I am about 20k in debt and beginning in October, I am going to have to start making payments toward my 40k tuition loans so I am not sure what to do. I just graduated in June and finally started my new job last week at an entry level position at 30k/year. I haven’t made a payment to the credit card companies for almost 2 years, and they have even sent out a summing which I didn’t go too. I have a few third party collection agencies that have bought my debt from places like Capital One and Macy’s. Where should I begin with the credit card debt, and should I even consider settling? I have no savings and have had to place money in a secure place in my house because if I use a bank, they take out money when they feel like it (seriously).

Like I said, I have to start with paying back my student loans in 2 months and I’ve only been at my current job for 3 days. Any advice? Thanks!

The only thing I can think of is for you to contact those creditors and see if they are willing to work something out with you. I would call HSBC and see what they say.

Barry

Your site is very helpful! It’s comforting to know there are a lot out there who’s in the pit of debt.
I would like to inquire about what best I can do regarding my case.

I have been a very good client with my credit card here in Dubai (HSBC) and have standing instructions of direct debit to pay off the monthly dues. I have 3 cards with HSBC. My total credit card dues now for the 3 cards is about 45,000dhs. I have never missed paying any monthly dues, and I am paying 10% payment for the 2 cards and mnimum payment for the other 1.

My case is, I want to resign by September of next year, which gives me just about over a year to settle my dues. I am aware it is possible, however, if I can come to a settlement with HSBC, because I want to just settle my dues and not use the cards anymore, I want to do that. Is that possible? Who should I talk to?

Your advice will be greatly appreciated!