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I have racked up about 27k in credit card debt due to online sportsbetting over the past year. Problem is I don't have the money to pay it off. I am just a 19 year old college student and looking back on it..I don't know what the hell I was doing. I realize I have a problem and have quit for good but what should I do? If I confess to the credit card company what will happen? Technically speaking it is illegal for them to fund online gambling sites but the websites disguise there purchases. In fact I, when they used to call me about the deposits I was making I told them it was a sportsbetting site and they never said anything of it. Can I use this to my benefit. My credit is pretty decent right now..about 722...but I am assuming it will tank. I was thinking about taking out a private student loan and paying my cards off. Should I get a lawyer? Any help, advice is greatly appreciated.
There are some weird things about this story that I am not sure about. First off, I've never heard of a 19 year old with a 722 credit score, especially with that kind of credit card debt. Secondly, how does an 18 year old student with no credit suddenly get credit limits that allow him to spend $27K over the course of a single year? Third, if you have no money I again wonder how you convinced these credit card companies to loan you that kind of money in the first place. But ignoring these strange anomalies for a moment, the best thing I can suggest is getting with one of those debt management services. They will help you to negotiate lower interest rates and a pay off scheme to get out of debt. Max out on those student loans because the interest rate is way lower than credit cards. Pay your way out of this. It's going to take time, and its going to take effort, but eventually you will pay it off. There have been cases in the past where a good lawyer sues the credit card companies for 'allowing' a person to get in this much debt through illegal gambling. Sports betting is probably the most illegal of all online gambling. Most of it is really not even considered illegal, even after the change in the law. But sports betting is specifically mentioned in some 1960s telephone betting act, and can often be argued as pertaining to Internet gambling. So maybe with a good lawyer you can argue that you were a naive young idiot, suckered into a gambling addiction facilitated by the credit card companies, who were illegally participating in online gambling. With a good lawyer you might get away with it. The issue becomes how you pay them. Unless you want to get really cocky and sue them for a few hundred grand for all the pain and suffering they have caused you. Finally, that guy who answered earlier is correct. These days if you file bankruptcy the credit card debt still follows you. Thanks to lovely Mr. Bush, the new law basically takes our tax dollars that fund the court system, and has the court system act as debt collectors for the multi billion dollar credit card industry. So unlike before when credit card companies were SOL, now they have a free debt collection agency run by the government collecting their bad debts. It's a win win for them. So if you file bankruptcy, there is a very good chance you will not only ruin your credit but you will still end up paying back all that money. Whatever you do, stop the sports betting. You have clearly demonstrated that you suck at it. You might just as well have spend $27K on the lottery.
Pretty late to ask for advice now. But since you asked. #1. Get rid of the credit card. Get rid of ALL of them. You clearly are not responsible enough to have one so get rid of them. #2. Pay the minimum amount each month. #3. See if you can either get them to lower the interest rate or get a new credit card that offers a "0" percent interest on transfers. If you can swing one of those for the entire amount, at least you will not have interest to deal with. However, even if you can lower the interest rate 1-2 percent that will help. #4. Cut expenses elsewhere and put the savings on the debt. If you are sitting at home with a computer and have internet service, cut the service and use the computer at the library. Even if you have a $10 internet access, that is money you can put on the debt. If you have a cell phone and a home phone, get rid of one or the other, you do not need both. If you have a cell phone, do not use text or photo messaging. Do not use any of the additional services as they cost money. #5. Get a room mate. Get the room agreement in writing and whatever money they pay you, put it on the debt. #6. Drop out of college a year, get a job and pay off the debt. Considering how dumb you were racking up that kind of debt, your grades probably are not that hot anyway. #7. Forget trying to stick the credit card company for responsibility cause they "knew it was a gambling site." YOU knew it was a gambling site. If anyone "cheated" it was you. #8. Forget declaring bankruptcy. It got harder to do for exactly this kind of thing, people racking up debts then trying to get out of them. #9. Your credit rating is going to be Wellington if you pay off the debt, by paying at least the minimum each month. If you do not make payments, each time you miss one, your credit rating will drop 10 points. When you hit 500, the credit card company may just turn the entire debt over to collections and then you will really be in trouble. #10. Sell some stuff. If you are like most kids, you got some junk laying around you do not need. CDs, DVDs, quality bike, IPOD. etc. Even if you only get a few hundred and put it on the debt, it will help. And go forth and sin no more.
Here are temptations to spend more and there will always be. Getting lured into these temptations is a sure shot way to run into credit card debt. Remember every purchase that you make with a credit card is a loan and has to be repaid at the end of the month with interest. Spend some cash: Avoid the habit of paying for everything with a credit card. This will accumulate a large credit card debt, on the other hand if you decide to pay with cash for certain items, it will keep your budget intact and promote financial discipline. Since you are spending only from what you have, not borrowing. Repay on time: Owning a student credit card is often the first step towards building a credit history. If you repay all your credit card balances on time it will work wonders for your credit history. A small job, part time assignment, tuitions, anything can augment your income while you are in the college years. Paying your own debt builds essential self confidence which, is crucial to succeed later on. Read more about it at:
For Finance and credit solutions I always visit this website where you can find all the solutions. :Massive credit card debt..19 years old? I have racked up about 27k in credit card debt due to online sportsbetting over the past year. Problem is I don't have the money to pay it off. I am just a 19 year old college student and looking back on it..I don't know what the hell I was doing. I realize I have a problem and have quit for good but what should I do? If I confess to the credit card company what will happen? Technically speaking it is illegal for them to fund online gambling sites but the websites disguise there purchases. In fact I, when they used to call me about the deposits I was making I told them it was a sportsbetting site and they never said anything of it. Can I use this to my benefit. My credit is pretty decent right now..about 722...but I am assuming it will tank. I was thinking about taking out a private student loan and paying my cards off. Should I get a lawyer? Any help, advice is greatly appreciated. Follow 15 answers
Dude you're pretty ******. I think a private loan is a good idea, talking to a lawyer and your parents could be useful. But anything to get it out of the short term. My brother ran up 20k in joint credit card debt. He took out massive student loans in anticipation of a regular semester at his college, more than he needed, then switched to City college and used the loan money to pay off the credit card in the short term until my parent's tax return paid the rest. Basically I think you need to get rid of it in the short term, because that kind of debt over your head every month is gonna f*ck you up and you need to stay on track for the next 2 years to get out and be in a better position to pay it off. *****Also, don't listen to those mofos. The laws have changed under Bush, you CANNOT wipe out credit card debt by declaring bankruptcy any more. Hahahaha. We really are moving back to the gilded age.
I racked up similar debts when I was around 18-19 years old. But I made the mistake of just ignoring them and messing up my credit. Credit card companies will generally work with you to work out some kind of payment schedule. In the end, their only interest is getting their money. I wouldn't plan on getting a lawyer to try to get out of this though. Because honestly, chances are, you don't have the money to pay them, so you definitely don't have the money to fight them. Not only that, but in the end, they are your debts...whether you knew what you were doing or not.
I really feel that you need to speak to the bank. They only want to get their money back and their worst worry if you declare bancruptcy. The interest that they charge for credit cards are astronomical. Speak to the bank and request them to convert it to a low interest term loan and give you an opportunity to work out payment on a sliding scale based on your potential future income when you complete your studies. Look for a win win situation. Most likely the banks will not agree on the first proposal and try to squeeze more. They will most likely want a security to ensure that they have their money back. You may need to get someone of somewhat stable income and ready to stand as a second for you to ensure payment. Put it this way to them, you want to pay and unable to pay now. You want to look for way to pay but based on your income now you can probably afford 20 bucks a week or less. But once you start working you can probably earn more and in 5 years time you will earn more and pay more. If you declare bankcrupt or they declare you a bankcrupt, your earning potential will deminish and they will not only lose what they paid for you but also lose a potential good future customer. You have the advantage of already been granted a loan way beyond you credit rating and they need to collect they money back. SO it looks like they will have to play ball with you. However remember that you are a person and the bank are also represented by people. However bankers are often idiots governed by their so called policy so be nice to them. They need to feel that they are actually solving the problem with minimum risk. It might look good on their yearly review. To you its personal, to the bankers its merely a job. So play your ball right you may get away with an expensive education, gambling never pays unless you gamble with what you can afford to lose only. Good Luck
Taking it out in the form of a college loan isnt a bad idea. The interest rate will be lower and you be able to afford the minimuns. Dont bet anymore, thats the key. 27k is a bit of a hole but it could be 207k. I have that much in student loans right now and my minimum payments is like 305. You will pay a ton in interest over time but I doubt you care much about that. If you can consilidate it...thats your best bet. DO NOT go bankrupt. It will stain your credit only for you to have to pay it back anyway!
Ask your parents to get you a checking account. Don't know where you'll get money to put into it but I don't know where your getting money to go on the card either. At any rate, banks sell those prepaid cards, so you can ask about both while your their. Your old enough for a checking account anyway Parents wait till their kids are grown to give them responsibility, then wonder why they never grow up! Wait you have a checking account, get a debit card. You have a job so why don't they let you get one? Debit cards are free until you go over your limit.
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