Credit card debt. Working overtime to pay%. Two years didn’t miss any payment. All money goes to live and pay cards. We want to study. Before applying to college, need help with this 70 K debt which in two years went down only to 60K. We are from NY.
We need financial guidance related to CC debt before applying to a school.
Dear Off to School,
It seems what you are telling me is your joint income is insufficient to reduce your debt by paying more than the minimum.
Honestly, I’m not making any moral judgment here but if going to college is a higher priority and you feel you must go then your most logical option is bankruptcy. It is the fastest and least expensive way out of debt you can’t repay.
But the bigger picture here is if going to college and incurring debt for that is going to be a better end result. Just don’t assume it will be. I’ve seen plenty of people who make poor financial choices when selecting schools and wind up in careers making insufficient income to satisfy their student loans.
I feel like there is a lot of logical planning and research you should embark on before you rush to file bankruptcy and head to college.
It’s time to think about what you want your future to be? Is a trade school a better option to get you specialized skills and earning faster? How about going to a local inexpensive community college first?
Was your credit card debt the result of living beyond your means? If so, how will you avoid doing that when you head to school?
What you need most now is a wise friend to talk this all through with.
The facts are that filing for bankruptcy will not prevent you from applying for federal student loans but may require you to ask someone to cosign for private student loans. Don’t ask anyone to cosign. Don’t drag them into what has the odds to be a future financial mess.
You need a life plan and not a rush to take action about your debt.
You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.
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