How To Manage Personal Debt?

Need advice on how to manage debt?

• Right now, I'm funding my law school education through a merit scholarship, student loans and my god d*mn credit card. To make a long story short, before applying to law school, I had no credit card debt. I only made 28k working at a nonprofit but I managed to live within my means. However, applying to graduate school is EXTREMELY expensive and with my low salary while living in a major city, I didn't have much wiggle room despite not owning a car and living with roommates. To start law school, I needed to buy a car and move to a new state. By the time the whole process was done, I ended up with aprox. $2,500 of credit card debt. I've never managed to shake that debt and since then its grown. I had three major problems: 1. health problems, 2. unexpected car troubles, 3. forced to take an unpaid internship for the summer. Essentially its the third and the first that really put me under water. I was working 5 days a week for free while still needing to pay for rent, food, health insurance and car insurance. Essentially I did it by using my credit card. At the end of the summer, I had $6,500 in credit card debt. Since then I've thrown $2,500 of my student loans for living expenses to pay down the card. I have about 4k in debt on a card. I know its borrowing from Peter to pay Paul, but what can I do? At least the interest rate is lower. During finals, the card raised the interest rate. I didn't notice their letter because I really was only paying attention to my studies. The interest rate is way, WAY too high. Can I open a card with a decent interest rate and transfer some of the balance to that card? Will anyone give me a card? I have a $9,500 credit limit right now. I also have a second card with a low interest rate, but only a $500 credit limit. Can I ask them to extend the credit limit? My credit score is 704 and I always pay my bills on time. I know by Dec./Jan. I will likely need a credit card to help pay for food until my student loans come through. I can't get an extra job during the year to pay my loans because I'm on a $40k scholarship. I need to be in the top 30% to keep it. Right now, I at 29% and I worked my butt off, not working, to keep it. Honestly, I didn't leave my house for months. It was awful. I'm afraid if I take on a part time job for $10 an hour, I'll lose the scholarship and I still have two more years to go. :(

• Answer:

  No you don't qualify for another card You need to start selling some personal items Yes ask the 500 credit card limit be raised but transferring the other cc debt to the lower one will cost you 3% upfront. Try the Food Bank for food, shop at the thrift store and ask family for cash as Birthday and Christmas Gifts rather then stuff.