I am 23 years old, i am unemployed, and i am $20,000 to $23,000 in debt i dont know what to do?

I dont know what to do i am about to just let them go? i did good at keeping up with my credit at first but right now is just too much i been unemployed for awhile finding money to pay for the minimum payments at the last minute which at the moment are around $350-$380 a month in just minimum payments and is gonna be more next month since i failed to make the payments in some of them, i still havent gone to school no college no trade what so ever i dont know what to do i am thinking about just getting a few things i need like a laptop and some dj equipment and let the cc's go for now and try to find a job and start a little mobile DJ business on the side ...i am using around 23k ( in 4 or 5 credit cards) off a available 40k in credit lines, what will happen if i just call them up and close the credit card accounts and let them default? how is that going to harm me in the long run i mean i am too young to be in this mess it will take me 5-7 years or more to pay off this debt at the current minimum payments.I am 23 years old, i am unemployed, and i am $20,000 to $23,000 in debt i dont know what to do?
you need to find a job ASAP, anything will help you. Once you are employed you need to contact a debt consolidation firm where most are at no cost to you, you just need to show proof of income and have all of your outstanding bills, medical, credit cards, utilities, EVERYTHING, and they will work with them to lower your debt liability and/or reduce your interest rates and they will make all of those pain in the butt individual payments lump into one, where you pay the firm and they pay your debt, look in the yellow pages for some in your area and go from there, even doing this can put positive marks back on your credit, as you lower your credit risk and show proof of payments! Hope this helps! Best of luck! %26lt;%26lt;We've (almost) all been there!I am 23 years old, i am unemployed, and i am $20,000 to $23,000 in debt i dont know what to do?
You really need some serious education and knowledge on how life works. Just default on the credit card payments? They'll come after you and your credit and your life will be over as you know it. I agree with some people who answered you; get a job!!! Then get a credit counseling and consolidate the debt under one payment. One decent reputable credit counseling company will do.
why in the hell would u get urself in that much debt at ur age? did u buy a ****** car or wat??!!! im sorry sweetie but if u dont win a lottery, hit big in a casino, have a rich uncle, find 30k on the road..then i guess you just have to sign urself to bankruptcy
hop the boarder to mexico, change your name, and start over.
call me crazy.. get a job!!!
Once you miss that 1st. payment youre screwed, they dont care.


Your minimum paymentwill be almost double since they will change


the interest rate to 30%. Now you can let it go for a while until you


get your business take off and then once its in collection youre able


to make some kind of deal and not pay so much money. But what


I did first before I cut up all my ccards is I sent a letter to each one


closing the account and asking a confirmation for a closed account


letter, sometimes they wont close them. And start to work onm


getting a job maybe in a year or so, all these accounts will be


charged off, pick the oldest one and offer 30=40% and on to the next


one. But if anyone tries to sue you you will have to make that


creditor your priority and pay that one off.
You're done. File bankruptcy. Yes, I know that's painful to swallow but it makes sense while you still can. You can spend 5-7 years trying to pay those off and still have crappy credit, OR you can bankrupt, eliminate most or all of the debt and start over. In 5-7 years you'll have more money and better credit than if you had paid them off. Hey I don't make the rules I just know the game. The trick for you though, will be not getting into the same trap again. If you're lucky to get a fresh start, remember for the rest of your life that credit cards are not meant for carrying a balance! They're convenient to pay for things all month but at the end of the month when the bill comes, you MUST PAY IN FULL EVERY MONTH. If you don't, you're living beyond your means and digging a hole that you will never get out of. So, lesson learned, go take charge of your finances, get a clean start and try not to be like so many people here posting questions like ';I had a bankruptcy, got new cards, ran up 30k in debt and I just lost my job';. Good luck! This advice will cost you nothing but 10 points and have a dramatic effect on your future!
First off don't listen to anyone offering you more credit cards on this site.





Do not let your cards default! They will throw astronomical amounts of interest on your balances if you do that. I hate to say it but your best option right now might be to move in with parents if you can, try and find a job, and start shoveling out of debt. You may want to talk to a Bank about consolidating your debt into one payment and likely a lower interest rate. Unfortunately, you are not too young to be in this mess. Credit Card companies go after young people for these reasons. If you let the cards default you will have a very hard time later in life getting credit for large purchases such as a car or home.
First is to find job(s) to start working and saving at the same time. One way to pay of the debt is to stop spending money you don't have.





Cancel all cards that you don't use or need. Pay off all the cards have higher APR and keep 1 lower APR around with you. You need a plan. There is no one can help you to get out of debt but yourself. Buy things that you need, don't buy things that you want. You can't start a business if you own a lot of $$$$$





Try to find a job or two to have you with the plan. Start to save more money from now on. Put some $$$ in saving and pay off the debt at the same time. :)
Like the others are saying, get a job, make sure you pay in full, etc., etc.,etc.





Last year, in some middle school clubs, there was a financial class where we learned the basic things about cash.(My class wasn't able to be in those clubs during half of the year)





The guy is a employee to a firm company. He told the group to read The Richest Man in Babylon. I learned some of the most important things about money in there. I suggest you buy it, but I will still tell you some of the concepts:





1. Keep 10% of what you earn to yourself. DON'T GO LOWER THAN THAT, do do feel free to raise it up once you are stable enough too.





2. Knowledge is the key; Knowledge%26gt;Money. A story in the book explains this theory.





3. Make sure you put your dollar to its fullest extent. Ex: If you lend money to someone, don't stop there! Lend some more money and let the cash works for you!





4. ... Um... I can't think of anything else, but read that book and you shall have the knowledge to handle this. Guaranteed!