Newbie here!

Hello! I am new here, and trying to gain a handle on my debt (thanks to all who gave my credit cards my first year of college!!!)

My credit is really bad, collection agencies call all the time. I'm due a nice fat raise at the first of the year, and want to start improving things.

My first step was to consolidate my student loans, and my payment is now around $90 per month. I have around $15,000 in additional debt (in collections), and have no idea how to begin repaying. These people terrify me.
Any ideas? I don't want to go on and on here, but will provide more info on request. Thanks so much!

M.

[jmjj215]

The first info we request is a budget!

Outline your monthly income (all sources). The break out your expenses line by line and let us know how those are going. From there I'm sure we'll be able to help out quite a bit. The more specific you are with the budget, the more specific the advice you'll get.

One piece of advice right now: cut up your credit cards.

[sweeps]

Welcome to the forums.

Regarding the collection agencies... If you decide to settle with them, get the settlement in writing before paying anything. Make sure the agreement states that the entire debt is being eliminated, any "past due" notations are being removed, and your credit report will reflect the payoff.

FYI, some people get a better deal by negotiating with the original creditor rather than with the collection agency. But again, get the terms in writing.