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Posted by Juli 3 years ago In:

credit

Juli Asked:

Young and stupid

Hi I'm 20 years old in about 10,000 in debt. It's like 6,000 in student loans and the rest are little things that add up like hospital bills and like 3 credit cards that are each like 500. I did all this when I was 18 and I moved out on my own. Now that I'm 20 and I have the money to fix all this I don't know where to start to get all this paid off can you help.

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7 Answers

Order by: Oldest to Newest; Newest to Oldest; Votes

LindaRuth Answered:

Start with the bills and credit cards that have the highest interest rate.

Posted 3 years ago
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God bless the troops.

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noticeablejewels Answered:

Have your credit report pulled so that you can get account numbers, phone numbers, balances, etc.

Posted 3 years ago
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Behind every great man stands a women", with absolutely noting to wear!

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GerriDetweiler Answered:

Hi Juli,

Good for you for taking charge of this! The first thing I would suggest you do is make sure you are caught up with your student loans. They get very expensive if you default. There is also a new program called IBR that can help with student loans and information is available at ibrinfo.org.

The next thing you should do is make a list of the other debts and how much you can pay on them. Start contacting the companies to see what you can do to resolve them. If you don't have enough money to pay them all in full, it's OK to offer settlements for less than the full amount. Since your credit is already damaged, you won't improve them by paying them in full. (Of course if you can pay in full, you should.)

Finally, make sure you are monitoring your credit reports so everything is reported correctly. Paying an old bill won't mean it is removed from your file, but it should be updated with a zero balance once it's paid.

Hope this helps!

Posted 3 years ago
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Reliable answers to your credit questions.

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Paula Answered:

Pay off the highest interest rate debts first --- most likely your credit cards. If your hospital bills are substantial, call up the hospital and try to negotiate a lower balance and give them monthly payments. Your student loans, especially if they are with Sallie Mae, are probably the lowest interest rates and will affect your credit rating the least as long as you make regular payments.

Posted 3 years ago

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JimmyC Answered:

Pay off the credit cards which charge the most interest. You'll end up saving money in doing so. Make small payments on your student loan while you are paying the rest off but since student loans do not affect your credit score, I wouldn't worry as much about those.

Posted 3 years ago
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My life was a mess before I got <a href="http://www.thecreditexchange.com" rel="nofollow">credit card counseling</a> . Don't underestimate what <a href="http://www.thecreditexchange.com" rel="nofollow">credit card relief</a> can do for you.

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Juli Answered:

Thank you so much for your answer it helped alot

Posted 3 years ago

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jdwitt1 Answered:

You need help with this. www.creditboomerang.com They can assist with removing these negative items from your bureau. No charge till the job is complete. Good Luck!