Chosen by Asker

Look... You were excited about getting a credit card and maxed it in no time, but you're only in to them for $500. You've realized your mistakes so now you need to rid yourself of that debt and still maintain as much of a credit score as possible. It's unfortunate that you lost your job but that seems to be going around right now. If you have any money coming in right now, pay them whatever you can! If you can only pay $5.00, then do that because they aren't as much concerned with how much you're paying, as they are if you're not paying at all and just ignoring them. Don't go to one of those credit counseling/debt consolidation places because a $500 debt to them isn't worth their time of what it might eventually cost you in the long run. Answer your phone and explain to the people you owe, the problem. For that amount of money... they're not going to take you to court to get it because court would cost them more in the long run. BUT to keep your credit in relatively good standings...pay them anything! If you're out of a job; are you drawing unemployment? Have you gone out to find any work at all?? Wash cars, mow lawns, walk pets, anything to make a buck? or are you just sitting at home pitying yourself for being unemployed? Pull up your boot straps and get out and beat the pavement!!! I was raised by an old Missouri boy that taught me... if you go out looking for work....you can LOOK forever! If you go out to FIND a job... you will find! Always remember... the squeaky wheel gets the oil, so get out there and make noise! Good luck!

by lilmax

5 months ago

Asker's Rating: 

You settle it by paying it off. Sorry, but you owe them money and they're not going to stop until you've gotten back on track with paying them. Start diverting what ever funds you do have towards making at least partial payments (even if you can't make the minimum payments), and apply every spare dollar you have to paying it off. You should be paying more than the minimum payment every month - otherwise you'll end up paying nearly double what you spent in the first place by the time you pay it off. Now might be the time talk to your parents, or really put the job search into top gear.

by malica- 5 months ago

Every 18 year old who comes to this board to ask about getting credit should read your question. LOL This is one reason why the law is changing and you will have to be 21 to get a credit card soon. Why haven't you gotten another job? Even part time so you can make some sort of payment? Soon, the credit card company(if they haven't already) will sell your account off to a collection agency. Your FICO is going to suck, so it will be hard to get another credit card or car loan. Since the debt is still pretty small, you might be able to work with a chapter of CCCS which is a non profit credit counseling agency that will lower the interest or stop interest altogether so you can pay off the balance in a specific time period.

by 1939- 5 months ago