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I am young and owe around $3k to a university, along with a combined amount of around $900-$1,000 of other debts. Don't ask me why or how these numbers got to where they are, just know I owe money I don't make and am trying to pay it all off. I turned 18, graduated, got a full time job, had money for one, went a little crazy, went to a college on a deal I didn't look into all the way, and one year later really got myself in a mess after a lot of mistakes.
So I owe this money and am BARELY scraping by. I've been using my CC to get by and it's the only thing keeping me afloat. But barely and I'm starting to freak out.
Like I'm asking which would be smarter in my situation. I only make $10/hr at a McDonalds and am about to switch from full to part time to make room for my second job. That job pays around $480/two weeks, with taxes taken out. Yes, it's real. Very real. PM me if you want to know what, I will tell you, but I just won't here. But I pay $560 for rent, and almost $200 with my phone bill and car insurance. So a total, $760/month, not counting food, internet, cable, car upkeep (not a lot thankfully as I take care of the damn thing), and other expenses.
I also need to give this university their money, the $3k, by April or, as the financial advisor lady said (please tell me if this is even legal in MN), they can and will garnish any tax refund I get and, if it doesn't cover the bill and I know damn well it wont, send me to collections. This is my biggest fear.
So with that, I'm debating getting a loan to pay off some stuff and pay that off, or pay off everything piece by piece and hope it works. I don't know which would be better, safer for me, and easier to do. Like I thought if I get a loan, I could just add up everything to the last penny, get said loan (or the next even number), divide it up via check form, and pay off the loan which would be easier since it's one thing to keep track of and pay off. I thought I could get an okayish loan as my score is 640-650, it seems.
If you are reading this and thinking, "is this kid a damn idiot?" Please understand I come from a family that knows nothing about credit and this is all very new to me personally. When I did ask my grandmother and father, both said good luck as they are confused as well.
If you're reading this and thinking, "Why not just sell the car?" the car is worth, at most, $1,400. And it gets me to and from my jobs.
If you're reading this and thinking, "Family can't help?" They hate me for reasons I can't exactly control.
If you're reading this and thinking, "What the hell?", I don't know my self.
I am young and owe around $3k to a university, along with a combined amount of around $900-$1,000 of other debts. Don't ask me why or how these numbers got to where they are, just know I owe money I don't make and am trying to pay it all off. I turned 18, graduated, got a full time job, had money for one, went a little crazy, went to a college on a deal I didn't look into all the way, and one year later really got myself in a mess after a lot of mistakes.
So I owe this money and am BARELY scraping by. I've been using my CC to get by and it's the only thing keeping me afloat. But barely and I'm starting to freak out.
Like I'm asking which would be smarter in my situation. I only make $10/hr at a McDonalds and am about to switch from full to part time to make room for my second job. That job pays around $480/two weeks, with taxes taken out. Yes, it's real. Very real. PM me if you want to know what, I will tell you, but I just won't here. But I pay $560 for rent, and almost $200 with my phone bill and car insurance. So a total, $760/month, not counting food, internet, cable, car upkeep (not a lot thankfully as I take care of the damn thing), and other expenses.
I also need to give this university their money, the $3k, by April or, as the financial advisor lady said (please tell me if this is even legal in MN), they can and will garnish any tax refund I get and, if it doesn't cover the bill and I know damn well it wont, send me to collections. This is my biggest fear.
So with that, I'm debating getting a loan to pay off some stuff and pay that off, or pay off everything piece by piece and hope it works. I don't know which would be better, safer for me, and easier to do. Like I thought if I get a loan, I could just add up everything to the last penny, get said loan (or the next even number), divide it up via check form, and pay off the loan which would be easier since it's one thing to keep track of and pay off. I thought I could get an okayish loan as my score is 640-650, it seems.
If you are reading this and thinking, "is this kid a damn idiot?" Please understand I come from a family that knows nothing about credit and this is all very new to me personally. When I did ask my grandmother and father, both said good luck as they are confused as well.
If you're reading this and thinking, "Why not just sell the car?" the car is worth, at most, $1,400. And it gets me to and from my jobs.
If you're reading this and thinking, "Family can't help?" They hate me for reasons I can't exactly control.
If you're reading this and thinking, "What the hell?", I don't know my self.
You need to post a more complete budget. The biggest issue is not what form your debt is in (school and CC vs. consolidation loan), rather, it's coming up with the budget surplus to actually get out of this debt. The consolidation issue is secondary.
You need to post a more complete budget. The biggest issue is not what form your debt is in (school and CC vs. consolidation loan), rather, it's coming up with the budget surplus to actually get out of this debt. The consolidation issue is secondary.
Get a third job if you must.
I might. If I can support the hours. My second job takes a lot of hours. Pays a steady rate, but still. I was considering working overnights, I know lots of places out here need that. I just want that as a last option because I worked that before and was falling asleep on the job.
Otherwise, what do you mean "more complete budget"?
I might. If I can support the hours. My second job takes a lot of hours. Pays a steady rate, but still. I was considering working overnights, I know lots of places out here need that. I just want that as a last option because I worked that before and was falling asleep on the job.
Otherwise, what do you mean "more complete budget"?
Line by line, everything. If you can't account for all the money coming in and going out and match it to what happens with your bank balance, it is not a complete budget.
And of course if you don't need a third job, then don't get one. Sleep is important.
Line by line, everything. If you can't account for all the money coming in and going out and match it to what happens with your bank balance, it is not a complete budget.
And of course if you don't need a third job, then don't get one. Sleep is important.
Well don't really feel comfortable posting that online, for odd reasons... Either way, I did some math earlier. If I were to pay for the things needed, leaving out comfort items, I'd only make enough to pay a little over $1,200 to SCSU.
Well don't really feel comfortable posting that online, for odd reasons... Either way, I did some math earlier. If I were to pay for the things needed, leaving out comfort items, I'd only make enough to pay a little over $1,200 to SCSU.
Call them and discuss your situation and see if they will take payments for the $3000.
Call them and discuss your situation and see if they will take payments for the $3000.
Will do in the morning, if I remember. I need to really try and get on a payment plan. That is the only thing holding me back. The rest I can somewhat manage at a time. But that's if i neglect the outstanding balance. Otherwise, I can't pay off my other debts in time.
You have 9 months to pay off the 3k debt. That means you need to save at least $333/mo extra beyond your expenses. The key will be to become cash flow positive by at least $400/mo. Under your situation, the only way may be to get a 3rd job. Do whatever it takes to save an extra $400/mo.
Your cell phone bill is massive. Get rid of it immediately and buy a cheap pre-paid phone that costs under $50/mo. Beyond that, if you have cable tv and internet, get rid of it right away. These items alone could save you $300-400/mo. Do not get rid of the car, but if possible, take public transportation to work which will reduce vehicle maintenance expenses.
Contact the loan agency to see if the payment plan can be re-negotiated and extended over a longer period of time.
You will have to live a rock bottom existence until you get out of this debt, but it is doable. In the long run, do everything in your power to upgrade your income. You are living on a below-poverty wage right now. Working 3 jobs is only a temporary desperate solution, and is not sustainable very long.
Will do in the morning, if I remember. I need to really try and get on a payment plan. That is the only thing holding me back. The rest I can somewhat manage at a time. But that's if i neglect the outstanding balance. Otherwise, I can't pay off my other debts in time.
He means you need to figure out all your expenses and post a budget. You didn't account for gas, meals, entertainment, clothing, etc, etc. you also need to account into your budget expense, savings.
Even based on your obvious estimates, your expenses are not your issue, your income is too low. One way to lower your expenses is to get s room mate or room mates. Advertise on Craigslist. Don't look for someone fun, look for someone who is reliable, dependable, and has a stable job. Don't become friends with them.
Next, get a better job immediately. You can make $12-18 an hour being a pizza delivery driver. FedEx and similar companies pay stocking people $15~ an hour. You need to start applying at every $15+ job you can find. Start a home cleaning business, advertise online, or find a company to work for cleaning.
Getting into more debt to pay off other debt is usually dumb.
For 4k in total debt, even dumber.
Just work and pay it off.
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