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Roffelo

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how do i get rid of my debt?
i would like to know what would be more beneficial: outright paying off the debt or filing for banckruptsy? i am working and going to school and still dont have money to get my own place nor to pay off this debt in large sums.

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Stuck between the rock and the hard spot

First: realize that filing bankruptcy will cost you a couple of grand to start. Depending on the amount of debt it could be more. Lawyers aren't cheep and their bills don't go away.  Unless your really in bad shape, say over $35K or $40$ in debt, its probably not worth it.  realize too, that school loans are not dischargable, meaning they don't go away in bankruptcy.  They Never go away until they are paid.  It's grand larceny on the part of the govn't.  But I digress. 

Budget.  Its the only way I've ever seen someone actually get themselves out of debt and get ahead.  Its a long hard road and even tougher when your going to school.  That is a job in itself.  But if you can't figure away out this debt now then you will forever be playing catch up and never get ahead. 

I usually tell people to take on a second job. If I were in your shoes,  I'd find some type of side jobs that only take a few hours and can pay a little better than hourly.  Craigslist...  Ever try it?  Look under "gigs"  These are usually one time jobs that pay a flat rate.  Catering companies and Special Event Companies are always looking for people to do the tear down at the end of an event.  Its late evenings on weekends and can pay pretty good.  

I dug myself out of years of compounded debt from the lose of a business. I took jobs building fences and doing yard work, LAte night Teardowns and hanging christmas lights in malls. I'd save up Then I would put all of it toward paying a bill.  It took time and a lot of work but I did it. I even paid off 35K in school loans that had grown to 75K with the interest.  

Learn what you can from websites like these to educate yourself about credit and find sites about budgeting.  Check out Dave Ramsey.  I don't go along with eveything he says but his basic budgeting practices and his philosophy about getting out of debt are a great basic foundation for taking control of your finacial life. He believes in a Debt free life.  I believe that if you educate your self, you can control your credit and make it work for you. 

 It's  YOUR financial life,  What you do now effects your credit for years.  A credit history is just that, the written record of how you manage your money.  You will be judged by it for the rest of your life. Take Care of IT!

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