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I Just Graduated From Nursing School. Should I Go With Superior Debt Relief? – Linda

“Dear Steve,

I have just graduated from Nursing School after attending for 4 years full time, no work. My children and I were supported through Social Secuirty Survivor Benefits for my children after my husband was killed. During the time since I’ve been in school, we have lost my daughter’s social security (she turned 18). I have been receiving social security payments for myself and my son totaling $1900/month. The last semester of school has been disasterous for my finances.

I currently have unsecured credit card debt of approximately $27,000, a college loan of $17,000 and a monthly car payment of $350. I have just finished school and have landed a position in my local hospital. However, I will not be able to start work until I pass the state board exam, sometime in February. We have been pretty much living on Credit cards now for a while. I am currently trying to refinance my now $40,000 upside down mortgage.

I have a really good credit rating right now (middle 700’s) and I am not behind as of yet on any of my payments. It is painful however, because as the credit cards go up, so do the payments. I am only able to cover the minimum at this time. My question to you is I will be starting work as an RN in February full time. This should “loosen up” at that point.

I am also considering using Superior Debt Relief to make things happen a little faster. I am firstly afraid of my credit rating going down the drain. I intended on moving after finishing school, but I can’t sell my home right now without taking a huge hit. I’m not sure how to proceed. Am I better off going with this credit relief company and probably ruining my credit rating, or just continue what I’m doing until I begin work full time? I’m not sure what to do? Please help



Dear Linda,

As I write this, February is two months away. So time is not really the most important factor here.

I think we first need some clarity on what your intention is regarding the house. You are way upside down on the home. Is it your intention to get out from under the house and move on to a more affordable living situation? Maybe even renting for a while? Would you be willing to give the house back to the bank?

It seems that while your payments are current and your score is still good, that’s not an accurate reflection of your current status. The truth is probably you’ve been making ends meet by putting things on the credit cards that you otherwise could not afford. I understand why that happened but we need to be clear on the situation to understand this is not a question of doing better from a break even point, this is about finding a solution from being way underwater.

Congratulations on landing the new job. How much is your income going to be when you start? How much of an increase in your monthly income, after taxes, will that mean for you?

Before I can give you a clear path to explore, I need some more information. Please post your answers about your intentions with the house and the increase in income in the comments section.

I’m also curious about what solution Superior Debt Relief said would be best for you, and why?

Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.

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About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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