#DebtHelp #FinancialAdvice #StudentDebt
Hey there! It sounds like you’re in a bit of a tough spot with that $7000 debt hanging over your head. But don’t worry, I’ve got some actionable advice to help you tackle it head-on.
## Assess Your Financial Situation
First things first, take a good hard look at your finances. Make a list of all your income sources and expenses to get a clear picture of where your money is going. This will help you prioritize your spending and figure out how much you can realistically put towards paying off your debt.
## Create a Budget
Creating a budget is key to managing your finances effectively. Allocate a portion of your income towards both your debt repayment and essential expenses. Cut back on non-essential spending to free up more money for debt repayment.
## Increase Your Income
Since you mentioned that you can make $2500-$3000 a month during the summer, focus on maximizing your earnings during this time. Consider picking up a side hustle or freelance work to bring in extra cash.
## Negotiate with Creditors
If you’re struggling to make your minimum payments, don’t be afraid to reach out to your creditors. They may be willing to work out a payment plan or lower your interest rates to help you pay off your debt more easily.
## Seek Financial Assistance
Look into financial assistance programs or grants that may be available to help you with your debt. There are organizations that offer support to individuals in financial need, so don’t hesitate to reach out for help.
## Stay Positive and Stay Motivated
Paying off debt can be a long and challenging process, but stay focused on your goal of being debt-free. Celebrate small victories along the way and keep your eye on the prize.
Remember, you’re not alone in this journey. With determination and a solid plan, you can absolutely overcome your debt and achieve financial freedom. Good luck! 🌟
If I’m adding up the numbers correctly, it sounds as if you are projecting having about $6,500 +/- in income between now and the end of this year. You have $7,000 in debt due by the end of the year. On top of this, you have some living expenses.
Presently, you won’t be able to meet your obligations.
The very first thing you need to do is figure out how to increase your income.
Can you work this fall?
How is it that “no one is hiring”?
What places have you applied to and how many applications have you submitted?
I find it hard to believe that “no one is hiring”. What kinds of jobs are you applying to? How many have you applied to?
And how are you projecting a salary for a job you don’t have?
Some steps to get started:
First, Make a detailed budget of how much you will spend each month on living expenses and how much towards your debt.
Second, can you find a creative way to manage the 10 days between apartments so that you stay in the area and make $2500-3000 for the third month too, instead of returning to your parents? Say sleep on the couch for 3-5 days each with 2-3 different friends, or see if your first landlord will let you stay for an additional 10 days, or even camp somewhere? If so then $2500 * 3 = $7500, which doesn’t leave much for living expenses, but see your budget
Finally, and this is important, credit card interest is really high, and increases your debt quickly. So; See if you can join a credit union (instead of a bank) and then see if they will give you a loan with a fixed amount per month for a set term of 3 or 4 months, use that to pay off the credit card completely, and set the card to pay off in full every month if you continue to use it for monthly purchases like gas and groceries. If you pay off the credit card in full every month then no interest charges. The credit union should have an advisor who can help you figure this out. Credit unions are usually much better, are nonprofit and member-owned, while banks can be somewhat predatory.
The debt is due to your parents? Will they not help you pay it off?
you say it is all CC dept.
what is the interest? if it is high and you can’t pay it off. can you at least move it to somewhere with a lower interest rate?
Might be a stupid question but have you added a cover letter to your resume? I was in the same boat but started getting calls back after I started adding it
In November Do a balance transfer to another credit card with zero interest . You can find offers for 18 months. That should buy you time on whatever is left after the summer
Apart from taking part time jobs to earn little income, you can also use skills you’ve acquired to earn a living. Taking students loan to start a small business isn’t a bad option too.
But as an unemployed citizen, I started my small business from grant I obtained.
“no one is hiring” is always code for “I haven’t actually looked very hard”…
Call the credit card company and ask if you can renegotiate the loan. It’s in their best interest that you continue paying so they will likely work something out.