What are the best debt consolidation options out there? I've managed to rack up close to 30k in credit cards + 40k in student loans left

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Also look into 0% interest card offers to transfer balances (fees usually at 2% at transfer) so you pay off what you can in the first year of 0% promo offer. But this is ONLY if you can be disciplined and not spend on the new card, and meet that 1 year deadline.

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People will come here and judge you for accumulating so much debt. I was there not too long ago. Doesn't matter how it happened, but even such large amounts are manageable with the good money we make. I took care of $40k since I started working in April. You can do it!

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Look into sofi for student loan refinancing, shaved off a couple of pts on mine

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Holy shit it feels like a load has been taken off my head when I went through this thread. I have been majorly depressed because of this in the last couple months with no one to talk to about this. I could almost cry right now.
I couldn't talk to anyone about this because my friends are not in situations like this.

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I was in the same boat and used a debt consolidation company. Paid off $38,000 in credit card debt in 36 months. Wasn't fun, but I got it done. Don't listen to the condescending mansplainers on here. They're more interested in putting you down than giving advice. Ignore their bullying. Good for you for getting back on the right track.

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@D3 that's exactly what I'm starting as of today. It's just nice to feel supported and hear from others how they have overcome a similar situation. There's nothing wrong with asking for advice.

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Jesus. Talk to a bank and get a credit line so get that credit card debt off the high interest. Do you own or rent your place now? Is there equity?

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What's a valid reason for racking up 30k on credit cards, A1?

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One thing that always puzzled me with consultants... you guys build strategy decks and Excel models all the time... how about you spend a Saturday morning and do one for YOURSELF.. model your finances and your debt, interest rates, figure out what to pay first, how much, how long. At the end of the day, you WILL PAY it off, but put it all down in writing and get control over it

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A valid reason could be - buying a house and spending too much on renovations, having an expensive gf, also being stupid about money management. No worries OP I am in the same boat. It is doable to pay it off.

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Sorry. 23k in cc debt. Student loans are another story.

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I didn't have enough financial aid for college and ended up paying for part of my tuition with part time jobs leaving me with no money to cover living expenses. I managed to rack up all this debt across 8 diff credit cards with small limits.

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I used InCharge Debt Solutions.

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@D2 could you explain how that worked and the rate you paid? I only have 15K in CC debt but my credit score is terrible. Like so bad I can't get a new card or (most likely) a personal loan to take care of it. Not sure what to do...

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Not that everyone has this option, but I was $25k in credit card debt years ago and near bankruptcy. I came clean to my parents and they gave me my wedding fund and a loan to pay it off. In return I had to go over my expenses with them in detail monthly until it was paid off. Not fun, but I've paid them back. National debt relief seems legit. Or the 0% - but that's risky.

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Definitely nothing wrong with asking for advice.

Just thought of another idea. Do you have any vacation days, wondering if those can be paid out (depends on your local laws) and you could put that cash towards debt.

I think the key point to understand is you need to move away from high interest debt like credit cards to something more manageable. Anything that generates a positive net interest savings for you, I say do it: sell random shit on Craigslist and unlock some cash, ask for whatever loan you can from parents, save money everywhere you can by brining lunch, skimp on going out. You can do it!!

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Get Mint.com to understand where your money is going and analyze it, find a roommate to save on rent, move to a cheaper city (Chicago, Houston, even LA are cheaper than NYC, DC or SF for example), use SoFi.com to consolidate debt, use blue apron to cook home rather ($8-10 a meal) on weekends at least, get a good tax preparer if you had any tax deductions (moving, new car, new home, kids, etc), dont take as much vacations and build a local support network instead if you travel a lot, cut down on luxury expenses if you have a lot of those (Uber blacks, $200+ shoes or clothes etc), and talk to close friends or family or your FB fam :) we all have hard times and sooner or later they become memories! Best of luck!

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Any suggestions on debt consolidation companies to use?

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Agree sofi.com

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Adv Associate 1, National Debt Relief is a debt settlement company. I am also in the same boat as OP. 30k in cc debt and 45k in student loans, goal is to knock out the cc debt first.
I'm considering debt consolidation over debt settlement. Settled debts are the next closest thing to bankruptcy, however those are more complicated as any forgiven debt is treated as income and you're liable to pay taxes on it unless you can show the IRS that you were insolvent at the time of the debt being settled.

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