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Isak1

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Paying of my debt
Hi,
I am current 23 year old college graduate, just recently got a decent job(past 6 months) with 30k credit card debt on 15 credit cards. While I was in college I was using the credit card as source of living, rather then taking student loan, that was my mistake I realized. I had problem paying off the balances so it just carried over. I only have one payment reported 30 days past due and that's all, it just high utilization kills my credit score over 98%. Just one credit has 15k balance the others 5k, 2k, 1k.... I am having trouble bring down the balances....and it kills me even though my job pays decent amount(50k a year) plus the interest also. I was considering gettting a loan, but didn't work well.... now considering debt management program that closes my credit card and pay it off. Any recommendations please on how this might effect my credit score in long run, in terms of getting a mortgage or lease a car. Thank you !!!!

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Until you get that credit card debt down to where you can pay off your cards in full every month, I'd put off even thinking about a mortgage right now.  You are young and may want to take advantage of opportunities to work overseas or travel with your job and owning a home means settling in one place for a while.  I suggest reading the credit information on this site first and wait for the major decisions for when you are ready to settle in one place for a long time.

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