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Author: rwood02 Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308570  
Subject: Unemployed and in Debt Date: 5/23/2002 4:57 PM
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I have a situation that I am not sure how to approach and would like any advice that anyone cares to offer. First I am a college senior and will graduate in June of 2002. Secondly I was laid off from my job at Sprint last Dec. and have not been able to find work in the Kansas City job market that pays much more than unemployment and at this time I still have no prospects for work.......the K.C. job market is saturated with out of work telcom workers right now. Third, I have amassed about $27,000 worth of credit card debt over several years. YES, I know this is totally stooopid but it is done and I am about to run out of savings just making the monthly required minimum. I really do not want to file for Bankruptcy as I realized that I made the mistake and no one else should pay for it but I am not seeing any other clear alternatives and I will have student loan payments starting in Jan. of next year. Does anyone have any words of wisdom out there? THANKS
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Author: wrnglrjan Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 127821 of 308570
Subject: Re: Unemployed and in Debt Date: 5/23/2002 5:02 PM
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You came to the right place!

I am about to run out of savings just making the monthly required minimum.

Since you're a student, can you get enough (more) loans to cover your minimums until you graduate?

I will have student loan payments starting in Jan. of next year

That gives you 6 months to look for work. I would think you'd be able to find something in that time. And hopefully you'll be making better money (since you'll have your degree) than you were at Sprint, right? I'm also pretty sure that you'd be able to defer your student loans until your credit card debt was under control.

There are a lot of folks here who can give you many, many great suggestions when it comes to digging yourself out. The fact that you don't want to go the bankruptcy route, and your reasons for that will make you popular. :)

Don't give up!

Jan

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Author: frissy Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 127827 of 308570
Subject: Re: Unemployed and in Debt Date: 5/23/2002 5:07 PM
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Since you're a student, can you get enough (more) loans to cover your minimums until you graduate

Borrow his/her way out of debt? With student loans? Is that legal?

Since K.C. is such an icky job market, and you will have a nice shiney degree, don't limit yourself to K.C.

I don't have any skills that are more marketable outside of Phoenix than in it, so I stay put to be near my sisters. You could be making better money elsewhere because of that degree.

<insert lame business cliche here>

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Author: impolite Big gold star, 5000 posts Top Favorite Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 127829 of 308570
Subject: Re: Unemployed and in Debt Date: 5/23/2002 5:12 PM
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.......the K.C. job market is saturated with out of work telcom workers right now.

Have you considered working in a different field, now that you have your degree? For example, I got my degree in Communication Studies. Today, I am working as internet/intranet support for ERC, a KC based business.

Yes, this market is tough for former Sprint workers, since there are so many of them. Maybe a short stint (year or so) in another field in a company you'd like to work for could lead to a job in the department you want to work in.

impolite
hired as a content writer, now doing IT stuff

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Author: wrnglrjan Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 127830 of 308570
Subject: Re: Unemployed and in Debt Date: 5/23/2002 5:12 PM
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Borrow his/her way out of debt? With student loans? Is that legal?

LOL ... not take enough student loans to pay off the credit cards. Just take enough to keep above water until graduation. I would consider making the minimum payments on credit cards to be part of this person's current living expenses. It's certainly OK to take loans to fund your living expenses while you're still in school.

Jan


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Author: frissy Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 127831 of 308570
Subject: Re: Unemployed and in Debt Date: 5/23/2002 5:13 PM
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current living expenses.

Most would argue that those are *past* living expenses.



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Author: matyra One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 127832 of 308570
Subject: Re: Unemployed and in Debt Date: 5/23/2002 5:22 PM
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First off, what about jobs not in the telecom field? My fiance graduated from college and it took her about 6 months to find a job using her degree. Until then, there was Dillards. Swallow your pride and get a job!

Few people have jobs waiting for them just outside of graduation. The norm, recently at least, is to get any job to pay the bills while searching for one that you will like.

Second, if you still are in dire straits when it's time to start paying your student loans, you can defer them for financial hardship. It's usually a pretty painless process.

Third, you need to divulge a little more information. What are your balances on your cards? What are the interest rates? What are your habits? Do you know where your money is going? $27,000 in CC debt did not happen overnight---Do you have anything to show for that money? If you do, you could possibly sell it to aleviate some of your current crisis.

There is a lot of information from past threads here, as well as the fool.com site that may help. Also, don't hesitate to ask more questions. Good luck!

MarkT

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Author: TMF2Aruba Big funky green star, 20000 posts Old School Fool CAPS All Star Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 127837 of 308570
Subject: Re: Unemployed and in Debt Date: 5/23/2002 5:43 PM
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I have a situation that I am not sure how to approach and would like any advice that anyone cares to offer. First I am a college senior and will graduate in June of 2002. Secondly I was laid off from my job at Sprint last Dec. and have not been able to find work in the Kansas City job market that pays much more than unemployment and at this time I still have no prospects for work.......the K.C. job market is saturated with out of work telcom workers right now. Third, I have amassed about $27,000 worth of credit card debt over several years. YES, I know this is totally stooopid but it is done and I am about to run out of savings just making the monthly required minimum. I really do not want to file for Bankruptcy as I realized that I made the mistake and no one else should pay for it but I am not seeing any other clear alternatives and I will have student loan payments starting in Jan. of next year. Does anyone have any words of wisdom out there? THANKS

Hi rwood,

First of all, you're graduating in a few weeks, and that may well change your prospects for employment. If not, then you'll need to move to an area where there is a job for you.

As far as bankruptcy, that seems far too premature to even think about. Keep paying the minimums for as long as you can, and look into the possibility of converting to lower introductory rates. That would decrease your amounts due and buy you some time.

Meanwhile, look into other ways of making some extra money, even if it's out of your field. If it's more than unemployment pays, then you're ahead of the game.

Bankruptcy is a last---LAST resort, and many people right here on this board have overcome debts far higher than yours.

Yes, things seem bleak right now to you, but you're about to reach a huge milestone by having a diploma in hand. I'd suggest expanding your job search and consider relocating wherever a lead takes you.

Good luck!

Tony
...but I still am...

Off2Aruba

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Author: dianakalt Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 127855 of 308570
Subject: Re: Unemployed and in Debt Date: 5/23/2002 6:55 PM
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hi rwood,

i'm sorry to hear you are having such troubles with employment. I can certainly sympathize with you. the st. louis job market was just FULL of people who needed work in my field, and you know where I ended up moving for a good job? KANSAS CITY. yeah, that is right, KC. Now I don't know what you exactly you do or want to do, but if you want to email me with a bit of your background, i'll check my company's job postings to see what we have. (hint: i don't work for Sprint).

one thing that may help....with student loans, i think if you haven't found a job by Jan, you can get another deferment. there are also programs for income based repayment--where payments are lower earlier in your career and higher later.

d

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Author: Stockbuyer2 Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 127858 of 308570
Subject: Re: Unemployed and in Debt Date: 5/23/2002 7:05 PM
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rwood02

Is it possible to move back home with your parents until you find a job? I know that you might not WANT to do this, but it would be a better choice than filing BK at your age.

Stockbuyer2

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Author: Windowseat Big funky green star, 20000 posts Top Favorite Fools Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 127862 of 308570
Subject: Re: Unemployed and in Debt Date: 5/23/2002 7:24 PM
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Secondly I was laid off from my job at Sprint last Dec. and have not been able to find work in the Kansas City job market that pays much more than unemployment and at this time I still have no prospects for work.......the K.C. job market is saturated with out of work telcom workers right now.

Have you examined the prospects for temp work? People with real job skills often make a very good salary. Some places even include 401(k)s and medical. And there are some employers who like to hire through temp agencies. It may cost something at the beginning, but they can get a real sense of how someone fits in with other employees, and what their work ethic is like, without a big outlay of funds.

Nancy

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Author: foolwizard Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 127880 of 308570
Subject: Re: Unemployed and in Debt Date: 5/23/2002 10:33 PM
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I really do not want to file for Bankruptcy as I realized that I made the mistake and no one else should pay for it but I am not seeing any other clear alternatives and I will have student loan payments starting in Jan. of next year. Does anyone have any words of wisdom out there? THANKS

rwood02,

Congratulations on the upcoming graduation! Don't forget to allocate enough time to study for your finals, in all the worry about money, ok?

First off, realize that if you've had a good, steady payment record that your CC's won't foreclose on your life immediately upon non-receipt of ONE payment. You have plenty of time to sort things out, before the situation becomes dire.

Secondly, use your time wisely. You need to find a source of income. You need to graduate. You need to find a job in your field. With your graduation coming up so shortly, I think it probably would be smart to line up a job in your field as soon as possible. Of course it depends on what your degree is in, but many employers will hire BEFORE a degree is in place (on a part time basis, or on a contract basis, or maybe even full time - while letting you work around classes and exams). Until that falls into place, here are some other 'close to you' possibilities that may not have occurred: ask your professors about opportunities; 'markers' are often bogged down with finals themselves, and may welcome a chance to share the work; close to campus employers (who have HOW many students trying to ditch their shifts right now?). The important thing here is to land that BIG job, and manage to survive until then, right?

foolwizard


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Author: cashcrop Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 127895 of 308570
Subject: Re: Unemployed and in Debt Date: 5/24/2002 12:23 AM
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frissy

I wouldn't. Especially if when said individual will presumeably have a nice shiny degree that will garner them better wages to cover student loans. Besides retiring high debt rather than filing bankruptcy is more respectable. Bankruptcy stays on your credit report much longer then average credit mistakes barring tax liens filed against you! Who do you think picks up the tab when folks file B. You and me! Paying higher prices for goods and services.


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Author: frissy Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 127897 of 308570
Subject: Re: Unemployed and in Debt Date: 5/24/2002 12:32 AM
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You wouldn't what?

Your post makes absolutely no sense in the context of my posts....

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Author: johnmoni Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 127912 of 308570
Subject: Re: Unemployed and in Debt Date: 5/24/2002 10:03 AM
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". Does anyone have any words of wisdom out there? THANKS"

Take any job you can find - even that means washing dishes or sweeping the floor. If it were me, I'd be working 12 hours a day, 7 days a week doing whatever it took to reduce the debt. No magic solution here - only hard work. Good luck.
johnmoni

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Author: cashcrop Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 128003 of 308570
Subject: Re: Unemployed and in Debt Date: 5/25/2002 3:27 AM
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frissy-

I realize now what was wrong with my post. There's a reason why I got a C in freshmen composition in college!! What I meant was that to take on a little bit more debt assuming rodney was a good worker/student was better than lagging behind in payments as a result of not taking on more debt.

FTR, I took on something like $800-1200 of student loans in my 4 yrs of college.

cashcrop

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