Quick Answer: Student loan anxiety refers to overwhelming stress when facing debt obligations, and the recommended solution is consulting an independent debt coach like Damon Day for personalized guidance. David’s $15,000 debt situation demonstrates how multiple financial setbacks can create paralyzing anxiety that requires professional help to prioritize payments and create actionable next steps.
“Dear Steve,
During college I moved out with a friend, which went sour and I end up owing about $1,200 when I had to move out because she didn’t pay.
Then my father, who had promised to help me with school went on disability and I couldn’t afford my apt and bills.
After this I decided to continue on with school and when they raised the rates on my credit cards I had to stop paying. Of course when school ended I didn’t have the job I thought I would.
The Daily Money Brief — Free, at 10 AM
Money you may be owed, scams to dodge, and the fine print decoded — the consumer money news that affects your wallet, every weekday.
I’ve paid a couple of debts through collection agencies and I’m rehabilitating my school loan but I still have some small accounts out there and occasionally get collection calls. I’m probably about $15,000 in debt. I don’t blame anyone for my situation and I’d like to take care of it.
I know about all the collection counselors and how DMP’s are pretty bad. Going through my credit report is more anxiety inducing than most things I can think of. I know there are a ton of great free resources on this site but I’d like to find someone in Chicago that would go through my report for a small fee, tell me what to pay off first and what my next steps should be.
Is there anything like that? It seems the credit counselors have an alternate agenda.
David”
Dear David,
It sounds like you are dealing with the situation the best you can. I completely understand the anxiousness you are experiencing when you try to face the situation. It’s a natural response.
I’d suggest you talk to independent debt coach
Ultimately the best plan of attack here is one that is based on your goals and resources, rather than just trying to sell whatever program a debt relief provider is pushing.
Like most every professional, there is a charge for a consultation with
I used to do individual consultations but I just don’t have time these days with all the reader questions.
Please post your responses and follow-up messages to me on this in the comments section below.
Know Your Rights: If a debt collector is contacting you, you have legal protections. See the complete list of FDCPA violations collectors commit most often. Use the free Debt Validation Letter Generator to demand proof of the debt, or check this collector’s complaint history with the Scam-O-Meter.
Dealing With Debt? Before you pay a collector, understand all your debt relief options — including ones the collector won’t tell you about. If the debt feels unmanageable, take the 2-minute bankruptcy quiz to see if the math favors a fresh start. Federal Reserve research shows filers recover faster than those who don’t file.
