How can I get out of debt when I am unable to make my payments?

I am a music artist involved in a couple projects right now that have the promise of furthering my career into a profitable one, however I keep spending money on them and it's keeping me from having enough money to make my creditors payments. I have credit card debt and school debt as well. I have thought about starting a company to legitimise my efforts, but will my company become in danger if creditors see it as an asset? Also, it might be hard to even start a company with bad credit, right?

How can I get out of debt when I am unable to make my payments?
Yes, it will be very hard for you to be taken seriously if you have bad credit...don't let your student loan payments slip...your tax returns will be taken every year until they are repaid...it is nasty business...do some research...it'll scare ya....have you tried Consumer Credit Counseling Services? AKA (CCCS). They will negotiate with your creditors to keep you out of trouble and you will make a single payment that should be more than affordable. Good Luck...and if you are already suffering bad credit get with CCCS as soon as possible...it'll help and as long as you make payments and avoid further debt, you should see your credit improving slowly but surly...not right away...time is your friend credit wise.
Reply:One thing to do is to cut your costs. No expensive Starbucks in the morning, no eating out. Get yourself a travel mug at the dollar store for your coffee and make your own lunches and cook your own dinners.By the way, oatmeal, which is a very healthy breakfast to have, is very cheap and easy to make in the microwave. Follow the directions on the cylindrical container of Quaker oats and don't buy the individual packs, which are more. There are lots of easy to make cheap meals on the internet. Don't go into debt to buy a car. If you can take public transportation, you will save thousands of dollars a year in gas, repairs, tolls and insurance costs on a car. Otherwise buy a used car that is still under warranty so if it has problems it can be fixed under warranty. If you buy a new car, you are losing lots of money the moment you drive it off the lot. Hang on to the car for 5-6 years. It's cheaper at that point to pay for repairs than to make a car payment.


Don't subscribe to cable options, get your books out of the library.


Get regular exercise to keep medical bills down and so you keep your weight down and don't have to buy new clothes. Don't belong to a gym, take long walks for exercise and do exercises in your home. I walk and have met some of my neighbors that way.


If you can, take a part time job and put all of that money into paying off your debt


Buy things at garage sales. You will save a great deal of money on home furnishings, books and other items.Sometimes they sell brand new clothes with the tags still on them for a low price.
Reply:I doubt if anyone will lend you money to start a business


and you'll never get out of debt if you don't make payments and still use your cards
Reply:Have you asked for a forebarence on your student loan? In cases of hardship, student loan companies will postpone your repayment schedule. This could help a lot.
Reply:file Bankruptcy....be done with your debt...You'll start over and learn from your mistakes of mishandling credit debt!
Reply:You need to wake up and get a REAL job and put your dreams, for the time being, on hold. Creditors are not going to accept your "promises" of riches as payment. This is one of the laws of life.