College Student Cluelss

[JasonInFlorida]

Alright, I'll start with this...

I am currently in about 3,300$ credit card debt. That wouldn't stress me out TOO bad, but I'm up to about 30% APR on that due to Late Fees/Overdrafting(I know it's dumb, don't bother).

I make around 1800$/month, with about 300$ in expenses(including MINIMUM credit payments) per month. I generally spend a good amount on unneeded crap every month, working on that though.

Now, I know the obvious solution would be to "just work and pay it off." The problem with this is that I will be moving to Gainesville to go to college in August, and need to save up at least 7,000$. This is the MINIMUM amount for only rent(parents will probably chip in mean plan and 5,000$yearly)

So, in short, working hard to pay it off right now is out of the question. I tried to apply for a AAA balance transfer at 2%, but was denied due to late fees/overdrafts/one medical bill in collections. I would be fine with finding a way to just "put off the debt" until I graduate somehow.

I really have no idea what to do now, I obviously can't go on paying 30% APR on 3,300$, it's just insane. My mother would possibly co-sign something for me, but I would have to have a plan laid out to present to her. My credit is completely ruined at the moment (520 credit score, down from 740)

Any knowledgable suggestions would GREATLY be appreciated. I have chronic anxiety/depression, and the financial stress is the main fuel to my fire. Thanks in advance!

EDIT: By the way, I am no longer spending anything on the card. I have spent probably 450$ on late fees/overdrafts, this will no longer happen in the future.

[kimiko]

I don't see any problem with your situation, except with the "working on that though" and "working hard to pay it off right now is out of the question." Get rid of your craps and start paying off your debt now.

Don't indulge in anything for 2 months and a half month and you can pay it all off. That'll be the end of January. Once you pay it off, you can start saving for the move in August. At $1,500 a month, it'll take 5 month to get $7,500. The money that was used to pay minimum on credit card can now be your spending money.

If you think that's too hard to handle, well tough, get use to it if you don't want to dig yourself into a bigger mess. Your credit score is already ruined, that means you can't get loan anywhere. What if you need student loan later on? If you're desperate enough, you can try to borrow from your parents to pay for the credit card now and pay them back with the plan above.

[JasonInFlorida]

Oh, I already have a student loan, and it's a PLUS loan =/, but I figure damage done there, I'll worry about that one when I graduate. I probably will need a student loan in about 2 years or so, but I have pretty good co-signers so I'm not too worried about that.

I do have about 1100$ cash in my room, part of the saving to move part, and really, I should just go put that towards my credit. But it's so hard, this money to move is the only thing keeping me really motivated. I'm afraid that if I really only focus on paying off the cards, that I will lose focus. Or worse, lose job/only be able to find a garbage job. I certainly have some thinking to do.

[maat55]

You should look at the credit card debt as on big pimple and get rid of it. Get a part-time job if you need to. Paying high interest and late charges will only slow you down.

Making poor decisions with your money will only make life tougher. Work hard, get out debt first, then save.

[arthurb999]

There is no super secret we're hiding from you... you have to get the money to pay it off.... period.

[Tree0164]

I would use the money that you have saved and pay it. The interest and
late fees are not going to help you out. Then buckle down which means eatting lots of ramen noodles etc

Do you need to move? It may not be the smartest thing right now.

[disneysteve]

I don't see a problem here. If I'm understanding your first post, you earn $1,800/month and have expenses of $300/month. That leaves $1,500/month free. Why not just pay off the CC with the $1,100 you have set aside and the extra $1,500/month from income this month and part of next month?

It make no sense to be sitting on $1,100 cash while paying 30% interest on the CC.

By January, you'll be debt-free and can start saving the $1,500/month toward your move. By August, you'll have about $10,000 saved up which will be more than enough.

[My English Castle]

I'm with Steve. pay the darn thing now.
It's an oozing waste of money.

[JasonInFlorida]

It made me want to cry, but I brought the money to the bank and put it all(1400$) into the account. Reality finally struck me I suppose...Thanks for the suggestions, working hard to pay it off as quickly as I can.

[disneysteve]

It made me want to cry, but I brought the money to the bank and put it all(1400$) into the account. Reality finally struck me I suppose...Thanks for the suggestions, working hard to pay it off as quickly as I can.

Congrats. You made the right decision. You'll be debt-free in 2 months or less and then you can start stashing all that spare cash into savings.

[jill8beans2]

Student

I was wondering what a student does to make $1,800 a month too. Seems like you're doing something right, if you stay away from the credit cards.

[JasonInFlorida]

I'm a waiter...I don't work that much, pay schedule usually breaks down like this:

Friday Night:115
Saturday Double: 150$
Sunday Double: 140$
And a weekday morning shift and additional night shift: 100-150$.

Bi-weekly paycheck: about 70$ each

So really, I guess I make about 2000-2100/monthly, but lets just say 1950 due to inconsistencies in the restaurant business.

Edit: Thing is, this is considered pretty eh for a decent waiter working doubles. When I was at my old job, a year ago, I would be able to pull down 650$ just from friday/saturday/sunday nights ALONE, working MAYBE 16 hours!

This is fine and all, but I DON'T want to be working when I move to college. I am currently only going to a community college, so I have time to burn without studying needed and all. I really want to enjoy the college experience and join clubs/internships/etc. without worrying about my financial situation.

[JasonInFlorida]

I worked at a resturant called Stir Crazy, and now I work at a small italian resturant called Sals. I definitely prefer big, corporate places though. Less work and usually more $$$.

[brianj]

I wish we were only 3,300$ in credit card debt. We are over $131k

[maat55]

I wish we were only 3,300$ in credit card debt. We are over $131k

Ouch!!!!! Just reading that, makes me nausea.