Debt Management Info Blog

10 Comments to “How can I pay off massive credit card debt, and continue with college?”

1. Mark M Says:
   November 20th, 2008 at 12:31 am

   i say try and get student loans and pay off your credit card debt since student loan interest rates are much lower than credit cards.
   if your not working look into bankruptcy.
   otherwise, work full time i dont know what you do now but try to work somewhere that pays well or at least like a call center for insurance companies or something.
   and go to school part time..
   if you don’t have money you wont spend money so if you make it pretend you didn’t.
   stay at home, don’t go out… the world won’t end, and life won’t pass you by if your at home for a year.
   good luck

2. Drummer Girl Says:
   November 22nd, 2008 at 2:44 am

   Is there any chance you can get a job which will pay for your education? it may take a little longer but you would have to work a long time to pay off the debt anyway. A lot of companies offer this type of thing and may even fund your degree…..you may have to work for them for a while but hey you need work …good luck

3. pamela.harriott Says:
   November 23rd, 2008 at 4:28 pm

   Bankruptcy is the best solution

4. hawks1690 Says:
   November 26th, 2008 at 4:07 am

   Hi,

   I have myself a budget which i stick to and I try to control my shopping sprees. The following is a site packed full of tips advice and resources to help manage you’re finances It might help.

5. sarah t Says:
   November 26th, 2008 at 5:43 am

   Don’t file for bankruptcy as the last person said. That’s ridiculous! Bankruptcy is meant to be an extreme last resort, and despite what the news networks are telling you now, bankruptcy is a huuuge black mark on your financial report with lending institutions. Someone young (I’m assuming you’re young, i.e. under 30) has ample time in which to make money and repay debts. The average person makes well over 1million dollars in their lifetime, 13k plus interest can be easily paid off when you look at that number.

   My advise: “find a full-time permanent job and go to school part-time in order to pay off debt faster”.

   The reason is this: the “time value of money”. Banks and all financial institutions know that money in hand is better than money on the books. That means that its better to have money NOW rather than later (for many reasons but one easy one to understand is that money always devalues over time).
   In the same way its better to pay off debts NOW rather than later (otherwise why are all debts timescaled? Mortgages cost you more in interest the longer the term for example).

   By paying off your debt sooner you pay the least sum of interest, and by finishing school you have a better chance of getting a higher paid job sooner.

   For the: “money management, budgeting, and tips on saving”….I’ve put some beginner tips below:

   1. Go to your college library and read as many books on personal finance, business and investing as possible. Honestly I have no idea why they don’t teach something as basic as money in school, but all you need to know to become a billionaire is there for free in your local library. Good books to get you started: “the richest man in Babylon” and “the intelligent investor”.
   2. Save the first 10% of your income for yourself, never spend it, only invest it.
   3. Learn about investment vehicles like stocks, bonds, property and cash (the four key asset classes). Make a plan for your financial future, find investment products like mutual funds that meet your financial goals and fit with your plan, and invest steadily and unemotionally (no fear or greed allowed!).
   4. Budgeting is all about being able to visualize your spending. Google it or use excel. Its pretty easy to make a piechart to show your percentage of spending in the different categories for the year. Cut out the things you can live without and still be happy (including frivolous and trend materialism, as tempting as those shiny new products may be :P).
   5. See a financial planner. The first consultation if not every consultation is free. Otherwise talk to an accountant or tax-lawyer. Networking with these kinds of professionals gives you an insider’s look at what rich people do with their money, and how they think about money.
   6. Realize that money is an IDEA not the notes of paper in your pocket. Money becomes whatever meaning you put into it. People who say money is evil, for example, do not realize that money is just an idea, money cannot be evil unless the people using it are evil. How can money be evil if someone uses it to help cure cancer, or support a child in a 3rd world country?
   For me, I used to think money was very hard to come by or to make, but I realized that my thinking was limiting my money’s potential. Because I thought money was limited, I saved every penny in the bank, but because of that I limited my money’s growth potential. Now that I invest regularly my money makes more money which makes more money which makes more money and so on and so forth.
   After dealing with and being friends with many millionaires i can tell you this is the only main difference in thinking they have from ‘poor’ people. That and that they love to work hard at what they love working hard in (a prerequisite for success).

   Hope all that was helpful!
   Cheers
   Sarah

6. Heather Says:
   November 29th, 2008 at 1:27 pm

   Uh, I’m going to school full time, and working full time, and have no problem with my classes. If you apply yourself this shouldn’t be a problem.

7. Cherry Joe Says:
   November 30th, 2008 at 6:18 am

   There are some articles on how How to Get Out of Debt , How to Stop Debt Collector, Free Credit Card Debt, if you are interest to get further information, you can take a look at

8. Michelle G Says:
   December 2nd, 2008 at 4:31 pm

   Sarah offers the best advice, credit card debt is easy to get into and hard to get out of. Speaking from personal experience, do not file bankruptcy,not only will it ruin your credit rating for at least 10 years, it may make it more difficult to get a good job when you do graduate. More employers are requiring good credit as well as good qualifications. And by all means- DO NOT ignore your debt, it won’t go away! Be careful of credit repair and credit counseling agencies, research before working with them, and be aware that credit counseling also shows up on your credit report. Pull your tri-credit report each year, its free in most states and familiarize yourself with it, paying for your score can also be helpful. I have worked in banking for eight years and the damage young people do to their credit takes years to repair, so treat it carefully.

9. Cherry Joe Says:
   December 5th, 2008 at 5:00 am

   There are some articles on how How to Get Out of Debt , How to Stop Debt Collector, Free Credit Card Debt, if you are interest to get further information, you can take a look at

10. Barbie Says:
    December 6th, 2008 at 12:28 pm

    Hello CalCreeB,

    Credit Card Debt - What You Need To Know

    If you are among one who are facing credit card debt problems due to accidents, illness or just due to sheer bad luck, you should seek for credit card debt help. Nothing to worry you are at right place, this article is for you to help credit card debt consolidation.

    Here are some facts you need to know about credit card debt and credit card debt consolidation.

    Move to a single card if you have more than one credit card with debts. First of all you should know that you are paying for each and every facility you are taking from your credit card such as using ATM, making a check on your credit card, using companies like breathing and MBNA. Day by day you are increasing your debt, as bank is charging a fee of 20-25 USD per month or a percentage of your debt whatever is higher. You can over come this problem with credit card debt consolidation.

    For credit card debt consolidation you should go to your bank and ask for a credit card debt consolidation loan, they will offer you loan at much lower interest rate. You can borrow from your life insurance policy for credit card debt consolidation, if you find hard to take a loan at lower interest rates.

    If even after credit card debt consolidation you are unable to overcome the credit card debt problem, start using simple tips.

    a) Move to a Lower or Zero Interest Card: There is nothing wiser. Why you should pay 20% if you can use the same facility while paying 10%.

    b) Start using cash: Sometimes it uncomfortable to carry cash but with cash there is a bigger possibility of bargaining. Hence, use cash.

    c) Repay before statement day.

    d) It will be wiser to take loan from only one lender instead of multiple lenders.

    Keeping an eye on these tips will surely eliminate your credit card debt problem.

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