Credit Debt Cures - way to get out of debt?

way to get out of debt?

I make 9.00an hour full time and go to college. I have 6000 in debt beetween 5 cards plus a 10,000 loan is there any way to get out of this mess. I heard about Debt cures infomercial and the guy says the government has money to help you get out of debt. I can't believe that. Other than working for nothing and struggling or getting another job or a better one is there anyway to pay this off.. I can't do any balance transfers are am maxed out on 5 cards. Help!!

Public Comments

I've been in debt before, and I've learned that the best and quickest way to get out of debt is to earn lots of money. It's that simple. If you declare bankruptcy, your credit rating, not to mention self esteem, is in the toilet.
At this point, you should personally negotiate with your creditors on getting a lower interest rate. What they dread is that you will file bankruptcy or that they will have to pay to a collector to get the debt paid off from you.
there's 2 way. 1st wait for the small tribulant court letter. they will ask u to pay off bit by bit. it does really helps. 2nd is call the credit cards bank. start off paying the smallest amount owed first. they will not sued u for bankrupcy dont worry
Get a second job and make the Biggest payments possible on your cards. Also, TEAR UP THE CARDS!!! Maybe talk to the Loan Institution and see if they will put a hold on the loan until you are out of school. Maybe get a personal loan at a low interest rate from a family member to pay off the credit cards.
Probably the way I would handle this is, try talking to a bank who would consolidate these debts into one payment on a fixed rate over a period of time that would allow you to make ends meet in the meantime, then only keep one credit card and be very stingy using it. if banks are unwilling, you may need to contact a debt help service, but do so by checking with your local BBB to make sure they are legit.
first, shred the cards. Stop spending money on them or any other card. Then sit down and figure out your expenses. Books, tuition, housing and food, are pretty much all you NEED. Beyond this, look at what you are spending money on. Are you paying for entertainment, drinks, clothes or other things that you really don't need? If you need to do so, go on a cash only basis with your money, set up a savings plan, figure out how much you need to cover expenses, and use only cash to cover them. Do this especially with spending money, as you can limit how much cash you have, and once it is gone you can't spend any more. Use the extra money you save from cutting expenses to put some in savings (you don't want to go into more debt should some sort of emergency come up) but also be sure to put extra towards the debt with the highest interest amount. Focus on paying them down one at a time. Do not attempt to tackle them all at once, you will likely get frustrated and it is not as effective. Once you pay off one of the debts, put that money towards the debt with the next highest interest rate. Also, many banks have financial counselors that they contract with. You can talk to your bank or credit union to see what they have that can help you. I know their is typically a fee that you might have to pay, but I know that with the credit union I work for, we negotiate with our contracted agency to reduce or waive the fee for our members.
HAHAHAHA, your panic makes me laugh. $6000 in credit card debt and a $10000 loan? That's nothing. First off, get out of debt assistance doesn't work. There is no magic pill that can make your debt go away. No one is going to help you for nothing unless they gave birth to you. Second, shredding credit cards doesn't work. You can get your number from a statement or your online account and start consuming over the internet. You have federal loans if they are only at $10000. They are in academic deferment so hold your head up high and stop whining. If you work full time, why is it you cannot pay off your credit card debt? You should be clearing at least $250/wk. Something is wrong with your story. Take out an additional unsubsidized education loan in the maximum. The interest rate is low, cannot exceed a certain percentage and isn't due until after graduation. Plus, you have a billion options for deferment or forbearance. You can consolidate after you graduate and lock them in at a lower rate. After you get the loan, pay it off while you're in school. The great part is that there is no minimum payment and you can pay it off at your leisure or wait until after graduation.
Your not in that bad of shape, calm down and relax you'll be ok. Some things that will help free up money right away are: If you have a extra room get a roommate, if you have a car payment sale it and get something for cash and the last thing if you have even 1 or 2 nights a week free get another job. Now as for the long run heres what you want to do: Start carrying a list and tracking all your expenses. Even the .50 and $1 items write them down. Do this for a few weeks. Now, sit down with all your bills, paycheck and that list. Do a budget figuring the minium on all your bills. Then figure out what your highest accuring debt is and pay anything extra you have to it. Once it's paid off take that amount and add it to your next highest accuring debt and keep doing that as it's the snowball effect and it works great. Ok, now lets look and see what you can save on. This is where you list comes into play. Thngs like taking a lunch to work, taking drinks to work and class with you, make your morning coffee and take it with you, stop buying those $1-$2 impulse buys, eat alot of soups, vegatables and pastas, make 2-3 days of food at once etc.. Now look at what you can get rid of in your budget. Things like home phone, cell phone, internet, cable these you can downsize on and that should save you quite a bit right away. Look at that list and see what you are blowing your money on and STOP doing it. Only buy things if its' a need not a want. They say you should have a 3-6month emergancy fund. You can do this two ways either save 10% of your take home pay or instead of paying the extra to your highest accuring debt save it for this fund. This fund isnt to go out to eat with it's for for lose of job or car repairs. Remember you must live frugally to do this but you can do it. Just stay focused and keep your goals and dreams in mind and it will help. The main thing is your getting a college education and that will pay off in the future. You should get a book by Dave Ramsey called "the complete money makover" This will really help you along the way. Best of luck and happy holidays.