Hi my name is Kristi and I am drowning in debt. I currently go to school full tiime and work part time. I'm more than $30,000 in debt and I don't graduate until March 2008. I need another job, but retail is not an option. I have no idea how to dig myself out of this hole. My bills are getting paid but just the minimum. What do I do?

Kristi,

There is a way to get out of your debt.  It will take time.  You need a plan and to work that plan over a period of time.

Some of the best resources I have seen are from Crown Ministries.  Look them up on the internet at www.crown.org.  I do not receive anything for recommending Crown.  I am certain you will find resources that will help you formlate a plan to get yourself out of the pit of debt.

I hope this answer does not seem too simplistic.  Crown has been around for a long time and they specilize in helping people with money management and debt reduction.  I do hope this helps.

It *can* be done.  I got married in college (don't recommend that), and immediately inherited my wife's $30K in debt (added to my $10K in student loans at that time).  It takes years -- over a decade in our case -- but it's unthinkable to *not* get out of debt!

Look at it this way:  $30K is like an expensive car.  Normal people can afford that over three or four years (after college when you have a job).  So, you *can* do this.

Build your emergency fund, live responsibly, and set aside money for your "car" payment.  It's manageable, so don't despair!

We had kids and incurred new debt, so it took us over a decade to pay off student loans.  Don't do what we did -- the biggest thing for you now is to *not* incur more debt (that was our problem), and to keep paying it down until it's gone.

If working retail isn't an option, you can think about child care -- it can pay really well, and go straight to your debt payments.  Good luck!

Hey Kristi,

What are you majoring in?  Will you have a great job after school?  What is your parttime job?

LOL Do you hate retail, too?  I am no good at it, AND the schedules never work!

Don't worry . . . make a plan and follow it.  Don't look at it like you're drowning in debt . . . look at it as one part of your life that you are working towards fixing!   I know the feeling of only thinking about what you owe! (-:  Not fun! 

If you are already balancing school and work, you obviously have the wherewithall (sp?) To conquer this too!

Good luck!

the biggest thing for you now is to *not* incur more debt

I think this is the key to your situation.  Many of us are lucky just to get through school without going in the hole too much.  Since I am working and we have some part time income from my wife, she will be able to graduate in Dec 08 with zero debt.    Everything she has made the last four years and then some have gone towards her school.  Just remember, though that lots of students face this and in most cases it is temporary as long as you lay out a plan early when you start your career and a good plan to pay it off before it overwhelms you.

And yes, retail isn't much fun

Hi Kristi,

I find a site on web called www.debtxfactor.com which provides system for debt elimination management and instant credit building where you can get help.

Good Luck