<p>Parents,
I have a financial question to ask, because I am lost and I really do not want to go to my parents for advice, because of my irresponsibility. I have racked up a decent amount of credit card debt, and have an outstanding balance of roughly $1,000. I am employed and will make roughly $375/month. My education, dorm, and meal plan are helped covered through FA. Would should I do, I just feel very lost and am overwhelmed.</p>
<p>Cut up your credit card and pay your bill monthly. Pay more than the minimum or you will end up paying many times more than the original balance. Pay as much as you can without being short on something else. Don’t charge again unless you can pay your bill in full each month. Good luck.</p>
<p>While I don’t advocate it, is there a possibility you can get more student loan money? If you do, I’d start paying on the loan immediately and have it paid off by the end of the school year. Definitely cut up the credit card as suggested.</p>
<p>What kind of interest rate does this card have. If it’s a high one, I’d 'fess up to your parents and see if you can’t get them to loan you some money to pay off that balance as quickly as you can.</p>
<p>I second Anothermom2. Cut it up, pay it down.</p>
<p>That is good advice.
I have the self control not to use it again. I want to keep it, because I want to keep my credit rating decent. Thank you.</p>
<p>VERY SIMPLE</p>
<p>Cut it up, pay it down, fess up, and don’t do it again.</p>
<p>VERY SIMPLE</p>
<p>Aren’t you glad it’s not rocket science?</p>
<p>Tell your parents. Hiding a mistake that can balloon into a big problem is worse than running up the $1,000 debt. (Believe me, $1,000 is very low compared to what many other kids rack up before they even realize there is a problem.)</p>
<p>If you are making $375/month what is that money going toward? It seems as if most of your college expenses are covered. Maybe I’m missing something, but this shouldn’t be that hard to fix in relatively short order. I’m not sure you need to “fess up” to your parents and they might feel that you are asking for money in a roundabout way. Like anothermom2 said just pay it down as fast as you can.</p>
<p>I dunno, maybe I was just raised wrong:</p>
<ol>
<li>Admit to yourself that you screwed up … [Already Done]</li>
<li>Commit yourself to fixing the mess, BY YOURSELF if possible.</li>
<li>Stop buying stuff you don’t need and use as much of that $375/month to pay down the debt.</li>
<li>Keep the card, 'cause you might really need it, but paint one corner some bright and embarrassing color to remind yourself not to repeat your misjudgement.</li>
<li>Congratulate yourself when you get the debt paid off. Celebrate by not telling anyone that you did the responsible thing all by yourself.</li>
</ol>
<p>Cutting up the card won’t ruin your credit rating. You don’t have to tell the company that issued the card that you’ve closed the account. All they will know is that you are not using the card, but since you are paying down the balance (on time, I hope) your credit rating will be fine. </p>
<p>If you think you might legitimately need the card again in the future (for emergency travel, for example) another suggestion is to put the card in a plastic cup, fill it with water, and freeze it. You’ll still have the card, but it’s encased in ice and you’ll have to wait for it to melt to use it. That will help to cut down on impulse buying!</p>
<p>PS - good for you, recognizing that you’re in over your head with only $1000 in debt. A lot of people get in a LOT deeper than that before they figure it out!</p>