I am drowning in $20000 of credit card debts, I am making about $1,500 per month, what can I do??

I have about 9 credit cards, I don%26#039;t have a house or a car. I had goto many banks and they don%26#039;t approve me for consolidation loans... Right now, I spent all of my salaries each and every month, but I still can%26#039;t meet some of the minium payments.. What can I do?? I know I am stupid for getting into so many debts... I am only 24 years old... I can%26#039;t see any future at all!! Please help me and please No Mean things to me... I had suffered a lot in the past two years drowing in debts. Thank you all for spending valuable time reading this.

I am drowning in $20000 of credit card debts, I am making about $1,500 per month, what can I do??

For advice on debt-management, you need to get all your advice from a single trustworthy independent source, such as a non-profit-making debt counselling service online. Don%26#039;t get 20 different tips from different sources and mix and match them yourself. You need one organisation to look at your whole situation in depth and give you good advice. See links below.

Can you raise your income by getting a second job, such as bar-work in the evenings.

You might be able to earn extra money by selling things on eBay. Find things in your area which are very cheap, such as goods in store clearance sales and sell them on eBay. You need to research what similar items are selling for on eBay ond only buy things that you can make a decent profit on. You can get reports on eBay of what the final sale price was for auction listings that have just finished in the last few days. eBay has help pages to say how to do it, there are loads of articles online and you can ask for help on here or from friends who have already sold stuff.

As well as goods, eBay lets you sell services. See the %26#039;speciality services%26#039; section of their site for examples of services people offer. Just copy them or think of something different you can offer. It could be related to computers, the internet, a hobby or interest or your job-skills. It could involve doing work on files/photos/etc that people send you by email or odd-jobs in your local area. You can get a paypal account to accept payment. For computer services, you don%26#039;t need to be an expert. You would be surprised how many things you are better at than the people buying your service. Even simple things like researching a topic online.

If you decide to sell things on eBay, one tip is not to spend any profits on paying off debt immediately. Its much better to re-invest the money in more goods to sell on eBay. If you make 20% profit on every sale, then you have 1.2 times your previous cash. If you buy more goods to sell and make 20% again, then as time goes by, you wind up with 1.2 x 1.2 x 1.2 x 1.2 x the starting-amount, etc. That way you can build up a large some of money by compound growth over many months or a year. At 20% profit, you would about double your money every 4 trades. If you do 1 trade a week, you double it every month, so in a year that%26#039;s 2 to the power of 12 (months) = 4096 times the starting amount. If you start with $10, that%26#039;s $40,000. Sounds easy doesn%26#039;t it! (not). Obviously, there are problems finding enough goods to sell or higher priced items and fulfilling enough orders.

You can ask on here for different sources of goods to sell.

You could make money by selling something online from a simple one-page website, accepting payment by Paypal. For example, you could put together a CD-ROM full of freeware GPL (General Public Licence) software, ringtones, wallpaper, Java games, etc, for mobile phones or programs for creating electronic music, etc. The GPL licence means that programs are freely available, including source-code, it doesn%26#039;t stop people selling them on disc for whatever people will pay. This is a common misconception.

You can make money from affiliate/associate programs, such as Amazon%26#039;s. You create a simple one-page website on some interesting topic, make it known to the search engines and publicise it widely via Google Adwords, etc (such as %26#039;safety advice for tourists in New York%26#039;). You then add an advertising link to a popular book on Amazon, such as the latest Tom Clancy novel. You get commission from Amazon when anyone clicks on the add and goes to their site, even if they don%26#039;t buy the book. Once you have learnt how to do this, you can build another site every few days to get more income and leave them all running.

You can cut down your expenditure. Make a list of every type of item that you spend money on, then look for advice on how to save money, on websites, from friends and by asking on Yahoo Answers for 1 item at a time. e.g. Food, clothes, transport, gas, electricity, etc. Do loads of price-comparison shopping before buying anything and consider whether some alternative product does the same job for less money. You don%26#039;t need expensive brand-name products. I%26#039;ve never been the sort of person that goes in for all this money-saving tips stuff, but there are lots of people that can advise you.

Learn to cook good cheap meals from simple ingrediants, instead of expensive processed foods or eating out. There are loads of good simple pasta + sauce recipes online.

Set your first objective as getting to a state where your debts aren%26#039;t getting any worse each month. Then you can look at ways to pay down some of the debt. Maybe you can find a better paid job. You can re-train for all sorts of higher paid jobs or evening/weekend sidelines using free training resources and information online.

I am drowning in $20000 of credit card debts, I am making about $1,500 per month, what can I do??

Most importantly, you need to start living within your means. If you are living alone, consider moving to a cheaper apartment or getting a room mate. You might even consider moving home, if that is an option. Your situation calls for you to lower expenses in all ways possible.

Second, you need to call each credit card, ask for a high-level manager, and explain the situation. They have a problems, too, since they will be out thousands of dollars, if you declare bankruptcy. Ask them to reschedule the debt and/or to lower your interest payment, so that you can start paying off the principal. Also, you might ask them about consolidating your debt with them (in order to pay off other credit cards).

You might also contact a credit counseling agency in your area. They might be able to provide you with some good options, and teach you how to manage your debt and expenses.

Also, you might look for a better job.

As a last resort -- if you can%26#039;t get debt relief from the credit cards -- look into the possibility of declaring bankrupcty. You will not be able to get new credit for several years, but it will get you out of your current situation, which is almost unbearable, I%26#039;m sure.

Good luck.

I am drowning in $20000 of credit card debts, I am making about $1,500 per month, what can I do??

Cut the cards up, and seek help from credit counseling in your area. I%26#039;m not going to cut up on you, but you need to start living within your means. There is help out there, check your phone book for Credit help in your area. Best of luck to you, you can fix this problem with some help and if your willing to seek help. Good luck and take care.

http://www.bankrate.com/brm/news/debt/de...

http://www.actioncreditadvisors.com/?ref...

I am drowning in $20000 of credit card debts, I am making about $1,500 per month, what can I do??

First off, cut up your credit cards and stop using them. If you don%26#039;t want to cut them all, keep only one, but don%26#039;t carry it with you, leave it locked up. Only purchase what you can pay in cash, after you pay your monthly bills. You can try credit counseling to help consolidate your debt, but beware of scams. I know of one person who contacted a debt counselor and paid over a thousand dollars only to be taken. The credit card companies continued to hassle this person and she referred them to the debt consolidation counselor, who did nothing. You are going to have to prioritize what you spend your money on and only buy essentials, not luxury items.

Can you take on a second part time job to supplement your income? Good luck and stay positive.

I am drowning in $20000 of credit card debts, I am making about $1,500 per month, what can I do??

Hi Jerry,

I%26#039;ve been there, but with more debt than you. I stopped paying my bills. I had collectors and agencies calling me for a few years, but after 7 years all of the negative things fell off of my credit report and I started from scratch. I learned from my mistake and my credit is stellar now. I never went to court or had judgements or garnishes. If I needed a credit card, I got one from Orchard Bank.

I am drowning in $20000 of credit card debts, I am making about $1,500 per month, what can I do??

The way you handle your debt is very dependent on your particular situation. There are a lot of factor involved. Don%26#039;t get into any program with out weighting your options. There are pros and cons to everything. Even though I work for a settlement company not everyone is a candidate and I try to encourage every client to explore all of your options. Check out anyone you deal with on www.ripoffreport.com they are a good reference point. There are a lot of unethical companies out there as well as a few good ones. Just make sure you deal with someone who can tell you about the laws in your state.

You need to remember its only money. You have so many things to look forward to in life that allowing this debt to make you feel hopeless is simply not worth it. You will get through this. I know I have been there and made my mistake with money. Your not stupid for getting into debt we all make mistakes. You can use this experience to learn , do better in the future and not make the same mistakes again. Don%26#039;t be to hard on your self Good Luck!

Kourtnie Donihoo

Debt Analyst

The E.D.A. Group

8666050753

I am drowning in $20000 of credit card debts, I am making about $1,500 per month, what can I do??

OK, some hard and fast facts, your 24 and deep in debt, It%26#039;s nothing new, thousands of people fall for the credit card trap, and many default, that%26#039;s why you pay such high interest on your cards.

You earn $1500 per month, which is just about livable without paying debts, the banks don%26#039;t want to know because you are too big a risk of default.

When the banks don%26#039;t want to know there is only one choice, and that IS bankruptcy.

Don%26#039;t get unnerved by it, the process is very simple. (Iam in Australia.)

Look up your local phone book and find the bankruptcy courts, ring them and make an appointment, they will get the details of everyone you owe money to and consider every way you can pay off your debts, but at !500 per month I don%26#039;t think this will be an option.

They will then register you as a bankrupt and contact those you owe, who will have a good laugh and write it off on there tax, so they loose nothing!

ONCE you are bankrupt you will remain so for a time they will specify, credit card debt can be as little as 6 months, but never more than 3 years.

In your case, most of what you own is considered personal possessions, so won%26#039;t be taken off you.

In the time you are bankrupt you cannot obtain credit without telling the store that you are an undischarged bankrupt, and cannot leave the country.

Two things to watch out for, If anyone co-signed or went guarantor for any of your debts, the banks will go after them for the money, second, if the bankruptcy courts ask if you can contribute towards the debts, say NO, any thing you contribute will go straight to bankruptcy as admin costs, the tax you pay now supports this cause, don%26#039;t pay twice.

I went bankrupt 22 years ago, and have never looked back, I am now very careful of debt and own many assets freehold, I learned my lesson, just as you already have.

The day I was discharged as a bankrupt I went into a bank and applied for a home loan and got it, I have bought cars and other items on credit without a problem, I am considered a GOOD risk.

My brother in law lost his job and had to go bankrupt for credit card debt, he was discharged after 6 months.

Don%26#039;t make yourself sick over this, your health and work will be suffering, put it behind you and get on with a full and fruitful life.

I am drowning in $20000 of credit card debts, I am making about $1,500 per month, what can I do??

You%26#039;re young and have many options to solve this problem. You can look for a better job. You can learn new job skills and improve your earning power. You can get a second job. You can go to consumer credit counseling. Most important thing is you don%26#039;t get into any more debt. You can get out from under. Other people have dug themselves out of more than this. Everyone finds themselves in financial trouble at some point. You did it young. Hopefully you will learn from this and spend the rest of your life doing the right things. Not the end of the world.

Good luck.

I am drowning in $20000 of credit card debts, I am making about $1,500 per month, what can I do??

I%26#039;ve been in a similar situation - $15k-20k in credit card debt, plus another $15k in student loans. As others have said, cut up the cards to avoid future temptation. You can also ask the credit card company to close your account. You%26#039;ll still have to pay, naturally, but this will prevent any future purchases. I worked with a credit counseling/consolidation company for the credit card debt. They negotiated to have the %26quot;over the limit%26quot; and other penalty fees waived and also negotiated considerably lower interest rates. I read somewhere that some credit cards companies will work with you directly on this, but I%26#039;ve never tried it. It might be worth the phonecall to ask your creditors if they have any programs to reduce interest rates, etc (worse thing that can happen is that they tell you No).

I also took a hard look at my monthly expenses to see what could be cut out. It was a life-style adjustment in some cases, but there were things that I could do without - even if it was only for a couple of months. For example, I cancelled my cable for a couple of months (borrowed DVDs from friends instead) and cut back to a cheaper cell phone package. Are there any items that you can sell at a consignemt shop or on eBay? (I weeded through my CD collection and sold some at a local store). I was able to make my minimum payments (barely) and every extra dollar went towards debt. I had several different cards, so any extra money was put towards the credit card that had the lowest balance. This allowed me to pay off one account fairly quickly. My monthly payment from that account was then applied against the credit card with the next lowest balance. And so on, until they were all paid off. It took time, but the credit cards have been paid off for several years now.

Whatever you decide to do, good luck!

I am drowning in $20000 of credit card debts, I am making about $1,500 per month, what can I do??

Forget all that ok? Its a new day. email me at tribunal1312@yahoo.com and I can tell you what you can do that works 100% of the time.

I am drowning in $20000 of credit card debts, I am making about $1,500 per month, what can I do??

Bad credit is one of the worst problems to have... however there exists a solution.

I will hereby talk from my personal experience.

I did debt consolidation a couple of years ago, however If I had to do it again I would pay to some minor details,

if someone wants to get out of debt today it is pretty easy with a debt consolidation plan, however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,

a good place to start in my humble opinion is astraight to the point ebook with question and answer I found :

http://umgarticles.atspace.com/debt-cons...

if it helps kindly remember me in your voting!.. cheers!