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  1. #1
    Join Date
    Jan 2009
    Posts
    1

    Default Credit Card Debt and Not Enough Money to Pay

    My question involves collection proceedings in the State of: NY

    I am 23-years-old and a recent college graduate. Right after college I moved down to the NYC area. I am a full-time employee, however do not make much money.

    I have occurred close to $6000 in credit card debt from Citi bank, Chase, Bank of America and GE Money. I make roughly $25,000 a year and am having difficulty paying these. I am able to make the minimum payments on all of these(Although it's not easy, paying rent and the rest of my bills). Now my question is, I don't think paying these minimum payments I'll ever be able to pay off these bills, so how should I handle this?

    Should I continue to pay these minimum payments, struggling to make ends meet, in hopes that I can hold them off long enough till my salary increases and I can pay these off, or should I just stop paying them, in hopes of settling for pennies on the dollar?

    I'll admit that I am a bit naive in this, and am currently witnessing my parents going through bankruptcy at the moment, and it scares me. Any help would be GREATLY appreciated. Thanks.

  2. #2
    Join Date
    Dec 2007
    Location
    Ohio
    Posts
    2,006

    Default Re: 23 Years Old with $6000 CC Debt and Not Enough Money to Pay

    It is a lot of debt, but bankruptcy shouldn't be an option.

    If you stop paying on them, they will eventually take you to court and win a judgement against you. You will also get stuck with court and attorney fees.

    You should consider getting another part time job to pay the bill down.

  3. #3
    Join Date
    Apr 2007
    Location
    Il.(near StL,Mo.)
    Posts
    5,252

    Default Re: Credit Card Debt and Not Enough Money to Pay

    Agree, with only $6000 debt (though it may seem like a lot to you) & your young age, I wouldn't choose bankruptcy as an option. Try to pay off the debt if at all possible.

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