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CreditScoreAnthony

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Is my situation as bad as its gonna get? If not, what should i do?
Heres my issue.
Long story short, i loaned a credit card with no income of my own, and my family member that used it isnt going to pay it off as they promised. the card is 1 year late on payments, maxed out, going in collections, and i owe 400$ (which is alot to me),

my credit rating is now 520, and i've only ever had this one credit card. i really cant afford to pay it off. would letting it fall behind and waiting 7 years hurt me?

will getting a new credit card to rebuild my history help me? ive learned my lesson about lending it out, and now i just need any tips on improving it. my credit company said they cant reverse any of the credit reports, so paying wont help me. what do i do? thanks!

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