Need HELP bad. Horrible Student loan debt and more

TC101

Well, Ill cut right to the chase. Im in deep sh*t and I need to know the best way out without ruining my credit and such.

I just graduated college, I have $120,000 in student loans and $13,000 in credit card debt.I just got a job (graduated in May 06') and my salary is 37,500.

I tried consolidating my student loans (which are all PRIVATE) and the lowest interest rate even with my 715 credit score is 10.25%.

Anyway, the monthly repayment for 25 years is $1100/MONTH which is obviously nothing NEAR what I can afford to pay.

With my new job, Ill be making about take home about $2000 a month. Take out rent, car payment, food, credit card DEBT!! and essentials Im not left with much. My current monthly bills minus credit cards is $1300 (rent car food, etc). That leaves $700 a month to pay student loans and credit cards (which are monthly minimums are around 300!!!).

What should I do about this student loan debt? I feel incredibly overwhelmed and I cant even sleep at night. I know Im in a mess and I learned what NOT to do but rgiht now I need to know the best way out. I know bankrupcy will not fix anything and prolly just make things worse since the student loans cant be discharged. I need a guru to help me out here. Thanks in advance. Please no "youre an idiot" comments as I already am aware of this.

BTW I have absolutely no help from parents (1 deceased, and mom is broke). Im completely on my own.

littlelaurakate

Have you thought about trying Consumer Credit Counselling Service
http://www.cccs.co.uk/
It's free and I believe they are very helpful (not used them myself, but helped a mate out)...
Good luck

Astaroth

Not sure how relevant it would be for someone in the USA though

Emmzi

CCCS link to this organisation for the US

http://www.moneymanagement.org/

ilovebooks_2

Hi, one of my favourite websites is the dollar stretcher. The address is https://www.stretcher.com. This site is really good with ideas and advice and is probably more relevant to you. It might also be able to point you in the right direction. Hope it helps.

littlelaurakate

Astaroth wrote:

Not sure how relevant it would be for someone in the USA though

Only skim read it - have 5 month old shouting at me! Sorry, didn't really register dollar signs, although I did think, blimey that's a good graduate starting salary, must be very employable! Never mind eh...they say you lose 5% of brain after birth or something...:eek:

Astaroth

Would have thought the $120,000 of student loans was the real give away... though to be honest it wasnt until I saw the "mom" at the end that I was sure it was a USA post and not just someone who happened to use $ rather than £