stud. loan pmts coming- starting to panic.

[tearfromthared]

Hi,
New here in Florida.

Anyway I'm starting to really panic. Without going into the whole story of how I got here. I just graduated. I am supposed to be excited, but the way things are I am afraid to try to start my career, so I'm tied to a job I hate. And they decided to freeze wages this year, right when my 4th yr raise was coming up, among a billion other things.

I am currently in debt of 9000 in credit cards (right now only paying minimums). Almost all of my credit cards have been raised to 19-26% APR with the exception of one that is 5.9%!
I had been trying to pay back some private student loans while in school. So far that’s only an extra 40 or 50 per month. But the rest will start popping up in June... In total I have 32000 in student loans right now. 8-private and the rest federal, I think.
I can't afford the payments they are asking because as of now I’m overextended without these payments. I have higher car payments and insurance b/c I didn't have any credit or cosigners when I purchased. I guess right now I’m over 150 per month not including anything outside rent utilities, food and gas and cell phone. I’m only okay now because I had money left from income tax, but I’m moving to a new place and I will have to use that for a deposit. Soon I will start to fall behind and I have no idea what to do. I had been trying to get a 2nd job, but my job history has been in office work and I have not been lucky in getting any bites even for retail jobs...I haven’t really had any delinquencies on my credit or anything like that except for this issue with Comcast, that I had to resolve by paying them what I already had. I don’t have the kind of family or friends that would consider giving me money either. I also read that you can’t claim student loans for bankruptcy……

some more details: I don't own my car yet, so I can't sell it
I already have a roommate
cc min pmts are 20% Rent 35% and Car incl ins is 25% of my income.
:sigh:
Lost

[Gjowers]

That stinks. You're going to have to make some tough decisions. I would consider 1) moving to a less expensive apartment (or getting a roommate) 2) selling the car and buying a less expensive one 3) ditch your cable and cell phone 4) eat ramen noodles for awhile.

[ukey]

you can also try talking to the bank to see if they can help you with managing your cc card payments.

Not sure why you are still paying 25% of your income for a car you don't own though.

[arthurb999]

Sell your can and get a cheaper one. Incease insurance decutible.

Try to consolidate your student loans.

Try to do something with the cc debt... perhaps balance transfers, maybe even a unsecured loan from BoA (should be lower interest than 24%)

Lower lifestyle (no cell, no eating out, rice and beans)

Get a 2nd job delevering pizza

You'll get through it.

[nmboone]

Hi! I feel so bad for you because I just graduated from college as well and I simply can't find a job! Student loans will come in in January ($13,200). I also owe on a car ($5,250). I work at a low- paying job I've been working at through college that I hate as well, lol! As a side note I went to a charity hospital today and showed them my 2-week paycheck stub and they were like "yep, you're approved!" The only difference between us is that you are on your own and I am living with my parents where living is very cramped with my siblings. I desperately need to move out. I just wanted to let you know that you definitely aren't alone with not being able to find a better job. I was kind of banking on being able to find a better paying job out of college. We all see how well that worked out!

Anyway, I wish I had some really great advice for you. I would say that if it is possible sell that money sucking car of yours. Get one that is really cheap off of craigslist or something. That's the first thing I would do anyway. And keep trying for a job, there's got to be something, especially for someone with a degree. Keep your head up!

[Runaway Finances]

There is a lot of missing info, so take this "advice" and take what applies and throw out the rest.....

First, as to your debts. Focus on the student loans because some of them are not exempt from bankruptcy. I don't have experience at that area, but I'll bet the Federal ones are not. Check on the private ones. Whatever is not exempt from bankruptcy, then focus any debt reduction dollars there.

Second, worst case, don't pay on the credit cards. This is terrible for your credit rating, BUT right now you need to stop spending more than you earn. Create a budget that has you living within your income. I've posted this process on other messages so you might go look for some of my posts. This step is VERY important to your success going forward.

Third, I didn't understand about the car. You said you have car payments but don't own it. Do you lease it? Look to see what your options are about negotiating returning the vehicle. Alot of lenders are working with people more these days when they can't make payments. Talk to all your lenders.

Fourth, cut EVERY expense that is not ABSOLUTELY necessary. If you don't have a land line, then cell phone may be necessary, but get the minimum plan and tell all your friends not to call you if they don't have to. Cut cable/satellite off if you have it. Move to a cheaper apartment.

Fifth, I don't know what industry you are in, but look for better paying jobs all over the country. Be willing to move if you have to. You might even look at the military. Some branches will pay off your school loans if you enlist. You obviously have to commit to a certain time of enlistment, but it might be worth it. I heard someone say they will do that if you join the Peace Corps too. Not sure that is accurate info though.

Summary, in situations like yours, there are only two things you can do: increase income and reduce expenses. Both of these are probably necessary in your situation. The job market is tough in many areas as everyone is probably aware, so don't move without having another job lined up. Hope this helps some!