Posted on June 30, 2009 at 1:21 am i keep it a secret. i have too much debt. i know what you are going to say "that's not good" -- how can i make them go away? it started off with loans for school. i figured that i can pay them off in 10 years or 20 years even because i'd have a stable job then. 'turns out, several years after graduating, the economy would go into a recession. now im unemployed. i also am about to default on my credit card payments. they're all still current but since i just got cut. i heard a co-worker talking about foreclosure and family, and i thought, at least im not in his shoes. i rent an apartment, and im single. i dont have savings. my salary goes to bills and loan repayment. now, minus the salary...im just lost. if i tell my girlfriend about this, she might leave me. i don't know. i hope you guys comment. thanks.

Posted on June 30, 2009 at 1:23 am you can try applying for unemployment benefits. that would at least cover your everyday needs and some of the bills 'til you get another job.

Posted on June 30, 2009 at 1:27 am as for priority payment, start paying off the debts with high interests. you should call your creditors (credit card) and let them know of your situation. ask for their hardship program and see what they'd offer you. i don't know much about student loans, if they also can be negotiated.

Posted on June 30, 2009 at 1:31 am i heard that teaching in a low-income school may give you a chance to qualify for loan forgiveness. or look for jobs that have loan forgiveness as a recruiting tool.

Posted on June 30, 2009 at 1:34 am thanks guys for replying, you have interesting concepts, yes i can teach..i'd look into loan forgiveness, actually somebody told me to try debt consolidation. i dont know what it is about. and what is the hardship program?

Posted on July 5, 2009 at 10:03 am Some creditors offer these hardship programs to people who are having trouble making ends meet. The goal for the creditor is to make sure the borrower remains current so they can continue making interest off of the account. So, if you qualify, you may be able to get your interest rate lowered for a fixed period of time (typically 6 months) and as a result pay more of the principle amount of debt down. For the creditor, this means that they will not make as much interest (for example, if they lower your rate from 30% to 6%) but it is better than not getting anything if the person fell behind and could no longer make their minimum payments. I am aware that there are times when these creditors, through their hardship programs, will actually drop the interest rate to 0% but this is rare. The best thing to do first is to give them as call and see what options may be available to you.

Posted on July 23, 2009 at 5:56 am What are the possible reasons why consumers have too much debt?

Posted on July 23, 2009 at 6:02 am From experience, I can say that I HAD too much debt because:-I got really sick one time-I was not insured so it ate my savings, and I had to borrow-I lost my job as a result-I did not foresee that I'd lose it, and I've had several maxed out credit cards-I did not know how to live within a budget-I went through a long drawn out divorceGeneral bad luck I guess..plus a bad economy. Unbelievable really.

Posted on July 24, 2009 at 2:25 pm I have too much debt is an all too common phrase these days. Consider the following options to get help:1) Consolidation loan (unsecured or secured).2) Credit counseling.3) Debt settlement.4) Bankruptcy (should be your last choice).This is of course assuming you don't have someone around you that could give you a personal loan, and also assuming you don't have any assets that could be sold off so you could satisfy the debt on your own.

Posted on July 27, 2009 at 1:41 am how is one different from the other Mr Ace, can someone kindly explain these please