Young Person - Student Loans/Debt Have Become QUICKSAND
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Dear Reader,
I'm 27 years old, just starting out, and am trying to make ends meet. I currently have $35,000 in student loans and $25,000 in credit card debt and growing. I am a high school English teacher living on my own in the state of FL, and I cannot make ends meet. My debt and monthly bills are exceeding my income. My loans are in forbearance, because I cannot pay on them. They are building $2,000 in interest each year. My credit debt is sinking deeper and deeper. I feel like I'm swimming in quick sand - and the harder I swim, the faster I continue to sink.
In short, I grew up in MI but relocated to FL a year ago. At the age of 20 I moved out, because my family had fallen apart. I am the first in my family to obtain a college degree. For what it's worth, I did this while working full-time and supporting myself.
Growing up my family and I lived in a 2 bedroom apartment, of which my mother and stepfather had one and my younger sister had the other. I did not have a room of my own until I reached 17.
Five years ago my mother escaped a marriage in which the term 'Domestic Violence' can only partially describe what she quietly dealt with. They separated, she moved to FL where her family was, and I stayed behind to finish school. The only reason I grew up in MI is because my stepfather's family was from there, and at the time we needed their help.
Until one year ago, I have never even paid interest on a credit card. However, nearing the end of school left me little time to work. Relocating to FL is what began my current debt. My last six months of school and summer were difficult, and I had to live off of credit. This is where trouble began.
I've tried everything imaginable to consolidate my debt, but my debt to income ratio is not low enough for a bank to help. On the other hand, financial assistance agencies can't help either. I don't qualify for any loan deferment plans either, which would at least save the interest.
Living under heavy financial stress is a horrible way to live. I didn't slip into debt, because I was careless; however, I do accept responsibility for the position I am in. I need help.
Even with a little assistance I could pay off some of my credit debt to make room for my loans. Or I could simply pay the interest on my loans before it capitalizes back onto the principle balance.
In any case, if you find my story compelling enough, please help someone in need.
Sincerely,
-Keith |
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