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Strange situation don't know how to tackle this

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  • 97guns
    replied
    Ahh yes, the old gambling debt on the credit card, I've been there and done that too, hope you guys got your bonus monies

    As for the debt tackling... it's only gonna get paid down through hard work, getting a job, working extra hours, extra job, there's no easy way out, it's painful now and there's more pain to come

    Leave a comment:


  • Slot101
    replied
    Originally posted by msomnipotent View Post
    Is your friend able to refinance the debt?
    No, he isn't.

    Leave a comment:


  • Slot101
    replied
    My friend has an additional 15k, hence we incurred it together. I pay my half.

    Leave a comment:


  • Slot101
    replied
    Originally posted by disneysteve View Post
    Can you clarify that $15,000 you owe to your friend? What was that for? You say you incurred the debt together but it sounds like you're the only one paying it.

    Any ideas? Sure. You say you have no income. Fix that. Being a student is no excuse. Get a job and start bringing in some money to put toward all the debt. Who is paying all of your expenses now? Parents? Loans?
    It's gambling debt. We are both paying, we are covering minimum payments. TBH I want to file bankruptcy and just move on with my life afterwards, but I'm not allowed to because all of the debt is in his name.

    Leave a comment:


  • disneysteve
    replied
    Originally posted by disneysteve View Post
    You say you incurred the debt together but it sounds like you're the only one paying it.
    Rereading the post, do you mean that you are just making the interest payments? Is your friend paying the principal?

    So 25% APR on 15K means about $300/month interest. Is that right? How is your friend doing on payments? Just paying the minimum or paying more?

    Leave a comment:


  • msomnipotent
    replied
    Is your friend able to refinance the debt?

    Leave a comment:


  • disneysteve
    replied
    Originally posted by Slot101 View Post
    So let me start by saying I have about $28000 of debt. $7000 is in student loans, $5000 in a line of credit at 5% a year, $1000 in a credit card at 25% a year and $15000 is owes to my friend. Because we incurred the debt together via credit card, I pay monthly interest on this, 25% yearly. The reality is though, the interest is too high for me to realistically keep up with it since I have no income as a student.

    Any ideas?
    Can you clarify that $15,000 you owe to your friend? What was that for? You say you incurred the debt together but it sounds like you're the only one paying it.

    Any ideas? Sure. You say you have no income. Fix that. Being a student is no excuse. Get a job and start bringing in some money to put toward all the debt. Who is paying all of your expenses now? Parents? Loans?

    Leave a comment:


  • Slot101
    started a topic Strange situation don't know how to tackle this

    Strange situation don't know how to tackle this

    So let me start by saying I have about $28000 of debt. $7000 is in student loans, $5000 in a line of credit at 5% a year, $1000 in a credit card at 25% a year and $15000 is owes to my friend. Because we incurred the debt together via credit card, I pay monthly interest on this, 25% yearly. The reality is though, the interest is too high for me to realistically keep up with it since I have no income as a student. I also can't take advantage of any programs to help deal with my debt because the majority of the credit debt isn't even under my name.

    I want to take on this debt so I can actually deal with it, but I have no idea how. My credit rating is barely over 600 so I can't get a credit card to get a balance transfer, I just have no idea what to do to take on this debt myself.

    Any ideas?

    Thanks
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