My name is Andrew and I need help. I used to be really good at budgeting and saving money. At age 20 I had $7000.00 in the bank and a credit score of over 750. I screwed up really bad. Most was my fault but some was not. I lost my job due to the economy back in 2009 and lived off my credit card for over 3 months. I found another job and things started to improve a little. I paid of some credit cards but then again that job laid me off a year and a half later. So i was back at square one. Found another job and checks started bouncing and he eventually closed his doors. I have found another job and part time as well. But roughly 9 months ago I got a couple payday loans out and have had to get them over and over just to make end meet.
So to finally get to the point I have roughly 26,000 dollars in debt including my current payday loans and student loan. My student loan is 3500 and is current. so minus that I’m sitting at 22,000. So to sum it up I need a $12,000 to settle most of those bad credit loans. That’s a saving of over $10,000. But my credit really sucks and I can’t seem to find a loan. i Can pay roughly $500 a month on the loan as it will take my current payments off of everything else except my student loan which has great interest and I’m not worried about that one at all. So do I have any options or do I just need to keep trying what I”m doing and end up paying the 26,000 in debt in the long run?
Life happens. Don’t beat yourself up over it too much.
You seem to be wed to a settlement approach but I have no clue if that’s even the best way forward for you.
I’d suggest you first read How to Get Out of Debt. The Honest and Unvarnished Truth and The Truth About The Success Rates, Failure Rates and Completion Rates of Credit Counseling, Debt Settlement, and Bankruptcy. They will give you a great overview of what we need to deal with to get you moving in the right direction.
Then use the free How to Get Out of Debt Calculator to review your options.
Once you’ve identified a company you want to work with, then follow my step-by-step guide on what you should look for and expect from a good debt relief company.
Please post your responses and follow-up messages to me on this in the comments section below.