I am a college student with 2 years left of undergraduate school and then one more year for grad school. I got a credit card last summer and was doing fine until school started. I couldn’t find a job so my bill racked up to around $850.
I still am unable to find a job and I am struggling to afford the cost of food. Creditors have been calling me day and night. I’m scared that my credit will be messed up because of this or that creditors will file a lawsuit against me.
As of right now, I do not have any student loans but I have considered taking one out just to pay this debt. The problem with that is, I do not want my parents to know what a mess I have gotten myself into, and they would find out if I took out a student loan!
What are my best options?
Taking out a student loan to pay this debt would be a massive and colossal mistake. It would be the worst thing you’ll ever do and if you do it I will personally come over and kick your ass. I hope I didn’t sugarcoat that too much for you.
Of all the solutions available to you, the best is to fall on the sword with mom and dad and fess up to the situation. You owe too little to be helped by credit counseling, budgeting isn’t going to save you since you have no income to budget, and as long as this issue remains open and unresolved it will hurt your credit.
I think you’ve learned about the dangers of debt when you can’t pay it and it is time to put this matter behind you with a little help of the Bank of Mom and Dad.
They may be upset for a short period of time but share with them what you have learned from the experience. Help them to see that this is the least expensive and most important class that you will learn in all your college years, Debt 101: The Consequences of 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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