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by Stanly921 on August 6th, 2008

Stanly921

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I'm in my early twenties and have over $2,500 in credit card debt. I have other bills to pay (rent, electric, etc.) and basically only a part time job because I am still in school. How can I start to pay off the debt without going broke?

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Answers. 3 helpful answers below.

  • by Lori K still ignores stalkers and trolls on August 6th, 2008

    Lori K still ignores stalkers and trolls

    So many young adults get themselves in this trouble early. (I was one too.) Cut up all your credit cards. Spend only cash. If you can only get a part time job, make it something like waiting tables or tending bar where you have an ability to pick up extra hours and tips. This is the most important thing --- Pay off the credit card debt now -- before the interest makes it impossible. Spend every single penny that you can on the debt. No going out drinking. No partying. No trips. No new clothes. No shoes. No bags. That's what got you into this trouble.

    Good luck! I've been where you are. It only gets worse if you don't take care of it now.

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  • by VS Angel aka Mrs. Stealth Intelligence on August 6th, 2008

    VS Angel aka Mrs. Stealth Intelligence

    Relax, that's not so much debt.
    If this is your first experience with credit...you may just want to make minimum payments for a while--this will help you build credit (don't be late, though).

    If you live in the USA...there are so many opportunities for you to make real money working only part time.

    You just need to be creative and know what your strengths and weaknesses are.

    Find a need and then capitalize on it.
    (Work for yourself.)

    :D
    Good Luck!

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  • by Karmie on August 6th, 2008

    Karmie

    You can do what I did and consolidate your debt. In my case, it was my student loans that were killing me and not credit cards. I did a quick Google search for debt consolidation companies and found <a href="http://links.ncsreporting.com/redirect.aspx?cr=101494&of=614&af=127848&ac=100" target="_blank">CreditSolutions</a> and <a href="http://links.ncsreporting.com/redirect.aspx?cr=101490&of=612&af=127848&ac=100" target="_blank">American Financial Freedom Debt Consolidation</a>. They both say they can reduce your overall debt but American Financial Freedom says they can do it by 40-60%. You can try Googling debt consolidation too to get more results.

    Good luck paying it off - I'm in my 20s too so I'll be rooting for you :)

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