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I don’t know where to start, I messed up and made many stupid financial decisions that I regret now

Is there hope for me??

3 credit cards , a total of 9,000 dollars

I was unemployed for 6 months, I didn’t pay even the minimum due for 4 months (I was that poor..)

The 3 cards were closed by the banks

And I have 3,500$ in debt from another source, which I need to pay back at last 70$ a month

The banks now require between 200-500$ minimum due !!

I finally got a job, only 30,000$ …BEFORE tax

By the way I support my mother (old) and my brother (too young)

I have nowhere to go and don’t know what to do… How could I possibly pay the rent (1,100), bills, food, etc etc .. and pay back my credit cards

I am lost. I hate that my credit score makes me look irresponsible. I really was on track before I lost my old job and my savings due to family emergencies..

Is there hope for me ? What can I do to rebuild my financial credibility ? How do I get the courage to even look at my finances let alone organize them ? Please help me… How long is it going to take for me to get out of this mess? I am ready to do what I got to do

1 Thought on Is there hope for me ? BAD BAD credit, 3 closed credit cards, 13,000$ in debt… and I am only 25 years old?
  1. Reply
    April 7, 2013 at 9:20 pm

    Have a copy of your 3 free credit reports at hand
    Annual Credit
    If these items are not in collections, there is a non-profit agency that will help you.
    No cost to you.
    National Foundation for Credit Counseling
    They know what to do. They can call the creditors and perhaps get interest reduced, set you up on lower payments, etc
    Go to the site, call the 800 number, and make an appointment at a local office
    IF they put you on a DMP program (debt management program) the cost is only about $ 30 a month. If you can’t afford it, ask them to lower this.
    This is not a scam company like the debt consolidation services you see out there
    This is a federally regulated non-profit

    If these items are in collections, go get a book on Credit Repair from the bookstore
    It will teach you how to negotiate settlements
    (once you get a bit of money saved up to pay)
    I’ve seen people settle for as little as 35% of what they owe

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