28YRS OLD. SINGLE MOM OF A 10YR OLD BOY. LIVING W/ MOM.FILLED BANKRUPTCY 5YRS AGO AND RUINED CREDIT AGAIN. ABOUT $50,000 STUDENT LOAN DEBT(FEDERAL AND PRIVATE). NEWLY EMPLOYED AFTER BEING UNEMPLOYED FOR 6 MONTHS. THE JOB IM WORKING NOW IS WHAT I CONSIDER MY “DREAM JOB” AND I PLAN ON WORKING FOR THIS COMPANY FOR SEVERAL YEARS TO COME. THEY ARE A NON PROFIT ORGANIZATION.
I HAVE SEVERAL QUESTIONS BUT I’LL TRY TO WRAP THIS ALL UP W/ AS LITTLE CONFUSION AS POSSIBLE. 1ST I HAVE NO IDEA ON WHAT TO DO 1ST. I AM NEWLY EMPLOYED AND MY NEW JOB IS MY “CAREER DREAM JOB” SO I PLAN ON BEING HERE FOR SEVERAL YEARS TO COME. I WANT TO RE-ESTABLISH MY CREDIT RATING, CONTRIBUTE SOME TYPE OF PAYMENT ARRANGMENTS TOWARDS MY FINANCIAL DEBT, INCLUDING MASSIVE STUDENT LOANS, INVEST IN RETIREMENT FUNDS (WHICH MY JOB WILL MATCH 7% AFTER 2YRS OF EMPLOYMENT), AND MOST IMPORTANTLY BUDGET BUDGET BUDGET SO I CAN KNOW EXACTLY WHAT I CAN AFFORD!!! WHAT IS ALSO IMPORTANT TO ME IS MOVING OUT OF MY MOMS HOUSE. I HAVE A 10 YR OLD SON AND WE DEF NEED A PLACE OF OUR OWN TO CALL HOME!!
Let’s make this dead easy for you. Here is what I want you to do.
- Read this article on how to rebuild your credit.
- Contact your student loan lender and if you have government backed loans then I want you to ask them if you are eligible for the Income Based Repayment Plan (IBR). This will keep your student loans in good shape and give you the lowest possible payment to dig yourself out of this pit.
- Make all the rest of your minimum payments.
- Download my free book “Eliminate Your Debt Like a Pro.” I want you to read and follow chapter 4 on How to Start Doing What You Need to Do to Get Out of Debt. Before we can make plans on how to best allocate your money we need to know how much is really available for debt repayment after real expenses.
- Report back yo me int he comments after you do all of this. Once we know how much is really available for repayment we can build a plan to help you achieve the goal.
Please post your responses and follow-up messages to me on this in the comments section below.
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.
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