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Cycle of Debt: What are my options?
I'm currently in law school, and not counting student loans, I have about 12k in credit card debt from financing my undergraduate education and also going on a couple trips. Obviously, I need to limit my spending and stop going on vacations I can't really afford.
Situation: The 12k is spread over 4 card with interest rates from 9.9% to 14.99%. My minimum payments each month total about $250. What I have been doing, is paying off the minimum and then using the free space to pay for my cable/phone/internet bills. So obviously at the end of the month, my debt is just staying where it is, and slowly climbing. My credit probably sucks, because even though I'm never late, my cards are full except two totaling $2k are empty, and I have been denied for cards in past when attempting transfers. What are my options for slowly paying off this debt? It will get even tougher during the summer since I'll probably have to get an unpaid job and then a second at night. Should I just keep treading water until next summer where i can potentially get a firm job for $20K+ or maybe until graduation when i can make a bunch? What about for now? Consolidation loan? Any advice would be greatly appreciated. (I also have $1k in ING for emergencies/bills and $1K on poker which I am grinding up from $50 since starting over with my bankroll) |
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