How Do I Get Rid of This Debt? – Meredith

“Dear Steve,

I am a college student and gotten myself in very bad credit card debt. It is so easy to get a card and I have managed to run up a debt close to 10,000. I had three credit cards; I have gotten rid of them, can’t use them, but still owe the debt.

How do I get rid of this debt?


Dear Meredith,

The best way to get ride of the debt with no impact to your credit report is to pay it off with at least the monthly minimum payment. If you can afford to do that, and maybe pay a bit extra, then you should use the debt snowball approach.

If you can’t pay more than the minimums but you can pay most of it, consider a debt management program for assistance. Click here for debt management information. In a debt management program or a credit counseling program the agency will put together a repayment plan based on what the creditors will accept. If you can afford that it will ding your credit report but it is not bankruptcy.

Bankruptcy is always a legal option and consideration. With bankruptcy you could get rid of your debt you can’t repay and that might take pressure off of you and allow you to focus on your studies rather than worrying about this debt or struggling to pay it back if you can’t afford to.

If you need more help, let me know.

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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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