I Will Be Attending School Next Year But I Can’t Afford My Bills Now. – Sam


“Dear Steve,

I am having very big problem with my credits. I owe about $1500.00 in debt and most of my paycheck goes to credit cards payments and car payments.

I can’t save or have any extra cash for my self. I will attanding school to ge my degree in 2010 and I will have to quit my job. So, for sure I will not be able to pay anymore.

My question is, should I stop paying and save the money for my car payment and rent while I am in school or keep paying as much as I can and next year stop paying?

What do you think? please help me decide.

Thank you.


Dear Sam,

If you stop paying now or a year from now, it will result in the same situation, your credit will be trashed and you will be chased by debt and bill collectors.

The issue here is that by stopping payments you are not resolving or improving your situation. You are only making it worse. If you owe $1,500 as you said, it is more cost effective for you to save up the money and pay off the balances before you go to school. Solutions like bankruptcy will cost more than that amount.

It might just be a reality that you can’t afford to go to school right now by walking out on your debts. And I’m concerned that you don’t have a good plan on how to deal with your new expenses you will have in school. Rent, school stuff, miscellaneous junk and a car payment are still going to be a lot for you to keep up with while in school. What is your plan for dealing with those debts and how are you going to make ends meet?


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.

Steve Rhode

1 thought on “I Will Be Attending School Next Year But I Can’t Afford My Bills Now. – Sam”

  1. hey, i would like to go to an online school but i’m just now getting out of debt and can’t afford it, any ideas?


Leave a Comment