I don't buy the "you don't have any money so they won't sue you" argument. If you do leave, plan on paying the contract. We recently had a former FO take Lakes all the way to the Wyoming supreme court and lose. One other factor to think about is the difference in money you will make at a super regional vs. staying at Colgan and compare that to the cost of your contract.

The biggest factor is whether you can truly handle "living poor". Be honest with yourself and look ahead a few months and decide if improved senority will bring a more commutable schedule and more importantly higher credit $$$ lines. If not get out now. There is nothing worse than an unhappy pilot and you run the risk of ruining a career that you may otherwise love. And as said in an earlier post, the longer you wait the harder it is to leave. You can figure out how to pay off the contract later.
Or ask SAAB for a loan since he is raking it in
If it is manageable then obviously stay and before you know it you will be telling everyone at class at DAL to quit being babies cause YOU had it the worst!!!.