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Its best to make some payments. Sharing an apt and getting an evening job might be strong considerations till you get on your feet and reestablished as a citizen in good standing. Look into restaurant work, bus tables or dishwashing. It doesnt pay much but often there is food they toss at the end of the night that you could keep.
Very strange, your unsecured debt was before your incarceration , and , was incurring interest while you were away. After 2 to three years , most credit card companies just write off the debt. They know it is noncollectable , and , have little recourse on unsecured debt. That is why the interest is so high , they take the risk , knowing over all , most pay , and , they bank a huge profit. They gamble , just like you did.
My question now is I have no assests at all, no banks accounts or anything, I'm training to be a plumber with my uncle and this is a 5 year program. With fees and such I owe about 2.4 grand now and my question is, with no assests, is just refusing to pay and waiting it out for a fresh start the best idea?
Why don't you consolidate your debt? You'll need to open a bank account and check what the loan rates are and they may be lower than what you're paying on your credit card debt. On top of that, the monthly installments may also be less than the credit cards that are requesting from you.
You don't want to stop paying on your debt. There is no such thing as a fresh start, the longer that you wait to pay off your debt the further it might hurt you down the road in the form of higher payments whenever you need to purchase a house or make any major purchases.
I bet you can pay it off! It's not that much money! And you learn a lot about the value of money paying it off. I think plumbing is a fantastic line of work to go into.
Pay it off, and I promise, you will never, ever go into debt again!
Also, BK would cost you almost as much as you own and you must come up with the money first. BK attorney's don't work on credit. So at $10.00 and hour you might bring home 7.00 and hour after taxes. Your might bring home another 400.00 a month if you took a second job from 5-9pm and even more if you worked a weekend day. Try a deli, car wash or a gas station. They have late hours. You could have it paid off in less than a year. Good luck.
If the debt has gone to collections you can negotiate the amount. But before you pay or promise to pay a dime check with you state to see if the statute of limitations has expired.
$2400 is not that much. Pay as much extra as you can each month and it will be paid off in months. I owed double that at 34 and paid it off in 1 year by paying as much extra as I could in each month. Good luck!
And, don't let it happen again. Try to pay off what you charge each month or just use it only for emergencies!
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