I'm only 20 years old (I'll be 21 in Dec. this year) and I've dug a $5,000 hole that I just can't seem to get out of. When I turned 18, I got my first credit card. 6 months later, I got another one. A few months later, I got 2 more. Now, all four are maxed out and waaaaaaay over the credit limit due to interest charges and late fees.
I can't believe how stupid I was
It makes me sick to my stomach to think of all the debt I've accumulated at such a young age, and it just keeps on growing even as we speak. I had a part time job here and there, but I was just irresponsible. I do not have a job now because I spend so much time on my school work. It's crazy that I have to worry about my debt (let's not even get into my student loans) and getting a job at twenty. I honestly don't know what to do.
I try to pay some down on each one when I can, but it seems pointless. The sad thing is, I can't even remember what I purchased with those cards...mostly clothes during my freshman year of college (which I cannot fit into anymore) and food from restaurants. I know, I know.....STUPID. I would give anything to get rid of this debt. It feels like I have so much weight on my shoulders. Right now I have about 13 unopened envelopes on my desk. I can't even stand to look at the amounts. When I make a payment, I just scribble out a check, tear the portion needed from the bill without looking at it, and seal it. Since I've been away, my mother says those people call 2-3 times every day. She made the mistake of opening my mail one day, and immediately called me. All she could say was, "you've got yourself in a big ol mess!" as if I didn't already know
. I can't consolidate because I've skipped payments at a time so many times. I try not to let 90 days go by without sending something in so my credit won't be that bad.
Bankruptcy may be the option for me when I graduate because I just don't see any other way out. It's gonna be a while before I get a real job because I plan on going to grad school and then maybe even going for my doctorate. When I was making paymets on the regular, I barely had any money left for myself. I'm scared of the consequences of bankruptcy though. Would I be able to get a car after? What about a house? Can I even pass the credit check necessary to get an apartment? If I file after undergrad, can I still take out student loans for grad school?
Is anyone going through the same thing I am? I just don't know how much more I can take! I will never be that stupid again. Please help.