AboutKindred Beisinger penname K D Elizabeth Beisinger Expertise I can answer questions pertaining to budgeting, savings, debt reduction, and total freedom from debt. I can assist in prioritizing expenses and obligations. I am willing to share and offer guidance in realistic money management, modest investments, and financial freedom. I am not an investment counselor, broker or accountant, I am a missionary that does not do fund raisers or ask for donations.
Experience I live comfortably and have been debt free since I was 40.
Question Hello,
my question is one I wish I never had to ask. I'm currently $32,000 in debt with 1 credit card, line of credit and over. It kills me that I'm in this position as I was stupid and didn't manage my money as I use to do well. I'm 23 and trying to figure out any sort of plans that I can use to pay this off and not file for bankruptcy.
Answer Dear Peter,
First, let me offer this valuable piece of advice. Cut up the credit card(s) and do not get any more. I'm not trying to be offensive here, but $32,000 in credit card debt at 23 . . . when did you manage your money well? I mean, you are still so young. Was there something specific that got this debt thing rolling or was it very gradual? I would be happy to help you budget, but without knowing what you earn and your obligations other than the credit card, I can't really advise on any specifics. If you'd like to write back with a few specifics then maybe I can help you put a plan and budget together. It is possible to pay off that amount of credit, but getting the interest on that amount conquered takes some serious diligence. Call the company and ask them if there is some negotiation you can do about the interest and the full balance. There are many people that actually negotiate the balance and can halt the interest accumulation or lower the rate. Operate CASH only and only the bare necessities. Consider carefully what you do consider to be a necessity.
I hope this helps. As I said, if you'd like to write back with specifics, I would be happy to do what I can to assist you as you figure your financial options.
Kind Regard,
KD Liz
www.eingedi.us
