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I’m in 15K CC debt with no job. What are my options?
Here’s some background.

I’m 20. Live with my parents.

January 2009, I open a credit card (no interest for year/15% rate afterwards, BUT the rate now is 30% because I made one payment 5 days late) with Chase and some time later raise the limit to 15K.

Racked up a 15K balance on the card during the year.

The min payment each month is $ 500. Each month there are misc fees/charges applied to the card (one of them is cash-advance of 3K), so for each monthly $ 500 I make about half goes to new fees.

I worked irregular jobs during the past year, and now I am frantically looking for any salary-based job, to apply my whole salary to pay off the debt ASAP!

However, I am ready for a more negative turn of events.

If I can’t find a job, what are my best options? I checked out debt settlement companies, but it looks to me like they’re ALL fraudulent. I’d rather negotiate myself and save myself $ $ $ AND credit score in the end than make money for some treacherous scumbag to take my money and ruin my credit rating in the end. You don’t have to go pay a settlement company to default on your card by avoiding payments for 90 or180 days and then offering the company to settle for less.

Is it realistic for me to call Chase and talk to them about lowering my fees/interest? What are my chances? What are the negotiating pressure points? Anyone with experience with this situation?

I got no job, no net worth, nothing, I’m broke. If I don’t find a job, then I’ll have to deal with this somehow, so any advice?

I thought about joining the military. Is that an option? I’m in great physical shape, but will they admit me in the first place due to my debt? And if they do, what will happen to my debt?

Thank you so much for any sincere help and may God bless you!!!

For the would-be spammers/advertisers, may your mother, father, and all your children burn in hell for ETERNITY!

2 Thoughts on I’m in 15K CC debt with no job. What are my options?
  1. Reply
    Tim
    March 16, 2013 at 8:56 am

    The military might be a good option for you if you are up for it. I don’t believe that they care much about your debt, however your pay might be garnished until the debt is settled.

    bankruptcy might be an option, but only as a last resort.

  2. Reply
    CatDad
    March 16, 2013 at 9:18 am

    Credit card firms usually have hardship programs…but generally only when you have gone 1 or 2 months past due….they may reduce the interest and payments. It does not hurt to ask…the worst that can happen is that they’ll say no. Of course, if you have nothing to pay per month then there’s no point trying to get on a hardship program.

    If they don’t offer any hardship programs, and assuming that you can manage $ 300 per month in payments, then you may want to enter into a non profit debt management plan. Consumer Credit Counseling Services (CCCS) is a non profit program that was created by the credit card industry to help people who are struggling with their credit card debts. They can negotiate reduced interest and payments, but NOT settlements for less than what you owe. They would require you to close your accounts…but at least the fees would stop. In general they can cut you total monthly payments down to 2% of your total balance…which is $ 300 in your case. Use this site for a referral: http://www.nfcc.org

    Stay away from debt settlement firms. These programs involve deliberately ceasing payments to all your creditors to force your accounts into default to attempt settlements for less. More info at – http://sites.google.com/site/catdadsadvise/home/debt-settlement

    The good news is that credit card companies are not going to sue you for being 1 or 2 month past due….After 5- 6 months of non payment they will charge off the account and then decide to either walk away from the debt or take you to court.

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