Hello all,

I'm a 22-year-old male college senior. I am facing 2600 dollars in credit card debt (24.24% APR) from a gambling addiction. I've entered therapy and have banned myself from gambling in my state to prevent further damage. Hoping for some advice with the following additional info:

Monthly Income: 200 dollars a month until May 2023 when I begin a job paying 70,000 a year.

Monthly Expenses: 30 dollars a month for transportation and food.

My immediate concern is protecting my credit score, which has already taken a shot from my gambling. It currently sits at 650. My "ideal situation" is a method that might put an effective pause on my payments until I graduate and have a much higher income. Personal loans also sound appealing to get the balance off my cards.

Admitting I had a problem and banning myself from everything sucked, but it does feel nice to try and address the problem head-on. I would appreciate no advice that involves asking family/friends for money, as that is not something I'd consider. Any suggestions outside of that are more than welcome.

Thank you so much for taking the time to read/potentially point me in the right direction.

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Impressive_Top789 t1_iyfblsq wrote on November 30, 2022 at 11:36 PM

Okay, first of all, CONGRATULATIONS! I am proud of you for addressing the gambling, which is a tough nut to crack.

Second, I'm unaware of any way to "pause" payments, I'm afraid.

Forward_Car901 OP t1_iyfbwmx wrote on November 30, 2022 at 11:38 PM

I was thinking about forbearance when I mentioned it, not sure how hard that is to get. Just hoping to avoid default/minimize fees at this point. I appreciate the comment.

pancak3d t1_iyfbfi3 wrote on November 30, 2022 at 11:35 PM

Would you be willing to ask a parent to add you as an authorized user on their credit card? You don't even need the physical card, just to be added to the account.

Assuming they have good credit, this will help your score immensely/immediately. You can then apply for a new CC that offers introductory 0 APR, usually for 18-24 months.

As it stands with 650 score and no income, I think you will struggle to qualify for better financing. Make sure you at least pay the minimum each month.

Forward_Car901 OP t1_iyfc5kb wrote on November 30, 2022 at 11:40 PM

That seems worth looking into. Thanks for the input, much appreciated.

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