What can I do with my credit card debt if I am going to study abroad?

Submitted by Plasmid_addict t3_yhtpdx in personalfinance

I am currently a college student in the states. I plan on going to veterinary school soon and I just found out I may be able to get into a vet school abroad. I haven't fully decided on what vet school I want to go to but going to another country sounds amazing. I am considering going to The Netherlands since I'm learning Dutch anyway. I am also considering England or Ireland. However, due to a medical emergency my dog had and a few other unexpected financial issues I had, I now have about $4800 in credit card debt. I wish I hadn't put those costs on a credit card but at the time I didn't know what either to do. I know there are ways to pay the debt from another country but I likely won't be working much or at all while in vet school because it is such an intense program. Even if I go to vet school in the US I still won't be working while in vet school so I'm not sure how ill pay it back. I know you're not supposed to use student loans for credit cards so I don't really know what I can do. If I just ditch the credit card debt my credit score will be tanked and I may end up owing the IRS taxes on the debit if it gets forgiven. I don't know much about how it works this is just what I found online when I tried google searching. Most of the results were for people who were trying to leave the country to escape credit card debt, not for people who want to be able to move back or visit the states again. I'm not sure what the best thing to do is, I'm not great with money in general. I appreciate any advice.

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tl;dr: I have $4800 in credit card debt and I won't be able to pay back any of it while I'm in vet school.

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Oh-Get-Fucked t1_iufvlsf wrote

You'd best speak to the credit provider but I'd suggest they'll tell you the bill has to be paid regardless of where you're located. You're far better off to pay if off as quickly as possible before you go away because the interest will screw you if you leave it and you'll have much bigger problems down the track.

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Plasmid_addict OP t1_iufykty wrote

yeah, I think I might have already srewed myself over because I can bearly make the minimum payments. At think rate, it will take me like 14 years to pay it off and I'm supposed to go to vet school in like a year.

The only thing I can think of is if I get student loans to pay for all of my living expenses and use almost 100% of my income to pay it off. its not like I'm going to pay for vet school without massive loans anyway.

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Oh-Get-Fucked t1_iufz4aa wrote

I think the student loan route will be better in that your interest rate will be much better but yeah, definitely look at getting it paid off as quicklu as you can because the current amount on it is enough to seriously affect your financial future if you let it get out of control.

Speaking from experience when I was going thru tough times, I had a $500 credit card that took me literal years to get under control because of the poverty / interest cycle so please do everything you can to avoid this.

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Free_2_Be_T t1_iugbowb wrote

Aacoring to what you wrote you have a year to take care of it before you possibly move out of the states, get a part-time job now and pay it off.

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Plasmid_addict OP t1_iuge5oi wrote

I am already working 2 jobs (about 60 hrs per week) to afford rent, school, food etc. I really can't work any more than I already do without failing my classes. I can't get student aid either because my parents won't give me info for the fasfa. I have been trying to avoid student loans as long as I can because they will have to be private student loans which sucks. I have gotten some scholarships but only enough to help with tuition not enough to cover everything.

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Free_2_Be_T t1_iugjkgp wrote

I guess I would get a student loan then. If your parents won't give you info for the fasfa can't you become an independent?

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Plasmid_addict OP t1_iugnxv5 wrote

I've looked into how to fill out a fasfa without parent information and you don't qualify just for being independent. I have been completely financially independent since I was 19 and filed taxes independently since then. The Fasfa can only be filed without parents if your parents are dead, you were emancipated as a child, you were in foster care, if you are married, if you are over 24, or if you get 2 professionals (like therapists) to write letters say you were abused and have no contact with you parents. I am only 22, not married, and I'm still in contact with my mom. When I talked to financial aid about my situation they said I'd have to wait til I turn 24 or get married. The system sucks.

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