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Is anyone else in Debt like I am?

Darvon1982

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I have a $20,000 school loan bill and about $20,000 in credit card bills and I'm about to be 27 in February.

Is anyone else in as bad shape as me? (And I don't own a home). This thread is to just kinda of say to myself... "Hey, I'm not the only one!"
 
At least you can smile at all the nice things you must own hehe :cheeky:
 
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Nope, I don't have debt. If I get a steady job this year then I think I'll buy a home, I'm renting now. And I'll try to get my mom to buy us a newer car, she has the cash for it now but I don't know for how long.
 
I have student loans to pay off but that's it. I don't have to pay those off until I finish studying and get full-time work. It doesn't really worry me.
 
I only have my student loan as well :yes: I dont tend to think about it because it just gets deducted from my pay each fortnight.

I don't use my credit card except for emergencies and then I pay it off as soon as I can. (I hate spending money that isn't mine or isn't really there, or I know I wont be able to repay). I'm really bad with money and budgeting so because I know I am I put limits on myself.
 
I have the student loan debt too. At the moment I think it's around £7,000 - £8,000, probably more, but will get to around £18,000 or so I think. But I don't have to pay it off until i start earning over a certain amount every year which is cool.

I also have a £400 overdraft used up. but it's interest free....haha. oh dear!
 
no. never used credit cards because of what happens. didnt go to uni/college so no ridiculous loans that cant be paid back because theres no decent jobs. live at home so no real outgoings except for my car and save pretty much everything i earn
 
10 yrs ago I had about $9,000 in credit card debt related to cross country move and other things. I started getting those new credit card offers that had 0% interest for a full year if you transferred other credit card balances to the new one.

I started taking advantage of this 0% interest method, and now 10 yrs later I have absolutely no credit card debt, everything completely paid off (except for my home and car). And as I would take advantage of each new offer, I'd close the other accts. And, it's perfectly legal, having discussed it each time I opened a new acct just to make sure.

Now I only keep 2 major credit cards in case of emergency, like furnace or AC going out, etc. But, I also requested a lowering of available credit on those 2 cards.

Surprisingly, when you apply for a home loan, the more credit you have available the worse it looks to the loan company. Theory explained to me by home loan officer was that the potential to get deeply in credit card dept could cause problems in paying your mortgage, something I never thought about.
 
my mother explained to me that its also not good to close your credit cards tho b/c then it looks like you can't pay them or something... she's not the first to tell me that but i really don't get it..

i have too many credit cards at this point and often think i need to close some BUT when you do close them you have to be CERTAIN that you close them. I closed my dell account and they sent me a letter thanking me and saying it was closed... checked my credit report 2 years later: it's still open!
 
I don't wanna sound bitchy but some of you guys need to stop with all those credit cards!! Seriously, the figures some of you posted is shocking.
 
lol there's 2 ppl that have stated their cc debt... and it's really easy to get into that much debt.... the interest on cards just skyrockets and its a very slippery slope

ESPECIALLY for college students b/c guess what its EXPENSIVE to go to college and (at least in the US) you HAVE to have at least a bachelor's degree to get a job that will allow you to live outside of poverty.

when i was in undergrad my credit cards were what i needed to use to buy my books and any expense i had outside of room n board which i had paid for. i racked up a bill over 4 yrs let me tell u and i paid it off... now i'm back in school and i get a 4,000/semester living allowance... that includes rent, food, books, supplies, etc. i went over that allowance by 200 bucks n it turned into 600 real quick w/interest...

i praise anyone that is able to live off of 4,000 for 6 months but its not me... and i will be in debt when i'm done... but my education will make it worth it

i believe it'll be about 180,000 in student loans...
 
Ladies & Gents...

Back in 2003 to 2005 I invested into a local 25 year old family pub, grille, catering resturaunt business making aproximately 1.2 million a year...

I had been working with this company for 15 years, working from the bottom all the way up into management...the family and I became close (truly thought they genuinely cared about Pam, I and our families), all the employees, and sister Pam was at one point engaged to the son.

Needless to say...after everyone was there with their hands out, major gambeling issues, decite, disrespect, lies and even more lies...

To make a very looong story short...

Before it was all said and done family owners of this business had me personally liable for aproximately $80,000 even though I had legal binding Promissory Notes signed by both parties. Almost had me arrested with the Federal Bankrupcy Judge for fraud. (Good Grief what a mess)

At last update, the owners of this business are being sought by the US Bankrucy Court, IRS, and State Attorney General for back taxes in the thousands, fraud, identy theft and so forth. The abusive husband is hiding in Bankok, the wife is hiding out in Florida somewhere, and the half sister opened a shot & a beer joint.

They have lost their commercial building, land, the business, popularity, reputation that was at one time held in the highest regard for the best food, atmoshere, and service in the county. Everyone who was anyone hired us to get the job done.

I am happy to report since 2005 sister Pam & I are financially and emotionally recovering from this nightmare...

Pam is married to a wonder, beautiful man Jay, they have an a business called Jays Electric. Among other electrical jobs, they take care of all the electrical for Pet Smarts across the United States. Pam's daughter Kati is working on her nursing degree (wants to be a pediactric doctor) They live in the country, have a wonderful home, and at current count have 2 Roti's (Roxy & Ava, 2 schitzues ( Cloe & Chewy), a barn cat Morgan (really a house cat), and lots of resident deer, and birds that Pam takes care of.

As for me, I am working on my undergrad in Law, work alot, always tryin to help people, and I am not too far in debt. I have not had health insurance since Dec 2005, one credit card (for emergencies), student loan (s), and my car will be paid off in about 10 months.

Therefore, the moral of this story...

"Everything in life in moderation, whenever you make a business deal, allow others to utilize your credit ect. (no matter who it is) ALWAYS maintain a paper trail."

At the end of the day: You may just need it one day to CYA (Cover Your Ass)

:angel:Knowledge Is Growth...Education Is The Key
 
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i m only in debt for about 3500 but i f i dont manage to pay within the next two month i might loose the rest i own and since i only have about 30 euro s to live of each week after paying all i can afford to pay well i m sure you know what i mean the problem in holland is that getting a loan is almost oimnpossibloe when your official incomb is below what they call povertylimit (that means the amount you have left monthly to eat and buy cloth of has to be more then a certain amount and due to my debts i wont make it but the silly thing is if i d have a loan and pay only one place i d have more then that limit so these rules are weird are they the same where you guys live??????and my loans where postorder and i never before did that (cause you pay as much interest as payback in a monthly term which is crazy)but since my sun and i had this cityappartment i had to rent to have a change of getting my boy back cause there s a special school neir there and we needed only basic stuf like beds and table and chairs so i didnt spend a penny pon luxuoureyt or going out or whatever and still am 3500 in debt
 
Sdeidjs said:
Ladies & Gents...

Back in 2003 to 2005 I invested into a local 25 year old family pub, grille, catering resturaunt business making aproximately 1.2 million a year...

I had been working with this company for 15 years, working from the bottom all the way up into management...the family and I became close (truly thought they genuinely cared about Pam, I and our families), all the employees, and sister Pam was at one point engaged to the son.

Needless to say...after everyone was there with their hands out, major gambeling issues, decite, disrespect, lies and even more lies...

To make a very looong story short...

Before it was all said and done family owners of this business had me personally liable for aproximately $80,000 even though I had legal binding Promissory Notes signed by both parties. Almost had me arrested with the Federal Bankrupcy Judge for fraud. (Good Grief what a mess)

At last update, the owners of this business are being sought by the US Bankrucy Court, IRS, and State Attorney General for back taxes in the thousands, fraud, identy theft and so forth. The abusive husband is hiding in Bankok, the wife is hiding out in Florida somewhere, and the half sister opened a shot & a beer joint.

They have lost their commercial building, land, the business, popularity, reputation that was at one time held in the highest regard for the best food, atmoshere, and service in the county. Everyone who was anyone hired us to get the job done.

I am happy to report since 2005 sister Pam & I are financially and emotionally recovering from this nightmare...

Pam is married to a wonder, beautiful man Jay, they have an a business called Jays Electric. Among other electrical jobs, they take care of all the electrical for Pet Smarts across the United States. Pam's daughter Kati is working on her nursing degree (wants to be a pediactric doctor) They live in the country, have a wonderful home, and at current count have 2 Roti's (Roxy & Ava, 2 schitzues ( Cloe & Chewy), a barn cat Morgan (really a house cat), and lots of resident deer, and birds that Pam takes care of.

As for me, I am working on my undergrad in Law, work alot, always tryin to help people, and I am not too far in debt. I have not had health insurance since Dec 2005, one credit card (for emergencies), student loan (s), and my car will be paid off in about 10 months.

Therefore, the moral of this story...

"Everything in life in moderation, whenever you make a business deal, allow others to utilize your credit ect. (no matter who it is) ALWAYS maintain a paper trail."

At the end of the day: You may just need it one day to CYA (Cover Your Ass)

:angel:Knowledge Is Growth...Education Is The Key
Click to expand...

oh my :( people can be so cruel. im glad to hear youre doing better :)

Darvon do you have any jewelry you may not want? cash4gold.com is a good idea. i got my packet being sent over here and i dont have to pay anything. since i dont have much im gonna ask my mom if she would like to get some extra cash.

^_^ :hug:
 
i wish they had something like that for other things too here in holland where you could for instance take your tv or dvd player for spome cash they do in amsterdam for pple on welfare but not here
 
I have over $40,000 in student loan debt--for 2 and half years of schooling. :doh: I'm in the process of repayment.

I have just over $200 in credit card debt but I'm slowly paying it off every month.
 
Bl00dyphynix said:
oh my :( people can be so cruel. im glad to hear youre doing better :)

Darvon do you have any jewelry you may not want? cash4gold.com is a good idea. i got my packet being sent over here and i dont have to pay anything. since i dont have much im gonna ask my mom if she would like to get some extra cash.

^_^ :hug:
Click to expand...

Yes people can be very cruel, self absorbed individuals...

"I, WE truly believe in the power of Karma...no matter how long it takes, it "always" seems catch up with you..!

:angel:Smiles~~~
 
Well, I don't have credit cards, never really liked them much. But I do have $5,000 of student loans left to repay. (Here's the messed up bit, I was only in college for three months, because I dropped out when I found myself and another girl from my high school teaching the class because the teacher didn't know anything about the subject and I've already payed off the one loan that was for $2,000) Aside from that I owe my father about $5,000 and my grandmother about $3,000 because they've so lovingly bailed my butt out of financial ruin a few times.. Now I'm 23 years old living in an apartment with my mom, busting my butt just to live paycheck to paycheck. It sucks sometimes, but I'm making progress...
 
it USED to be good to keep ur cards open ONLY if they have a low balance. if u have a limit of $5K but only have a few hundred charged, it shows ur good w/ credit and money cuz u have access to more money but u don't use it. meaning ur not borrowing like a madwoman just cuz u have access to it.

the closer to ur limit that u have charged looks bad for ur credit report.

NOW tho the more u have open, even w/ a $0 balance is bad for ur credit. i had five at a zero balance and got letters from each store saying they were lowering my limit due to me having so many cards open....random as hell.

the WORST thing u can do is to look for someone to reduce ur debt. cuz the more they reduce it, the more u have to claim as earned income.

the BEST thing u can do is try to consolidate it on one or two cards or bank loans....

everyone has debt but it's how u approach the debt. i had a capital one card for 7 yrs. never late on a payment, had 8% interest. my payment was late by ONE day and six months later they upped my interest rate to 25%!

i paid $600 a month for 6mo. and instead of my card being down $3, 600 it was only down $1, 800 cuz of the interest...so i saved up and paid the $5, 000 in full, when i tried to close it they were freakign out. asked if i wanted a higher limit, if i wanted a lower interest rate, it took me an hr to get it closed...insane.

just be wise, the good way to establish credit is to charge something that u KNOW U CAN PAY BACK when the bill is due...do that a few times and then u've got credit card credit. get a phone w/ a small payment, and u've got phone credit....it's easy to make good credit but it's hard to keep it good, especially w/ everyone being laid off etc....

just B WISE
 
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