22 year old student. Used to be great with money and in the past year I became a moron due to a stupid situation. I'm now $7000 in debt. I'm losing more money than I'm making and I have no way of paying my expenses. I don't go out. I don't buy anything. I do nothing now other than seldom work. I'm looking for more jobs but they aren't enough. My only credit and debit card are maxed and unable to be used. I'm over my limits. I want to file for bankruptcy and get this over with.
So I'd like to know what the pros and cons of it are. What am I gaining? What am I losing? What are some other options that won't cause me so much suffering?
Your credit will be ruined for 7 years. If it's student loan debt it won't be forgiven.
Talk to a financial advisor.
>>18036738
you're still in school. chances are you still need another loan to get through school. if oyu apply for bankruptcy you will not get a loan.
its only 7000 dollars. im also in 8000 dollars. leave it and it will default and you can just wait til you ahve the money to pay it off.
>>18036744
>leave it and it will default
What do you mean by it will default?
>>18036753
it will effect your credit, but not as bad as bankruptcy. basically they send it to collections and it will stop collecting interests.
>>18036762
How long does it take before happening? I never wanted to go to collections but if that's better than bankruptcy then I can live with it. What happens when it goes to collections? I get no interest on the amount anymore but what else?
Only 7k lol. I have 26k but i do have a good job so i expwct to pay it in a yearor 4. Stop whining,
>>18036764
they harass you day and night until eventually you save up a little money, less than what you owe, and you make a deal with them.
>>18036765
Well it's different when I work once a week at a minimum wage job and literally can't buy anything. Not a single thing.