Let me explain this from the beginning--
growing up I never had anyone to teach me the in's and out's of finances. my father was terrible with money and often opened up credit cards in my sister's names and landed them in a rabbit hole of debt. he couldn't save a dime. my mom was no better. when my dad passed, I was given quite a bit of money from social security and my mother blew it all away. she often encouraged me to open credit cards so she could benefit from the use. I was 18 and didn't know any better.
let's skip to today-- I'm at university about 2 hours from home. I have a part-time job where I work 25 hours a week making $9/hr. I simply do not have enough sufficient income to cover all of my cc debt. I owe, between all of my cards, maybe $3,000. I also have a car payment, car insurance, phone bill, and personal loans I need to pay on monthly. at this rate, if I continue to pay my cc bills, I will not have money for my most important bills: car payment, insurance, and phone.
would it be entirely crazy to let my cc go into collections now while I'm young so I'm able to pay my most important bills on time so I don't lose my means of transportation or my phone? I don't know what else to do and I have no one to turn to. I regret so much and looking back I feel like a moron for not knowing any better. I'm barely scraping by and I'm picking up as many hours as I can but I can't fall behind in school. I'm frustrated because up until this point I had great credit (716). Any and all advice would be appreciated.
**tl;dr**
would it be entirely crazy to let my cc debt go into collections now while I'm young so I have money to pay my most important bills?
Submitted March 20, 2019 at 11:51AM by username910975 https://ift.tt/2TLHctb
