DEBT Help Information?

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Im 19yrs old, i got two credit cards when i turned 18, one had a 2500 balance and the other had an 8000 dollar balance. and for the first few months i had 200 to 300 dollars in debt and i payed that off from month to month, i recently had my car take a shit, it would have coasted me 5000 dollars for the new engine, so i just bought a used car for 5000 on my credit card. then i was lost my job for a 2 months and i put on another 2000, between paying for rent, ex….. then other things started to come up where i didn’t have the money and needed to pay them. So now i have both cards maxed out. not sure what is best for me to do. I cant afford much over the minimum payments, im not sure if i should go with a debt help/consolidation thing, file a chapter 13 or 7 bankruptcy, i really don’t have many assets they can take. its just getting hard to pay the cards, and other expenses. If anyone has any information that might help me or any tips. it would be greatly appreciated. Thanks All.
i was making 2000 a month now because i lost my job and i found a new on im only making about 700 at a min. up to 1000.
Also i have have a credit score of 753. it was with the help of my mother. she had me on her credit cards sense i was 15. witch really busted my score once i got my own cards and started making payments.

  1. Reply
    November 10, 2011 at 12:20 pm

    You are far too young to be considering bankruptcy because it will ruin you credit score and make the cost of lending for you expensive. The next 5-10 years you will probably be getting many more types of loans and you don’t want to have the burden of a bad credit score. If you can still make payments at or above your minimum payment you should stay away from consolidation. I know it seems like an insurmountable amount, but in the credit card world, it is really not. The best answer is the one you probably didn’t want to hear. Keep making the payments you can. Keep working hard, and slowly chip away at your debt. You are young and it sounds like you have had some bad luck, just keep working hard.

  2. Reply
    Katherine W
    November 10, 2011 at 12:28 pm


    You need to cut all you expenses to the absolute minimum, then get a second job. Sell whatever you have.

    It is interesting that you say”one had a 2500 balance” as if somehow that balance magically showed up on the card. You made the charges, you need to pay them off. If you just declare bankruptcy, you won’t learn anything and will do it again.

    So, reduce all your expenses. Cut out everything but food. Get a roommate, or get a cheaper place to live, or move back home for awhile. Unless there’s a court order that you need to pay your ex, stop it. Ask your new employer how to increase your hours or how to make more. Look for a second job. Sell everything you own that’s worth anything at all. See if you really need that car or if you can get around without it.

    If you don’t learn how to earn money and cut expenses now, you will always have this problem.

    Try going to and find a meeting to attend.

  3. Reply
    From a friend
    November 10, 2011 at 1:07 pm

    Sorry to hear about your situation. I hope it gets better! There is a really good website that helps people with free information pertaining to debt consolidation. The site even has a link for Credit Card and Student Loan debt consolidaiton as well. I hope this helps you and you are able to get back on track.

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