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I am 21, out of college, and $125,000 in debt.
Hi!
First, I want to make it clear that I have a great attitude about getting out of this situation, and that this isn't here for you to pity me. I expect sarcasm/scoffing, but hopefully you can relate to this and help both of us out!
My parents have pretty good jobs, pulling in 80-100k a year after taxes. I will likely have a decent entry-level job in what I want to do pretty soon, and I expect to earn 40-50k in my first year.
The debt looks like this:
Parents:
20,000 in CC- very high APR, needs to be neutralized QUICK.
Me:
30,000 in relatively low rate (4.5-6.8%) federal loans
40,000 in higher (7.98%) federal loans
14,500 @ 8.5%
15,400 @ 8.5%
22,000 @ 6.25%
3,500 @ 6.8%
I have about $10,000 in the bank, and am selling a bunch of my stuff (books, electronics, etc) to reach ~13,000.
I know this is a tough situation that will take time and hard work to get out of. I am going to be living with my parents for the foreseeable future, getting my monthly expenses down to about $400 (can't really bring this down lower, transport mostly).
I am here for advice and encouragement. What can I convince my parents to do about this credit card debt? Should I make minimum payments on my school loans except for one of the loans, which I'll take down quickly, and so on? Should I consolidate until I take care of my parents' credit card debt?
Thanks in advance, and share your miserable situation here if you like!
First, I want to make it clear that I have a great attitude about getting out of this situation, and that this isn't here for you to pity me. I expect sarcasm/scoffing, but hopefully you can relate to this and help both of us out!
My parents have pretty good jobs, pulling in 80-100k a year after taxes. I will likely have a decent entry-level job in what I want to do pretty soon, and I expect to earn 40-50k in my first year.
The debt looks like this:
Parents:
20,000 in CC- very high APR, needs to be neutralized QUICK.
Me:
30,000 in relatively low rate (4.5-6.8%) federal loans
40,000 in higher (7.98%) federal loans
14,500 @ 8.5%
15,400 @ 8.5%
22,000 @ 6.25%
3,500 @ 6.8%
I have about $10,000 in the bank, and am selling a bunch of my stuff (books, electronics, etc) to reach ~13,000.
I know this is a tough situation that will take time and hard work to get out of. I am going to be living with my parents for the foreseeable future, getting my monthly expenses down to about $400 (can't really bring this down lower, transport mostly).
I am here for advice and encouragement. What can I convince my parents to do about this credit card debt? Should I make minimum payments on my school loans except for one of the loans, which I'll take down quickly, and so on? Should I consolidate until I take care of my parents' credit card debt?
Thanks in advance, and share your miserable situation here if you like!
Posts: 184
Re: I am 21, out of college, and $125,000 in debt.
Most of us would probably give up if we were in a similar situation, because it may seem impossible to pay off a $125,000 debt, but in fact it's not. You just need to know which company to contact about paying off your debt. Personally, I would advise you to pay attention to this article about
Here you can learn about whether or not you should trust this company, and you can decide whether or not you should use their services. I hope my answer is helpful to you!
Here you can learn about whether or not you should trust this company, and you can decide whether or not you should use their services. I hope my answer is helpful to you!
Posts: 227
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