How does bankruptcy affect private student loans?
Bankruptcy is not a good way to go. Your parents are going to find out sooner or later, so tell them what the problem is – perhaps to not take husband on this visit. They’re in a much better position to help you assess your options – life experience is valuable.They co-signed on your loans so will definitely be on the hook and bankruptcy isn’t going to save them from this debt. OK so they get upset – you would, too. Suck it up and take it like an adult. Get a handle on your spending habits and stop using the plastic. I agree one’s parents shouldn’t perhaps charge their own kid interest, but if it’s a low rate, then it’s better than what you could have gotten at a bank. (My dad used to try to charge me 12%/year – the operative word here is TRY. It never quite worked and I recalculated everything at about half that.) As for the cell phone, why are you spending $200/mo or even $99? Renegotiate with the carrier to the $20 or $30/mo plan and stop using it for every breath you take.
