what is the best way to deal with debts at a young age?
450180
Don't get into debt to begin with!!  But if you already have, then the main thing is to pay more than the minimum required by the credit cards, etc.  That's the #1 way to pay off the debts quicker and to pay less interest. Even if you have to get another job. And this philosophy go's for any age! Good luck!!
730399
Iam 35 and I also made some bad financial decisions when I was younger. My advice is to clear your name, get the debts out the way and start a clean slate. Ring them up and sort something out. It will be better for you in the future, because it will give you more options, and you wont have the weight of it hanging over you.
890213
When you find out be sure to tell me!\n\nBut seriously the only "free" way to get out of debt would be to file bankruptcy and even that's not free.  You have to obtain a lawyer and depending on what kind of bankruptcy you're eligible to file you may still have to pay a small payment each moth depending on the amount of debt you've incurred.
1017288
Speaking as a 19 year old who somehow acquired $3000 worth of debt through an American Express card, I might be able to help...\n\nI say shop around for the lowest interest/APR rates. I'm not sure which Visa, AmEx, Mastercard, etc are the lowest, but just be careful with your rates. Try to stay away from credit card agreements where the company can raise your rate at any time, because that will screw you over in the long run.\n\nJust keep in mind that you SHOULD NOT GO CRAZY with a credit card. Its not free money. Think of it as a loan every time you purchase something. ...Sorry if this sounds like a lecture, but like I said before, I learned the hard way :-)
989481
Dealing with old debt \nBy Lucy Lazarony • Bankrate.com \nDon't let an old debt come back to haunt you. \n\n\nSome debt collectors are unearthing old debts, debts that are five to 10 years old or more, in the hope of squeezing some fresh money out of unsuspecting consumers.\n\n"I had one guy who got a call on a debt 14 years later," says Gerri Detweiler, author of "The Ultimate Credit Handbook."\n\nA collection call on an old debt can be tricky to handle, and if you handle it wrong it could lead to big trouble down the road. \n\nFirst off, it's important to realize that an old unpaid debt can't hurt you nearly as much as a new unpaid debt. \n\n- advertisement - \n \n \nAn unpaid credit account will mar your credit report for seven years. But once your debt passes the seven-year mark, you're in the clear. \n\nWith newer debts, debt collectors may call and threaten to sue you day in and day out. With an older debt, any debt collector that threatens to take you to court is breaking the law.\n\nThat's quite a difference and it all hinges on whether the debt a collector is haranguing you about is beyond the statute of limitations for delinquent debt in your state.\n\nOnce a debt is older than the statute of limitations for debt in your state, a debt collector no longer has the right to sue you for payment. You may still have a moral obligation to pay back the debt, but you can't be sued over it.\n\n"They can still ask you to pay, but they can't threaten to sue. If they do, it's a violation of the Fair Debt Collection Practices Act," says John Ventura, a consumer attorney in Brownsville, Texas, and author of the e-book Stop Debt Collectors Cold.\n\nLet's say you still owe some money on an old credit card account left over from your college days, 10 years earlier. And let's say the statute of limitations for credit card accounts in your state is five years. \n\nA debt collector may call you and ask you for payment for this forgotten account, but he can't take you to court or threaten to sue you over it. If he does, he's violating the Fair Debt Collection Practices Act. \n\nAnd since the debt is more than 7 years old, it's no longer listed on your credit report.\n\nWatch your step\n\nEven though a debt collector won't ever admit it, you're the one with the advantage here. But one little misstep could change all that.\n\nIn some states, making a partial payment to a debt collector or even acknowledging that you owe the money is enough to make an old debt new again.\n\nIf this happens, the five-year statute of limitations on your debt starts all over again. A debt collector has five more years in which to sue you for payment. And a non-payment on your new-again debt could be reported on your credit report. Then the advantage transfers to debt collectors.\n\nThe best way to handle a collection call for an old debt is to say as little as possible. Don't agree to pay. Don't acknowledge the debt. \n\nIn her book, "Money Troubles: Legal Strategies to Cope With Your Debts," attorney Robin Leonard offers the following advice: \n\n"You should never talk to the collection agency about it at all, even if they call at a permitted hour of the day. Just hang up the phone or put the receiver down and walk away."\n\nThe best way to respond to a collection notice on an old debt is in writing.\n\nUnder the law, a debt collector must send you a written notice telling you the amount of money you owe and the name of the creditor. If within 30 days of receiving this collection notice you write a letter back disputing the debt, a debt collector may not contact you.\n\nIt's a good idea to send this letter via certified mail so you'll have proof that the debt collector received it. Under the law, a collector may only renew collection activities if proof of the debt, such as a copy of a bill, is sent to you. \n\n"Definitely seek a
118797
Buy some furniture and pay it off on their 30/60/90 day no interst plan.\n Be sure to pay off the balance on the third payment.\n\nReally, you are young and have a lifetime to pay their pockets.  You won't have any problem getting a credit card. Ask me later how you can get out from under 20k debt.
143896
The best plan is to get on a tight budget, work extra, sell stuff, and put all the extra money toward the debt.  Check out http://www.daveramsey.com and the forums there for additional information on becoming debt free.\n\nGood luck.
1020490
Help people learn to manage and payoff debt.
366527
I have seen many such web sites, but believe that solid financial decisions are the best way to get out of debt.  Many websites attempt to charge you for their information, so I would be cautious about those.  A debt payoff website should not charge you for their services, as that will just compound the problem of being in debt.\n\nIf you are interested in paying off debt early, I recommend that you embrace the following steps:\n\n1. Stop creating new debt - no loans, no credit cards, nothing\n\n2. Identify the debt with the highest interest rate.  Contact the company and request a lower rate.  Many companies will give customers with good records lower rates to keep them as customers.  If your company will not, consider transferring the balance to a lower interest card/loan.  Be careful to avoid fees for this type of transfer and always read the fine print.  Repeat this step as necessary for all of your debt until you have the lowest rates possible.\n\n3. Take the highest interest rate debt you have at this point and apply savings you have to this debt, along with any additional money you can scrape together.  Never pay just the minimum on this debt.  Your goal for this debt is to get it paid off as quickly as you can manage.  I have found that it is often necessary to give up some luxuries while paying off your debt, but remember it will all be worth it when you get to the end of the tunnel and can enjoy all of your income as you wish.  Continue making the minimum payments on your other debts.\n\n4.  Once you have paid off the highest debt you have, apply all of the money you were using to pay off that debt to the card with the second highest rate.  Continue whittling away your debt by paying off each debt in descending order.  Apply the money from the other debts to the next debt as you pay off each loan you have.\n\n5. Once you have paid off your debts, begin a savings plan moving the debt payoff money into a savings account each month to begin working for you.  Buy items with cash in the future, using the savings that you will accumulate.\n\nBy the way, I've been debt free for 9 months now!!\n\nGood luck!
78054
Pay your debts on time.  Obtain a secured credit card (deposit $250 bucks into a Citibank account and get a credit card with a $250 limit that grows as you pay off your bill over time and maintain a good credit rating).  Obtain a cell phone or any other solution that reports to a credit bureau (not too many just five or so).  Always, always, always pay your bills on time.  \n\nIt really comes down to living within your means, not strapping yourself with too much debt again.  Buy a Hyundai not an Escalade if you make $25,000 per year.  Save your money at least 10% of your earnings per month.  If you want to buy a home, plan to buy it, save every penny you can speak to a mortgage broker like me to understand what you may be able to afford once your fico is in check again.  You may be able to afford a home now and not know it.\n\nYou can send me an email if you have questions simply click on my screen name for my address if needed.
7532
1. Cut them up and stop using them.\n\n2. List the balances, smallest to largest.\n\n3. Pay off the smallest debt first, as fast as you can.\n\n4. After paying the first one off, apply that payment to the second debt and pay it off as fast as you can.\n\n5. Keep repeating this process until they are all paid off.  It's called the debt snowball method.
1116198
If you owe more than what you can comfortably afford to pay out than you have a few alternatives.  One (which I do not recommend) is bankruptcy.  Two a part-time job.  Three credit helpers (which I also do not recommend).  Four call your creditors and explain your situation ask them if they have a hardship program and what do you need to do to get enrolled in it.  Than look at your smallest balance and sacrifice to pay it off as quickly as possible.  This will mean the money you used to spend on that bill can go to someone else.  if you keep doing this you will be surprised how quick you can get out of debt.  Think about what is your ultimate goal her and than go from there.  Make sure that whatever got you into this trouble in the first place is something you have conquered.  The last thing you want to do is struggle to get out of debt and find yourself right back in it because you haven't learned anything.
129202
what is your debt situation? consumer debt is BAD debt (credit cards, car loans, and even student loans).\n\nGOOD debt includes mortgages and business loans (provided the business is profitable).\n\nwith your credit cards:\nfigure out which one would be paid off first if you\nonly paid the minimum each month. line up the credit\ncards in order of getting it paid off first to last.\n\npay the minimums on all the cards except the credit\ncard first in line. on the first card pay the minimum\nPLUS whatever you can come up with (at least $100). once that card is paid\noff, move to the second card. this time, take what you\nwere paying on the first card PLUS the minimum on the\n2nd card, PLUS the $100+.\n\nyou can chart this out, and see how fast you can get\nyour cards paid off once you get rolling.\n\nIMPORTANT: do NOT close the credit card accounts once\nthey're paid off.\n\nin the mean time: scale down. cancel cell phones,\ncable, magazine subscriptions, carpool to work (do you\nhave an extra car? sell it, save on insurance and\ngas), stop eating out.\n\nfastest way: refinance your house, pull money out and pay off the cards. (this method is not recommended, as it sets you up to get back in debt.)\n\nthe harder it is to get out of debt, the less likely you'll end up in debt again!\n\n:)
1141929
The best way is to get a credit card with a small limit and charge two or three things a month, like groceries and gas.  Put these items down in your checkbook like you have already paid for them so you wont get behind.  Pay off these items before the due date, credit companies really like this.  Good Luck!
846421
Depends on the level of debt. No they can't. They can't siphon your funds in your bank or anything. Its more or less an agreement between you and them to make payments or make them in full. I hear that after 7 years, they stop calling and can no longer collect. Of course you can declare bankrupsy, and all your debts are removed. However, that kills your credit for 7 years. Don't get too far in debt because you wont be able to finance a car, house, etc etc. Oh and just so you know, you can usually negotiate your debt down if you do deal with the credit angency. "Take it or leave it" ...usually they take it and you can settle for less of the amount than what you owe.
607012
start by becoming a responsible spender. pay your bills and keep paying them on time. it will take a while, but eventually your credit score will come up. if you are in debt over your head, try a consumer credit counseling service. they help you pay off your bills and a lot of times reduce your debt load by negotiating with the card companies on your behalf. might be a good idea to check into
420331
You just need to come right out and ask when you will get your first payment on the loan.  Take whatever they can offer.\n\nThat is why older people are wiser.  We make those mistakes when we are young, then we learn.  I don't loan money any more.  If I can afford it, I just give them the money and ask for nothing in return.