Strange situation don't know how to tackle this

[Slot101]

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

[disneysteve]

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?

[msomnipotent]

Is your friend able to refinance the debt?

[disneysteve]

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?

[Slot101]

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.

[Slot101]

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

[Slot101]

Is your friend able to refinance the debt?

No, he isn't.

[97guns]

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

[Gailete]

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.

You had your fun and now you can't pay the consequences so you want to file bankruptcy? Am I getting this right? You think if you get this debt all in your name, you can get rid of it all with bankruptcy and walk away from all your responsibilities. That in and of itself is a gamble. As the others asked, how are you paying your share right now? Tapping that line of credit or the bank of mom and dad?

My mind boggles at the thought that a student apparently with no job having this much debt. My suggestions, and it would probably be very unpopular. You should be at the end of semester currently. You are now done with college (I can't believe a HS kid would be this bad off, but who knows?). Pack up and go find the highest paying full time job you can find. Live as frugally as possible (live like a pauper) until this money is paid back -- don't try to dump it in the laps of those that loaned it to you. You broke your promise, they didn't.

Once your bills are paid off, then if you want to save for college again do so and pick up where you left off. Oh yes, you should seek out the nearest Gambler’s Anonymous meeting. Anyone that gambles, AND LOSES $15K needs to go to meetings because you have a problem.

[97guns]

It's easy to rack up huge balances when your young, you have no concept of credit, it's your first card and it literally feels like you've won the lottery

[Gailete]

I just realized what your screen name is and that tells me even more about the gambling unless you are someone that makes things that refer to put part B into slot A and I don't think that is it. Please get help before you destroy your life and you are too young for that. Of course, no one can force you to get help, but with this debt hanging over your head, how many lottery tickets have you bought this month? How many times have you gambled with your line of credit, etc. It should be zero. Some people can take it or leave it, but if you can't leave it, you especially need to get help to leave it.

[Slot101]

You had your fun and now you can't pay the consequences so you want to file bankruptcy? Am I getting this right? You think if you get this debt all in your name, you can get rid of it all with bankruptcy and walk away from all your responsibilities. That in and of itself is a gamble. As the others asked, how are you paying your share right now? Tapping that line of credit or the bank of mom and dad?

My mind boggles at the thought that a student apparently with no job having this much debt. My suggestions, and it would probably be very unpopular. You should be at the end of semester currently. You are now done with college (I can't believe a HS kid would be this bad off, but who knows?). Pack up and go find the highest paying full time job you can find. Live as frugally as possible (live like a pauper) until this money is paid back -- don't try to dump it in the laps of those that loaned it to you. You broke your promise, they didn't.

Once your bills are paid off, then if you want to save for college again do so and pick up where you left off. Oh yes, you should seek out the nearest Gambler’s Anonymous meeting. Anyone that gambles, AND LOSES $15K needs to go to meetings because you have a problem.

Might sound bad, but I don't care too much about the moral aspect of filing bankruptcy. I don't care all that much about Mastercard being out 15k. You can't tell me filing bankruptcy has no effect on me, it has huge effects. But it is something I want to do if possible. If it is impossible for me to clear this debt via bankruptcy because it's on a friends card, then that's the preferable answer to me over moral arguments.

I just realized what your screen name is and that tells me even more about the gambling unless you are someone that makes things that refer to put part B into slot A and I don't think that is it. Please get help before you destroy your life and you are too young for that. Of course, no one can force you to get help, but with this debt hanging over your head, how many lottery tickets have you bought this month? How many times have you gambled with your line of credit, etc. It should be zero. Some people can take it or leave it, but if you can't leave it, you especially need to get help to leave it.

My username means something you wouldn't likely be able to guess. I gamble on BJ. I'm up all time on Poker and decent at that and it's the only other thing I play but 99% Blackjack.

I don't like gamblers anonymous because like AA it's a religious organization, and there's really no other gambler help group.

[bjl584]

Might sound bad, but I don't care too much about the moral aspect of filing bankruptcy. I don't care all that much about Mastercard being out 15k. You can't tell me filing bankruptcy has no effect on me, it has huge effects. But it is something I want to do if possible. If it is impossible for me to clear this debt via bankruptcy because it's on a friends card, then that's the preferable answer to me over moral arguments.

As long as we're not caring, then I'd suggest that you tell your friend that you don't care about the debt that is on his credit card. Tell him that the debt is his problem. He will learn a valuable lesson.

[Gailete]

Might sound bad, but I don't care too much about the moral aspect of filing bankruptcy. I don't care all that much about Mastercard being out 15k. You can't tell me filing bankruptcy has no effect on me, it has huge effects. But it is something I want to do if possible. If it is impossible for me to clear this debt via bankruptcy because it's on a friends card, then that's the preferable answer to me over moral arguments.



My username means something you wouldn't likely be able to guess. I gamble on BJ. I'm up all time on Poker and decent at that and it's the only other thing I play but 99% Blackjack.

I don't like gamblers anonymous because like AA it's a religious organization, and there's really no other gambler help group.

So you are still gambling. You have got a problem and I wasn't aware that GA was a religious organization (other than acknowledging that there is a higher power) - that is just an excuse for not getting help. But then you don't want help real help to pay off the debt and that has come out loud and clear. You don't want 'moral' arguments. Sad, sad, sad. I have no help for you and even if I didn't, what is the point? You will continue to gamble, you will continue to get in debt because of it, you will continue to look for the easy ways out. In life for something like this, there is NO easy way out.

[Petunia 100]

Might sound bad, but I don't care too much about the moral aspect of filing bankruptcy. I don't care all that much about Mastercard being out 15k. You can't tell me filing bankruptcy has no effect on me, it has huge effects. But it is something I want to do if possible. If it is impossible for me to clear this debt via bankruptcy because it's on a friends card, then that's the preferable answer to me over moral arguments.



My username means something you wouldn't likely be able to guess. I gamble on BJ. I'm up all time on Poker and decent at that and it's the only other thing I play but 99% Blackjack.

I don't like gamblers anonymous because like AA it's a religious organization, and there's really no other gambler help group.

Well, there you go. Just win at black jack and poker, then pay off your debt. Easy peasy.