Well I'm 24 and have about 14,000 dollars worth of debt, how can I get out?

I am currently paying an attorney 50 dollars a month for a credit card that was closed, I owe 1200 on that card, I have countless bank accounts that are overdraft and closed, I have a 7500 dollar school loan that needs to be paid. Unfortunately I'm not working right now but once I do start working, what is the best way to pay off these bills and raise my credit score at the same time? keeping in mind that almost everyting is in collections????

Contact each of the companies/authorities if you have not done so already and explain your situation. Try to agree a payment plan - even something is better than nothing to stop things escalating. Then when you are working sit down (with someone if you do not feel confident) - work out your incomings vs outgoings and then make a new plan with what you can pay and contact them again. Even collection agencies (at least reputable ones) will work with you to reduce the debt, but you have to take the initative and once agreed stick to it

Also take care for scammers on Y!A who actively seek out questions like yours and then offer loans

Here are some tips for determining whether a loan is legitimate or a scam:
1) They don't use a free email address (yahoo, gmail, hotmail, etc)
2) They have a secure website you can go to to fill out their application (and no excuses about it being down at the moment)
3) They don't require ANY fees upfront (regardless of whatever excuse they use). Any fees will come out of proceeds of the loan (scammers want their fees via Western Union or Moneygram)
4) They have a REAL address (check it in the yellow pages) you can send mail to
5) They have a REAL phone number, not a cell phone

Often if you click on their profile you will find it is created in the last 24 hours - why? Because they are reported, profile closed down, but they simply create a new profile and start up again

Save yourself another headache and avoid them like the plague. The ones from TC (Bill Richards) and Tenq B (Richard Banks) above my post are prime examples of what I mean.... do not go anywhere near it.

Work on trying to payoff small debts first while still paying the minimum payments on the larger debts. Once you have some of the smaller debts paid off then pay above the minimum payment on larger debts.
Also you can try to transfer your balances on a zero percent interest credit card.

Since everything is in collections then you need to contact the creditors...ask them if there is a settlement amount and pay them one at a time.

To get them off your credit report you need to negotiate pay for delete agreements. That will get them removed and your score will go up.

Don't settle for a "paid" collection on your reports. Those don't help your score at all.

My wife and I were in the same financial bind about 7 months ago. We went with the guys at http://www.debtfreeyear.com/answers/ They helped us get out of a 12,000 debt. Give them a try. Good luck

Debt consolidation entails taking out one loan to pay off many others. This is often done to secure a lower interest rate, secure a fixed interest rate or for the convenience of servicing only one loan.

Debt consolidation can simply be from a number of unsecured loans into another unsecured loan, but more often it involves a secured loan against an asset that serves as collateral, most commonly a house. In this case, a mortgage is secured against the house. The collateralization of the loan allows a lower interest rate than without it, because by collateralizing, the asset owner agrees to allow the forced sale (foreclosure) of the asset to pay back the loan. The risk to the lender is reduced so the interest rate offered is lower.

Sometimes, debt consolidation companies can discount the amount of the loan. When the debtor is in danger of bankruptcy, the debt consolidator will buy the loan at a discount. A prudent debtor can shop around for consolidators who will pass along some of the savings. Consolidation can affect the ability of the debtor to discharge debts in bankruptcy, so the decision to consolidate must be weighed carefully.

1. Pay off your highest rate cards/debts first. STOP USING CREDIT CARDS and pare them down. Revolving credit is a kiler to your budget.
2. Contact your debtors and see if you can negotiate a lower rate of interest in return for discontinuing use of the card.
3. Some agencies offer debt counseling at no charge. Check with your local social services agencies and other non-profits in the area to see if they can help or provide referrals.
Good luck.

--------------------------------------...
http://www.loansandinsurances.com/