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!!!
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