What should I do?

[S Freud]

This might get kinda long... I am in a tight spot with my job and going to school at the same time. I have what I consider reasonable debt for someone making a wage that I do, I'll try to explain the best I can...

My situation:

Debt: HSBC Credit Card-$584 at %0 interest until December 2007
Wells Fargo Credit Card-$267 at %16 interest


My job:
Grocery Checker, I make $7.95 hour and right now I am averaging 13hrs a week. I take 12 credit hours right now, classes from 1pm-4pm MWF, 11am till 3 on Tuesday and 11-12:30 on Thursday.

My usual bills:
Cell Phone: around $70 a month
Rent:$260 a month
Food: Around $130 a month


My problem is I am either always over drawing my account or I have $5 left after bills each month. I am making no progress with my debt and this leaves me no room for anything unexpected to come up. I am looking for advice on what I can do to get control of this. I am willing to go through anything to get control of this situation, that means cutting out anything and everything extra.

Right now I am downgrading my phone package to the minimum, canceling my netflix and the morning paper that I get and taking the bus to and from campus every day that I don't work(usually 3 days a week). If anyone has any other ideas on what to do/how to handle this situation I am all ears.

I work a different job during the summer running farm equipment, I generally make around $1500 every two weeks. Should I just hold out with my current situation for the next 3-4 months and then pay off all of my debt and save when I get my better job?

I have considered looking for a new job, but I don't know if it would be wise to find a job that I am going to leave in 3-4 months. Would it be okay to look and then if I get an interview explain this to them? That I work a job during the summer that allows me to pay for school?

Any input or advice is much appreciate.

Thanks

 

[Nutdotnet]

Originally posted by: S Freud
This might get kinda long... I am in a tight spot with my job and going to school at the same time. I have what I consider reasonable debt for someone making a wage that I do, I'll try to explain the best I can...

My situation:

Debt: HSBC Credit Card-$584 at %0 interest until December 2007
Wells Fargo Credit Card-$267 at %16 interest


My job:
Grocery Checker, I make $7.95 hour and right now I am averaging 13hrs a week. I take 12 credit hours right now, classes from 1pm-4pm MWF, 11am till 3 on Tuesday and 11-12:30 on Thursday.

My usual bills:
Cell Phone: around $70 a month
Rent:$260 a month
Food: Around $130 a month


My problem is I am either always over drawing my account or I have $5 left after bills each month. I am making no progress with my debt and this leaves me no room for anything unexpected to come up. I am looking for advice on what I can do to get control of this. I am willing to go through anything to get control of this situation, that means cutting out anything and everything extra.

Right now I am downgrading my phone package to the minimum, canceling my netflix and the morning paper that I get and taking the bus to and from campus every day that I don't work(usually 3 days a week). If anyone has any other ideas on what to do/how to handle this situation I am all ears.

I work a different job during the summer running farm equipment, I generally make around $1500 every two weeks. Should I just hold out with my current situation for the next 3-4 months and then pay off all of my debt and save when I get my better job?

I have considered looking for a new job, but I don't know if it would be wise to find a job that I am going to leave in 3-4 months. Would it be okay to look and then if I get an interview explain this to them? That I work a job during the summer that allows me to pay for school?

Any input or advice is much appreciate.

Thanks

Just sit tight and wait until the new job...pay off your debt and maybe next winter you can find a better job than working at a grocery store.

 

[kranky]

You're doing the right thing by cutting expenses. You didn't say when you work now, but could you get a second part-time job that wouldn't interfere? Even if it's fast food, and only 10 hours a week, you'd clear another $160 or more a month to get you some breathing room.

The reason I stress some extra income is you have to have more than $5 (or less) at the end of the month. Your debt isn't huge and you'll have no trouble taking care of it when summer starts, but you need more available cash now.

 

[BigJ]

Companies like Home Depot and Lowes are hiring tons of temp workers right now, especially in Gardening/Seasonal. You'd be making considerably more than you are now and once they come into season, you'll get as many hours as you want.

 

[darkswordsman17]

Can you maybe pickup a couple extra hours here and there?

What about your cellphone bill, could you maybe lower that somehow (IM online or something maybe)?. Whoops reading comprehension FTL on my part.

You can look for a new job, its not going to do any harm (maybe one only on the weekends and the other during the week). Just let them know that you probably won't be there too long (what about after summer). If they're in a college town they might be used to higher employee turnaround rates anyways.

Also, no offense, but your credit card debt is not that bad so I wouldn't be overly concerned unless you're routinely missing payments. You might look into charging your groceries to them and then let the balance build up some and then pay it all off during the summer. As long as you're making the minimum payment between then it shouldn't be too bad. This latter point is only if money is really tight and it'd free up some breathing room. If you're consistently paying overdraft charges then the small interest increase will likely be better for you, I know the overdraft fees can get outrageous.

 

[DaWhim]

take out a federal subsidized loan.

 

[iversonyin]

1. Move in with teh parents...if possible
2. Borrow money from someone to pay off the Wells Fargo loan first.
3. Get another job that pays better.

 

[S Freud]

Originally posted by: BigJ
Companies like Home Depot and Lowes are hiring tons of temp workers right now, especially in Gardening/Seasonal. You'd be making considerably more than you are now and once they come into season, you'll get as many hours as you want.

They just built a new Home Depot in my area so this is good to hear, one problem that I face is if I do get a second job one of the jobs(probably the lower paying one) will have to work around the other jobs schedule. Is this unreasonable to ask.

Thanks again to all who have replied so far.

 

[S Freud]

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