in collections.
I am trying to go to graduate school in 1 year, so I am at a point now where it would be best for me to be at zero since I'm looking at more student loans and tuition payments.
Would I be better off just filing bankruptcy and getting rid of my credit card debt?.....since I've already learned my lesson and will never get another credit card again.
Last edited by katieWA; 01-13-2005 at 05:48 AM.
|
01-13-2005, 07:19 PM
| | Senior Member | | Join Date: Oct 2004 Location: Phoenix, AZ.
Posts: 3,076
| | | Why don't you get rid of the Boyfriend as well? Sounds like he helped you get into this mess...
__________________
Tenant Advocate
"Alaska landlord" has been permanently banned for providing inaccurate, misleading & potentially dangerous advice. Any of AL's previous posts should be heavily verified by a competent Real Estate Attorney. Quote:
Originally Posted by Number21  Alaska landlord, please don't reply further to my thread, you'll just turn it into another pissing match. | Quote:
Originally Posted by Alaska landlord As tenants, you have no credibility. | Quote:
Originally Posted by Alaska landlord The landlord should not only be allowed to turn off the water, but he should also be allowed to throw OP into the street. | |
01-13-2005, 09:38 PM
| | Junior Member | | Join Date: Jan 2005
Posts: 7
| | | You can join the choir of people in my life who think the boyfriend should go. And you're all RIGHT! My heart just needs to catch up with my head. |
01-14-2005, 08:24 AM
| | Junior Member | | Join Date: Dec 2004
Posts: 28
| | | In my opinion, I beleive you need to get rid of the BF and then try to work through paying the debt if it will only take 4 years. However, it may be best to find an attorney that does free consultations and discuss your situation specifically with him/her. That is your best bet....
I just wante dto give you a word of caution though. About four years ago I was in almost the exact situation as you. I kep the boyfriend around for another 2 years befoer I finally wised up and let go as much as it hurt. Now, because I waited so long, I have $30,000 in credit card debt (it adds up quick!) plus about $30,000 in student loans. I make about $43,000 a year and am drowning in debt...paying almost $700 or more a month in CC bills...plus another $240 for student loans. Now I have no choice but to file bankruptcy as credit counseling can only free up about $40 a month for me and will take 7 years to py off. My advice is talk to a lawyer to find out what is best for your situation, get rid of the boyfriend, and move forward with life...your young now and don't want to wait until it is too late. |
01-15-2005, 04:53 AM
| | Junior Member | | Join Date: Jan 2005
Posts: 7
| | | Thanks for the advice. I probably won't keep the boyfriend around, but at least he isn't getting me more in debt anymore. |
01-15-2005, 08:15 AM
| | Senior Member | | Join Date: Feb 2002 Location: Nashville,TN
Posts: 15,706
| | | 4 years to pay off with the DMP ??? Well.. what's the difference, you're already paying the equivalent of a Ch 13, you just don't have the benefit of the automatic stay !! I'd also be willing to bet that it takes more than 4 years for you to pay it off.
If you want to be debt free.. file for bankruptcy, otherwise you'll end up struggling again when you tack on even more in student loans.
__________________
"Knowledge is Power - use it as you see fit !
I am not a lawyer or a member of the legal profession. My advice is based on research and experience, my own and others, some who practice law. You decide for yourself what actions you do or do not take from my advice.
| |
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests) | | | | Thread Tools | | | | Display Modes | Rate This Thread |  Linear Mode | | 
Posting Rules
| You may not post new threads You may not post replies You may not post attachments You may not edit your posts
HTML code is Off | | | |
All times are GMT -5. The time now is 10:14 AM.
