How to get out of debt!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Op is trying to move from LPN to RN, and college is being paid for by her employer.

That’s the best situation right now; focus on completing the degree which will open up opportunities for better paid employment.

She can focus on debt repayment once school is finished.

I think that is a bad strategy because she would be raking up significant interest on her CC and other debts. Not sure what would be the salary difference, may be an extra $15/hr but she would add more in interest and unpaid principal for next 2-3 years in school. There is no good situation but a lot of posters noticed that paying off debt first would be ideal in her situation.

In Pennsylvania, LPNs earn an average of $51,000 but RNs earn an average of $76,000 and have a lot more opportunities for advancement and earning extra $$.

$15 more PER HOUR adds up to a lot, especially if you factor in working extra shifts. Since her employer will pay for it, it makes far more sense to get this degree now versus paying off the debt at the rate OP has been paying it off ($2000 per year) which will take MANY years.

2 years in school versus 10 years to pay off her debt (at the rate she is going)?

but what about lost income from going to school and adding interest charge on the debt that she already has? It would be atleast 2 years if she goes full time to 3 years if she goes part-time and debt is going to add-up. Before going to school, she only reduced her debt $2K so I am expecting she is going to add on her debt once in school.

She's going to work full time and go to school in the evenings. So no lost income, except whatever overtime she was going to otherwise earn during class hours.

The debt is going to add up regardless, because she hasn't been able to pay down hardly anything in the past 8 months anyhow. (That's why I keep advising Chapter 7 Bankruptcy.)

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Op is trying to move from LPN to RN, and college is being paid for by her employer.

That’s the best situation right now; focus on completing the degree which will open up opportunities for better paid employment.

She can focus on debt repayment once school is finished.

I think that is a bad strategy because she would be raking up significant interest on her CC and other debts. Not sure what would be the salary difference, may be an extra $15/hr but she would add more in interest and unpaid principal for next 2-3 years in school. There is no good situation but a lot of posters noticed that paying off debt first would be ideal in her situation.

In Pennsylvania, LPNs earn an average of $51,000 but RNs earn an average of $76,000 and have a lot more opportunities for advancement and earning extra $$.

$15 more PER HOUR adds up to a lot, especially if you factor in working extra shifts. Since her employer will pay for it, it makes far more sense to get this degree now versus paying off the debt at the rate OP has been paying it off ($2000 per year) which will take MANY years.

2 years in school versus 10 years to pay off her debt (at the rate she is going)?

but what about lost income from going to school and adding interest charge on the debt that she already has? It would be atleast 2 years if she goes full time to 3 years if she goes part-time and debt is going to add-up. Before going to school, she only reduced her debt $2K so I am expecting she is going to add on her debt once in school.

She's going to work full time and go to school in the evenings. So no lost income, except whatever overtime she was going to otherwise earn during class hours.

The debt is going to add up regardless, because she hasn't been able to pay down hardly anything in the past 8 months anyhow. (That's why I keep advising Chapter 7 Bankruptcy.)

if she has classes in the evening then it would take a toll on her body and she would not be able to work that hard full-time. There will be loss in number of work hours whether due to school or tiredness from it. At her age and health issues, she wouldn't be able to do this long time.

[Anonymous]

I have not read all 23 pages, sorry if this repeats.

If there a public interest group that helps with debt through negotiating closing accounts and reducing interest rates, possible consolidation an answer? If she could get this into a manageable payment that she could continue to work while in school.

[Anonymous]

debt consolidation company would want you to miss a couple of payments before they start negotiating with the banks. It helps sometime but they also charge a fee and your credit would be worse for a longer time before it gets better.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Op is trying to move from LPN to RN, and college is being paid for by her employer.

That’s the best situation right now; focus on completing the degree which will open up opportunities for better paid employment.

She can focus on debt repayment once school is finished.

I think that is a bad strategy because she would be raking up significant interest on her CC and other debts. Not sure what would be the salary difference, may be an extra $15/hr but she would add more in interest and unpaid principal for next 2-3 years in school. There is no good situation but a lot of posters noticed that paying off debt first would be ideal in her situation.

In Pennsylvania, LPNs earn an average of $51,000 but RNs earn an average of $76,000 and have a lot more opportunities for advancement and earning extra $$.

$15 more PER HOUR adds up to a lot, especially if you factor in working extra shifts. Since her employer will pay for it, it makes far more sense to get this degree now versus paying off the debt at the rate OP has been paying it off ($2000 per year) which will take MANY years.

2 years in school versus 10 years to pay off her debt (at the rate she is going)?

but what about lost income from going to school and adding interest charge on the debt that she already has? It would be atleast 2 years if she goes full time to 3 years if she goes part-time and debt is going to add-up. Before going to school, she only reduced her debt $2K so I am expecting she is going to add on her debt once in school.

She's going to work full time and go to school in the evenings. So no lost income, except whatever overtime she was going to otherwise earn during class hours.

The debt is going to add up regardless, because she hasn't been able to pay down hardly anything in the past 8 months anyhow. (That's why I keep advising Chapter 7 Bankruptcy.)

if she has classes in the evening then it would take a toll on her body and she would not be able to work that hard full-time. There will be loss in number of work hours whether due to school or tiredness from it. At her age and health issues, she wouldn't be able to do this long time.

No, evening classes plus working full time is doable.

[Anonymous]

college classes are mostly during the day time including all the clinicals are in-person and day time.

[Anonymous]

Anonymous wrote:college classes are mostly during the day time including all the clinicals are in-person and day time.

Not in my experience at all... Many programs nowadays are designed for the working adult, with flexible class schedules.

[Anonymous]

Anonymous wrote:

Anonymous wrote:college classes are mostly during the day time including all the clinicals are in-person and day time.

Not in my experience at all... Many programs nowadays are designed for the working adult, with flexible class schedules.

Nursing programs are a bit different and looks like she would be going for a bridge program that is probably part of a community college.

[Anonymous]

This is a tough road for OP. She needs belt tightening for the next 5 years to get rid of this debt.

[Anonymous]

are you getting any extra hours or call over the weekends or night to pay off your debt, OP?