[asdflkijd]

Hey guys, I'm needing some advice on what to do with my debt. Its not too obscured but I still want to lower/ possibly get rid of it. Right now I am a freshman and I have a card balance of $3,400. (plz no flamming on how I spent more than I made) I was thinking of just getting a student loan and then paying off the debt. The interest rate is pretty high (can't remember what it was exactly but because of my age, they won't lower it..) Just any helpful advice would be greatly appreciated. Thanks,

[OC Guy]

Save up, man up and pay it. Get a job?

[!Xoible]

Originally Posted by OC 335i

Save up, man up and pay it. Get a job?

nah that'll only pay the interest, probably never pay the debt. that's the problem with credit card debts.

I'd get that student loan @ 0% interest pay it off + work at the same time to live off of what you earn

[asdflkijd]

Originally Posted by mantis

nah that'll only pay the interest, probably never pay the debt. that's the problem with credit card debts.

I'd get that student loan @ 0% interest pay it off + work at the same time to live off of what you earn

+1 I've tried working but once you spend a certain amount its really hard to pay for your social life and your debt

[asdflkijd]

Im looking at bank of america (campus edge) student loan, anyone have any suggestions?
http://www.bankofamerica.com/student...pusedge_loan#2

[asdflkijd]

.

[keysopendoors]

you have a 335i and you cant pay of $3400 worth of CC debt? did your parents buy the car for you or are you financing/leasing? If you're making monthly's on it, you may want to consider dropping the car and getting something with a lower payment for now.

if the car is paid off (or being paid off by parents) do the student loan thing to avoid the 17% interest you're probably being charged by holding that balance. then buckle down, stop spending so much cash on your social life (make sacrifices) and start saving...I'm a senior in college now and I learned that the same way as you.

having all the toys may seem nice now...but i'd rather drive my 328i now and save up for a Carrera S later

[Couch]

You could whore your self out at sorority parties?

I'd check with a Credit Union, they usually offer slightly lower interest rates than banks. You'll have to open a savings/checking account with them, but that's usually a small amount of money.

[CnoteMD]

Originally Posted by asdflkijd

+1 I've tried working but once you spend a certain amount its really hard to pay for your social life and your debt

It sounds like you have some growing up to do. It's time to put your responsibilities before your social life.

I don't know how many credit cards you have or the terms of your debt, but decide how much you can afford to pay each month and start paying as much as you can toward the highest rate cards first, while paying the minimum on the remaining cards. Once that card is paid, take that amount and apply it to the next card on the list and so on. This requires a lot of discipline to stick to the plan while avoiding any additional debt, but it DOES work.

[AndrewAZ]

Originally Posted by CnoteMD

It sounds like you have some growing up to do. It's time to put your responsibilities before your social life.

I don't know how many credit cards you have or the terms of your debt, but decide how much you can afford to pay each month and start paying as much as you can toward the highest rate cards first, while paying the minimum on the remaining cards. Once that card is paid, take that amount and apply it to the next card on the list and so on. This requires a lot of discipline to stick to the plan while avoiding any additional debt, but it DOES work.

X2.. I know people who do just fine in college living on less than $1,500k a month paying for everything(car, housing, food, insurance, classes, books), granted they only go to the bars or out twice a month and dont spend much.

Sell your near fully loaded 335i along with your X50 and move to a 328i.

[!Xoible]

have u tried selling yourself? might be sore in the morning, but pays off ur debt

jkjk

[///McRae]

Originally Posted by asdflkijd

+1 I've tried working but once you spend a certain amount its really hard to pay for your social life and your debt

1) Try harder.

2) Can you explain how you have a 335, but cannot pay off $3k of credit card debt?

[debt negotiator]

Is it a bofa card? If so, that 3400 debt can be settled for 680.00 in 4 months. Your credit will suffer with late pays but the other suggestions above seem a hell of a lot more painful plus having the rep of being a cock smoker would definitely suck especially being a freshman and having to put up with abuse for the next 3.5 years.

I settle debt for a living mostly commercial or consumer debt in excess of 75k but I know for a fact that bofa settles any account if you give them a good sob story on why you cant pay for 20 cents on the dollar but you have tobe delinquent for more than 120 days. If you are looking for an interest rate reduction, you must also be behind unless you do a balance transfer.

Trust me, there is no negotiating shit unless you are delinquent.

[debt negotiator]

I would also like to know how you have a 335 and cant afford a 3k card? I worked my ass off for a 328i and only bought such an expensive car after carefully estimating my budget and I am single with no kids.

Hopefully economics is not your major....

[asdflkijd]

kk, since people are obviously wonder about whats going on. I have been paying off the highest interest cards and not spending as much (not going out to eat, shopping etc.) For all those suggesting selling the car, how I have a 50k car and can't afford to pay off $3,500, etc. Your comments are common sense and is not the answer I am looking for. That great that you monthly payments on your 325i, my car is paid off, and I have other things to pay off, etc. (BTW, I have been paying more than minimum on the card, Just want to speedy up the process, 17% is a bitch). The reason why I have been short on money is because of school, and I am concentrating on that, not working.. Although I ended up with higher balance than I can pay off right now, It doesn't mean I am irresponsible, you don't know why I needed to spend that much.. do you? If I wasn't already grown up, then I would probably just ask my folks to pay it off but I take responsibility for my mistakes so thats why I asked about the student loan. so lets save the post spaces for people with the useful advices.

[asdflkijd]

and btw, I'm not majoring in economics.

[///McRae]

That still doesn't explain how you have a 335 and need to ask advice on how to pay off a $3k credit card debt.

[AndrewAZ]

Originally Posted by asdflkijd

kk, since people are obviously wonder about whats going on. I have been paying off the highest interest cards and not spending as much (not going out to eat, shopping etc.) For all those suggesting selling the car, how I have a 50k car and can't afford to pay off $3,500, etc. Your comments are common sense and is not the answer I am looking for. That great that you monthly payments on your 325i, my car is paid off, and I have other things to pay off, etc. (BTW, I have been paying more than minimum on the card, Just want to speedy up the process, 17% is a bitch). The reason why I have been short on money is because of school, and I am concentrating on that, not working.. Although I ended up with higher balance than I can pay off right now, It doesn't mean I am irresponsible, you don't know why I needed to spend that much.. do you? If I wasn't already grown up, then I would probably just ask my folks to pay it off but I take responsibility for my mistakes so thats why I asked about the student loan. so lets save the post spaces for people with the useful advices.

If you have debt you dont need to be shopping at all. Food is the only thing you should be buying. I have plenty of money and no debt but I still wear the same pairs of shoes for a year before someone finally makes me throw them away for being ratty vs a lot of folks who I know who blow $70-$100 6 times a year for shoes, and it doesnt stop with shoes it goes onto shirts at $75-$100 a pop plus other junk.

You can take a loan against your car, take the full amount they will give you pay off your debt put the rest of the money back into a bank and make sure you open up an account that can earn 5% a year then take the money out monthly (make sure no penalties) and pay the car loan back. In theory by doing this you will earn at least $1,500 in interest which will decline since you are taking money out (best bet is if you can add more money in from work). So assuming the pay back is $700 a month you will hopefully get 1-2 "free" payments.


Being a business major and have taken finance and accounting classes I always wonder why people put money into a depreciating asset such as a car and "pay it off" it makes no economic sense. Your basically give up $50k which is declining each month vs trying to soften the decline or beat it via investing that money. Now I suggested a bank account CD for this kid but if your smart and disciplined you can invest it in the many safe ETF's and earn a good 10% a year on your money with low risk.

[AndrewAZ]

Originally Posted by ralhou

That still doesn't explain how you have a 335 and need to ask advice on how to pay off a $3k credit card debt.

Probably from his parents and he has no control over it thus my plan wont work... My guess is a kid that has gone to college first time away form mom and dad and has overspent and is afraid to go back to mom and dad and admit they made a mistake. We all do it, well most of us do... I sure didnt but I know a lot of folks who did.

[nabutes]

Cut up the card.

[ArmyBimmerDude]

Originally Posted by nabutes

Cut up the card.

+1

I expected this thread to be about a debt of $30k, not $3k. Puh leeze

Man up and pay it off.

[asdflkijd]

Originally Posted by AndrewAZ

Probably from his parents and he has no control over it thus my plan wont work... My guess is a kid that has gone to college first time away form mom and dad and has overspent and is afraid to go back to mom and dad and admit they made a mistake. We all do it, well most of us do... I sure didnt but I know a lot of folks who did.

I actually go to college from home, and last time I checked everything in my room was bought from my money that I made from working. plz don't jump to conclusion, thats great that you didn't run to you're parents when you were in trouble, neither have I.