College grads take on a lot of financial responsibility in the days following their promenade across the graduation stage. Student loans, credit card debt, car payments, and living expenses such as rent, groceries, and transportation, can amount to a lot of money if you are new to the workforce and your paychecks barely cover all of your bills.

The responsible way to pay off your debts would be to endure a couple of years in which you carefully monitor your spending to avoid making unnecessary or excessive purchases or work an extra job. The not so responsible way would be to file for bankruptcy. Although many people are familiar with the term, not many understand the long term disadvantages of filing for bankruptcy.

MSN Money shares in their article “Stay out of bankruptcy in your 20s,” that filing for bankruptcy will not eliminate your student loans, it may prevent you from being able to buy a home or rent an apartment, and because it shows up on a background check, it could be the reason you don’t get a job.

Read the MSN Money article so that you may proceed with confidence into the next chapter of your life as a working adult and learn about the ways in which you can manage your money now, so that you can afford the things you enjoy later.