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Need advice about debt / bad credit

Discussion in 'All other topics' started by Navi89, Apr 16, 2007.

  1. Navi89

    Navi89 Member

    Apr 2, 2007
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    Hi, I'm 22, and I have about 10-15k in debt. Mainly credit card debt. How do I go about fixing this? Some people tell me to just wait 7 years and it goes away. Other people are saying this is not true. Others say declare bankruptcy, and I will admit, that does sound kinda scary, I'm only 22, I don't want a bankruptcy on my record. What do I do? I hear these debt collectors will settle for 30-40% of the debt after a few years of no payments being made, is this true? I really need some good advice and I'm not sure what to do or who to turn to. If you know something I don't I would really appreciate your help.
  2. Brendon64

    Brendon64 Member

    Apr 14, 2007
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    Hey Dude
    Now I live in New Zealand so our finiancial aspect will be a bit different but the principals are the same .
    I tell you all this from first hand experience I have been in debt for many years & I have been bankrupted

    DO NOT go bankrupt it really stuffs up your life your credit rating will be shot not just for the period of your bankruptsy but for many years after thus when you do have a family & want to buy that house for your wife & family it will be a no go banks do not like lending to bankruptees
    Dude the best advise I can give you is to seek professional advice.
    If you are working for wages get someone to help you set a budget & stick to it
    If you are self employed seek the advise of an accountant & even consider putting your business finiancially into the Accountants hand
    if you are a student then you would be wise to take a look at your situation maybe take a hyatis from your study for a year & work to pay this debt off
    now I do not mean to belittle the stress you are going through but your debt is not that great in the larger picture. you could easily pay that debt off in 1 year if you are disiplined.
    now here it comes the best advise you can EVER get:

    you need to change your resolve in your mind & heart from "I am in debt now therefore I will always be in debt & that is what I deserve "
    " this is a temporary situation & I CAN get out of it with some hard work & I AM worth more , I am worth having a good bank blance, I CAN achieve that"!

    Dude you can do it

    All the best
  3. gerry1

    gerry1 Guest

    There are plenty of national consumer credit counseling organizations all around the country and they can work wonders guy. Credit card companies don't want you to go bankrupt either so they work out some great deals with these organizations. Many of them will knock off the finance charges altogether. The credit counselors will contact the card companies and consolidate all the payments and charges into one payment and they'll work with you as to how much you can afford to pay with that one payment. Once you've started those payments, get yourself one of those rip-off credit cards with the high interest rates BUT DON'T USE IT except for an occasional low priced charge that you can pay IMMEDIATELY when the statement comes in without maintaining a balance ... this will help you reestablish your credit while paying off what you owe. These agencies really can work wonders and ultimately cut what you owe by thousands of dollars in interest and financing charges.
  4. mglez86

    mglez86 Guest

    that's the best one i heard, i was about to tell you the same thing, there are some organizations which do that, help people with debt, but... once you're out of it, pleeeease do not go into debt again, if you get a budget set, once you're done with your debt try and keep the budget, it is the best way for people to have good credit, to make wise decisions with their money and the budget is the way.

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