Financial Challenges Support Group
This community is for people who are struggling to meet financial obligations of any kind. Financial challenges include everything from the day-to-day challenges of making ends meet to managing credit card debt to bankruptcy. Get support from others who are going through similar obstacles on the road back to financial stability.
I need some help getting through this. I am a student at the University of Colorado and I am around 13,000 in debt with credit cards. one of my credit cards is asking for a payment of 400 per month, but I don't have that money. I talked to the credit card company today and they will force it to collections for me so I can make a lower payment plan based on my situation, which I suppose is not the best i don't own a home my parents pay for college. I hope the payment goes way down and I am waiting on the decision from the disability insurance people on my bipolar disability insurance. I am scared and sad and I don't know who to talk to... I want to talk to my mom but I don't want her to get mad.
Any suggestions? What may help if anything?
Any suggestions? What may help if anything?
My best advice is to be honest with your mom and tell her the truth about your debt as soon as possible so that she can help you can on a budget to get your credit cards paid down.
The worst thing you can do is try to keep hiding your debt because she'll find out one way or the other and its going to hurt much worse if she hears it from a debt collector than from you.
Once you come clean to your mom, you should take the tough love approach and either freeze or cut up your cards and try to negotiate the lowest payment plan you can get and see if your mom can help you w/ payments until you hear back from your insurance company.
Also, be sure to make your credit card payments on time all the time so that you can re-build your credit score and so you can have a chance at student loans for example, if your mom maxes out her borrowing amount or in case you need to get approved for student loans in case you want to go to Graduate school
To to hang in there I know you can over come this. Good Luck :D
Your mom is going to want to know what you did with the money?
Can you sell anything you bought. Were these spending sprees associated with your Bipolar?
What steps are you taking to make sure this doesn't happen again. As Sweetpea said, did you cut up the credit cards?
I am a mom - and I 've been in your mom's shoes. You do need to sit down with her and be totally honest and outline a plan which shows her you are serious about this not happening again and most of all the lesson you have learned. It is not up to your mom to bail you out so if you are looking for her to help you, you are going to need to ask.