Green Gambling

Wow! I received such a great response from my question and some very thoughtful answers and some?

really mean answers telling me to commit suicide. The latter should be ashamed of themselves as I am in a very difficult situation. I am 26 years old and have maintained a perfect credit score since 18. I had alot of money and I spent alot of money as a successful day trader. I made some big wins back in November and it drove me crazy and I followed the big win with huge losses. I am now 125k in debt and 125k in student debt which is deferred until I graduate law school. Does anyone have any advice on how to pay the credit cards I earn 47k as a paralegal and I am current on all my payments. I have joined gamblers anonymous and my last trade was 29 days ago. Thank you

Public Comments

1. Number 1: STOP GAMBLING AND TRADING. It's seems like you're doing that. Number 2: PAY DOWN THE DEBT as quickly as possible to avoid even more interest payments. Make the largest payments that you can afford. You'll have to change your lifestyle to start spending much less. Number 3: STOP using the credit cards. Sacrifices need to be made. Good Luck and unfortunatly this is a very hard lesson to learn, but paying off this debt will be the best thing you could do. You can do it! Have faith in yourself!
2. Dave Ramsey, Financial peace University! It's a debt reduction plan and it works!!! You can purchase his book, DVD, Audio CD and work books on line. and for a cheaper price look at Overstock.com or Walmart.com
3. Yeah, I saw some of the answers. I wish I could provide an effective solution...but that is a lot of debt. I would start by contacting each and every one of your credit cards companies. Skip the customer service rep and get to the highest manager that you can. Explain your entire situation. Tell them that at this point you really want to repay all of your debts (and that they can tell this from your payment history)...but that you are feeling that your only option may be bankruptcy if no one is willing to work with you on lowering the interest rates and setting you up on a payment plan. Tell them each to close the cards and work with on on how to resolve this. Some may settle your debts for a smaller amount. Lets see, what else? Do you own a home? Have a roommate or live with your parents? As much as living with your folks or having a roommate might suck, it may be a humble approach to paying these off faster. Sorry I don't have a real solution...but not too many banks are going to help you out here....
4. You can transfer debt from the high interest cards to lower ones but you will need to be very careful. One slip you will pay more in fees. Your best bet is paying off your debt with your paycheck. Write a budget to get a handle on your money. Try to save 20% of your after-tax income to pay off your debt. Ask the lawyers for career advice. You will need a good-paying job to pay off the debt. Good luck.
5. there are ways to deal with a credit agency to get your debt actually reduced. most credit card companies like to keep the current big spenders, so if you talk to them, they may reduce your debt. you have taken a step in the right direction in asking for help, good luck with your finances
6. I'd also suggest Dave Ramsey. And, cut out all unnecessary expenses. Get rid of your car and get a scooter or bike or take public transportation or ride share. Live with your parents or get a room mate. No eating out or buying new clothes, cable TV, etc. Live as if you had no money. Like you make 10K a year. Pay off the debt with the highest interest first. What impact will all this trading have on your taxes in the future?