Help! Financial Advice Needed

[questions]

I'm in need of some serious financial advice but am absolutely not sure where to start. I came across your email doing a web search and hope that you can at least point me in the right direction.

I am 27 years old and have very unexpectedly just been given the opportunity to return to my 4-year college. Because I wasn't expecting this to come my way, I have done no saving. Over the course of the past 2 years I have been making regular payments on my ACS and AES loans, but have slipped on payments for my other debts. Consequently, I have shaky credit, little savings, and am about to embark on 2 more years of full-time undergrad work.

I've tried to inquire about consolidation, loans, and the like, but nobody seems to be able to help me with any realistic advice. My goals, as far reaching as they may be, would be to consolidate the debt that I have, and hopefully secure for myself a small loan to help me get started in school. To my credit, I have a sizeable financial package through the school to pay for my education and will work as much as possible while in school to support myself and pay my bills. I can't imagine that I'm the first person to be in this situation, and I believe that there has to be a way to make this work. Theoretically, it will be only two short years before I'll have much greater earning power and will be able to pay off my debt in a much smaller window of time. In the meanwhile, what can I do to bridge the gap between that time and now?

[autoxer]

Well, if your credit is shaky then you should start by improving that. Go to the creditboards forums and learn how to improve your credit rating. But don't expect a quick fix, it takes lots of time & work, but it is worth it, because it will save you tons of money with lower interest rates.

If you want advice about cutting costs, it is all over this forum. You may need to live off of a fraction of your income.

I don't know what your specific situation is, but if you already cut all your costs down to the bare minimum and can't go two years w/o defaulting on your debts, then you might want to consider going to school part time, so you can work more, or delaying school till you are in better financial shape. Those two short years can become two long years if you have collection agencies hassling you.

Investing in yourself and improving your earning power is great, but if it puts you in a lot more debt, then it won't be that easy to pay it off in a smaller window of time. Is that a realistic goal? It takes a lot of sacrifice to get out of debt.

[vishenda]

Good day! well first you need to assess your credit rating. Rebuilding your credit history may not be easy but possible. The good thing about it is that what a credit repair company can do legally, you can do yourself, at little or no cost at all. There are a lot of sites designed to impart comprehensive and customer-focused advice on repairing and improving your credit report status by yourself.

[samson smith]

I want to share an financial advice with all. Always remember that your loan payment term should not be more than 30% of your gross income.It helps you to make the new rescheduled payments on time.

[naomibatac]

Have you tried seeking help from a professional credit counselor? If you need credit card help, a credit counselor is also the person to talk to.

[Arron93]

You may find a tough time getting a loan from financial institutions with poor credit.Either downscale your plans and amount or wait until the absolute specialist help you out...

[samson smith]

Originally Posted by naomibatac

Have you tried seeking help from a professional credit counselor? If you need credit card help, a credit counselor is also the person to talk to.

Yes, credit counselor is a person that give you right information of credit cards.Very nice!!