Ton of debt crashing down!

clrd4takeoff

clrd4takeoff

New Member
Hello all,

I am just curious if the airlines frown upon someone who has a bad credit rating or has declared bankruptcy. I have built a substantial amount of debt by making some unwise decisions and I don't see any way out! The job market here in Jacksonville is really bad. Most entry level jobs start around $7.50 to $8.00 dollars per hour. If your lucky, you might find one that starts at $10. This is truly a nightmare for me and my family and I really don't know what to do.
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Should I finish flight school against all the odds or just can it all together?
What would you do in this situation?

Any input or experiences would be greatly appreciated.

Sincerely,

T Leverett
 
I have never heard of them checking your credit. I just know the military side. There they check your credit, they think if you have alot of credit then you are prone to be hired by terrorists. To the best of my knowledge that is not the way in the airlines. Someone will know for sure. God luck
 
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I am just curious if the airlines frown upon someone who has a bad credit rating or has declared bankruptcy. I have built a substantial amount of debt by making some unwise decisions

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Don't feel bad, most of the airlines are in the exact same position you are...
 
Many employers, not just airlines will check your credit sa part of the pre-employment/interview process. Some feel that a person that is on the brink of banruptcy or in a bad credit situation may be less reliable and willing to do almost anything to relieve their situation. On the upside, if the main source of your credit issues is flight training, I am sure an airline could see past that. I am sure that most every doctor that graduates has a huge amount of debt and they have no problem getting hired.

Like FC said, it is rather ironic that an airline today would ask about credit, when many of them are in a similiar situation.
 
Most employers check your credit history now, but it's up to the individual employer as to how they use that information concerning hiring you. I declared bankruptcy in 2002, and that situation was pretty much unavoidable. In my opinion, it shouldn't affect me getting hired since I've had spottless credit since then. As long as they see that you have taken steps to improve your situation and you're not stuck in a cycle, I don't think it would be a problem.
 
Well, I guess I'm going to be the one to give you some hard advice.

I would take a break from flight training. Work two or three jobs. Pay off the debt. Even if I lost a few years, it'd be worth it in the long run.

If you don't take care of it now, it'll just haunt you for the next 15 to 20 years as you struggle to catch up while not making squat flying. You know from reading this site that the first years are very, very lean as far as income, and there is no way to pay off mountains of debt when you are barely making enough to get by. When you do get a flying job you do not want to jepordize it by having to work side jobs to pay your debts. You need to be well rested and sharp for a flying job, not dog-tired from working all night stocking grocery shelves. Bust your hump now and it will lift a huge weight off from your shoulders.

Don't declare bankruptcy. You've made some mistakes or misjudgements in the past, and that is regrettable. I'll give you all the credit in the world for admitting that. But those are debts that you legally and morally owe. Pay them off and you can walk with your head held high. Unless there are extraordinary extenuating circumstances (long term disability or something like that), those debts should be paid off. Sometimes we make mistakes, and we need to live up to the consequences of our actions.

All right, enough preaching. It's just one person's opinion and you can do with it what you will.

I feel for you. I really do. I can tell you're in a tough situation and things look pretty glum. I hope that things work out. You've done the hard part and admitted that times are tough. Now just make a plan on how to get out of the situation, then work the plan.

We're pulling for you.
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Forgive my asking, but how much debt are we talking about here? I know people who owe around $160,000 for school, and they are of the "carpe diem" mindset (i.e. "You live only once, blah blah blah")

Luckily, I have very little outstanding debt and managed to get through flight school with savings along with help from my family (whom I'm in the middle of paying off).

Honestly, I get freaked out about debt and couldn't fathom owing tens (or hundreds) of thousands to Visa/MC/Student Loans.

I agree with SteveC: Take some time off of flying and concentrate on knocking down IOUs; you'll be glad you did in the long run. I love flying and greatly look forward to the day when I get to the airlines, but I'm not going to jeopardize my credit rating, financial status (long or short term), or sanity, for that matter.

Best of luck to you in your decision.
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I recommend you still keep flying,but maybe reducing time right now. If I quit for a while, I would probably find myself complacent in another job. If they are student loans, honestly look into reserve military, as many will pay tons of school loand off for you. good luck
 
Hey SC,

I understand what you are saying! The problem is the job market is terrible here in Jacksonville. Even if I quit flying, I still can't make the payments on everything. The jobs around here just don't pay enough! I am in it too deep! My thinking is, If I am going to go under anyway, I may as well be flying.

Thanks for the advice!

TL
 
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Hey SC,

I understand what you are saying! The problem is the job market is terrible here in Jacksonville. Even if I quit flying, I still can't make the payments on everything. The jobs around here just don't pay enough! I am in it too deep! My thinking is, If I am going to go under anyway, I may as well be flying.

Thanks for the advice!

TL

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According to your web site you have a 2 month old daughter... Do her a favor, be responsible and get yourself out of debt as quickly as possible. Move to a better location, put the flying on hold, work 3 jobs... Do what you need to do, make things right and then worry about following your dream... Flying certainly isn't the "end all, be all" of life... Do the right thing, don't continue down the path of mistakes that you have followed already...
 
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My thinking is, If I am going to go under anyway, I may as well be flying.

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I think thats nuts, especially going into aviation. If you do that, you're undoubtedly going to go even further under.

Entry level flying job (probably CFI'ing), will pay crap and may involve loooong hours, not necessarily spent flying. Plus NO BENEFITS...which should be a major concern with children.

Other than that, I second everything FalconCapt said.

Good luck...
 
Hey guys,

Point taken! I know you are both right. By the time I get out of debt, I will be out of the game! Maybe it just wasn't meant to be!

Thanks for the advice guys,

TL
 
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Hey guys,

Point taken! I know you are both right. By the time I get out of debt, I will be out of the game! Maybe it just wasn't meant to be!

Thanks for the advice guys,

TL

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Now don't give up that quickly. If flying is something that you really want to do, there's no reason a few years delay will take you out of the game. I'm in my 40's and mid-career change now, so don't talk to me about that kind of thing!
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If you really want to do the flying thing, make a plan on how to get there. Do it right; pay off your debts, build up some money to pay the final part of your training, and have enough money to carry you and your family through the skinny times. Figure out how much money you can make working your butt off, as many hours a week as you can handle. Figure out how to live as economically as you can. Figure out how much extra money you'll have to pay off the debts and save for the changes to come. When you have it all spelled out in front of you, on paper, you will know that it can be done and what it will take to do it. Then you can really do the pilot thing the right way.

There are no short cuts. Just because you've dug your hole a little deeper than you'd like, though, doesn't mean it's time to give up. Now it's time to get really serious. You've gotta get mad-determined to pull yourself and your family through. Find that *thing* inside you that really motivates you, and put it to work.

We're pulling for you.
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Do what you need to do, make things right and then worry about following your dream...

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Of course, I'm sure I'll catch hell for this, but ALWAYS FOLLOW YOUR DREAM. Many of you will jump at me for saying this, but I think that following your dream is an important thing...almost the most important. For those of us that have spent a little bit of time (or alot of time in some cases) dreaming about flying, it's a really big deal to finally be able to chase that dream. Alot of people told me that I was crazy for leaving a steady, stable job with benefits to go and learn to fly airplanes - with a child!!!

I say keep flying, bud. There's always a way out. I don't advocate anyone working three jobs, and if the pay sucks that badly you're not going to be able to "pay your way" out of the debt that easily. Might as well learn to fly...
 
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I say keep flying, bud. There's always a way out. I don't advocate anyone working three jobs, and if the pay sucks that badly you're not going to be able to "pay your way" out of the debt that easily. Might as well learn to fly...

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No offense, but that is some of the most irresponsible advise I have ever seen...
 
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This is truly a nightmare for me and my family and I really don't know what to do.

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Easy, focus your efforts on those that need your support, your family. Take the advice of working multiple jobs if you have to, but make it happen for them. You are a father/husband first, pilot/student second.

Good Luck!

ps Construction jobs in your area pay $10-20/hr, you just need to get out there and hustle to make a buck or two.
 
Even though I'm not a pilot.. i've been there, done that (AND HOW!)... and one thing i've learned is that you have to own up or those companies will rip you apart....you got stuck, made a mistake and now you have to own up to it.. and if it takes 3-4 jobs, finding a new higher paying job, cutting half of your flying time (not cutting it altogether if you REALLY wanna be a pilot), 4 hrs a day of sleep and no time off for fun.. then you do it and don't look back.. because once those debts are paid, you are home free my friend.. HOME FREE!

and the only way to go once home free -> is UP!
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take it as a lesson, do what you have to do to get out of debt but AVOID bankrupcy or those stupid credit counselor companies (I did that and man, that was the biggest mistake of all... my BAD!)....it's just going to mean being accountable for your actions, taking the heat, getting either better paying jobs or more jobs, selling everything you've got that's not being used, and working your ass off to pay those debts...

but - if you really wanna fly... don't lose your dream... you may want to cut back for a while to reap in those paychecks and spend every stinking penny (and i mean EVERY extra pennies) on those debts.. but don't cut it off entirely if it's really what you want to do....

something that helped me at the time.. was paying $20 or more per WEEK on top of the monthly cost to the credit card companies (it helps you to think that your paying it off faster than just once per month AND it helps lower your finance charge faster)... and always pay more than the minimum on the statement.. at least double it each month...

I absolutely hate any kind of debt now (except for house/car).... I only have one credit card.. I keep it paid off on a monthly basis because if I ever - EVER - get another collector calling me...OOOHHHhhhh
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.. their A** is mine
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...I smile
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everytime I shred the 10 or more per day sickening credit card offers Doug and I constantly get in the mail (because now, i have the "cream of the crop" credit score to match Doug's)....

just my 0.02 cents - take it for what it's worth...
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Lets put it this way.

Credit Management services are a scam. It more or less shows up on your credit report as a quasi-bankruptcy and often they don't hold up their end of the bargain.

And once your debt goes to a collector, you're going to get boned, no if's and's or but's.

Most companies hire 3rd party goons to harass you because once it hits collections, the collectors pay $.50 on the dollar to purchase "your debt" and then they'll hassle you to get at leat 50%+$1 if not more.
 
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I say keep flying, bud. There's always a way out. I don't advocate anyone working three jobs, and if the pay sucks that badly you're not going to be able to "pay your way" out of the debt that easily. Might as well learn to fly...

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No offense, but that is some of the most irresponsible advise I have ever seen...

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No offense taken!
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