I Feel So Stupid For Being So in Debt. – Chivon

“Dear Steve,

Here I am 21 years old and finding myself in a huge mess. I am roughly about 10,000 dollars in debt. At such an early age I feel like a moron.

About five thousand of it is from bank accounts that i let go so deep in the negative its unreal and a credit card with a five hundred dollar limit that now has an outstanding balance of $2,500. My Fault for not ever paying them. I also owe my local county court system about 4,000 from stupid ridiculous tickets that i got and never ever paid. no license and cant get it back until i pay off the four thousand dollars. Havent had my license for about two years and I am about to go crazy.

Plus a couple of stupid things like electric bills and late rent payments. Well I am finally at the point in my life where its hit me so hard, I am in a hole and cant get out. Never really tried because for a while i didnt have a job and when i did it was minimun wage and barely able to keep me going.

I have a pretty decent job now and would really like to start taking care of this. But even then i could probably only pay twenty bucks to the small bills and about thirty or forty to the bigger bills. Half of the people i have talked to wont even take that amount.

So heres my question?? Do I file bankruptcy, or try to get a debt consolidation loan? Will the debt consolidation loan cover my court fines? So that I can get my license back? And exactly how will bankruptcy hurt me and how will it help me?



Dear Chivon,

I think we can rule out the debt consolidation loan immediately. With credit as bad as yours is now there is no legitimate lender that will give you a loan.

That leaves you with paying your way out of this or looking at bankruptcy. Bankruptcy won’t eliminate your court fines but it can eliminate your other debt so you can focus on paying off the court fines.

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I think you should click here to find a local bankruptcy attorney that can help you decide if bankruptcy is right for you.

The good news is that it sounds like you’ve learned a big lesson from these past mistakes and once you put this old debt behind you, the future will only be brighter.


You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.
Damon Day - Pro Debt Coach

Steve Rhode

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