22 and broke

[broke]

So I am 50,376 dollars in debt at 22 with a 668 credit score. I make 52,000 a year which is about 1500 every 2 weeks after taxes. I live at home with my parents and give them money every once in a while.

I have 3 credit cards, 4 retail cards and 4 installment loans. I have never been late or missed a single payment since opening my first card at 18.

I have 10 hard inquiries all from October of 2008.

Student Loan #1 : 7,745
Student Loan #2 : 4,428
Student Loan #3 : 3,644

Total : 15,817

Car Loan : 23,823

Credit Card #1 : 2,958 \ 3,000
Credit Card #2 : 965 \ 1,000
Credit Card #3 : 592 \ 700
Credit Card #4 : 1,710 \ 2,100
Credit Card #5 : 1,500 \ 2,100
Credit Card #6 : 1,756 \ 3,500

Total : 9481 \ 12,400

I also pay for my phone and fiance which is about 160 per month.

So here is my question. How do you guys do it. I get my check and I can't help but wanting to eat out, buy things for people and waste money. The problem is I don't care until I look at this mess or I have to pay bills. I haven't used my credit cards in 2 years and they stay at the same amounts because all I do is pay minimums. I have tried to apply for a small loan to pay off all my credit cards and was denied. I also dont want to apply for another card with 0% transfer because I am unsure I will get enough to cover all my cards.

[chane]

I have the perfect answer for you. Dave Ramsey. He changed the way I view money and it's never been the same. After he re-framed my mind, I've never had money problems again. I am 100% debt free and I will never be in debt again and it feels amazing.

The book is properly named: Financial Peace (I recommend the audio version. He is great to listen to. He also has his own tv show and radio program, ifyou get a chance.

[broke]

Thank you for your response, does anyone happen to have an ebook of it? I really am hurting for cash but would like to read through it.

[FHA Loan]

Chane is correct. Dave Ramsey is the man when it comes to getting out of debt. I would pick up aluminum cans and recycle, scrub toilets, whatever it takes to get the $30 or so dollars necessary to purchase it. The book will change your life.

[Nicklas J]

It's a choice like anything else.

If you don't want a messy, dirty house, you choose to clean it.

If you don't want a messy pile of debt, you don't accumulate it in the first place.

If you're looking for tricks to keep you safe, try getting rid of the plastic and just using cash.

[suzaku]

I have been right where you are. From the situation I get the feeling you are quite a social person. I lived at home and BLEW my checks too mainly cause i didn't have any responsibilities. I'm only a few years older and it took me a while to gain the discipline to do this but this is what i did:

1. Move out of your parents house or pay a decent about for rent. Give your parents 300-500 for the room, food, and electricity you use.

2. Pay your bills the DAY you get paid. Direct deposit is a wonderful thing. Even have your bank send out the payments for you. I dont know a single bank that doesnt offer the service.

3. Budget out the money you have left to play with per week and just take it out as cash.

4. Erase you credit card debt. Later it'll come back on you if you want to buy a house. I am using the snowball method for credit card payoffs.



But yep, you just need the will power to do it. You're living at home and I know for a fact that budgeting is the last thing on your mind when you have no bills to pay. I could have a really nice down payment on a house by now if I hadn't wasted my money just like you are.