Feeling overwhelmed by debt, need advice 💬

techbloke

Alright, so I’ve been thinking a lot about this lately and finally decided to lay it all out here. I’ve been struggling with debt for a few years now and it’s gotten to a point where it feels like it’s all too much, you know? Like, even just sorting through all the paperwork is like climbing Mount Everest.

It started with student loans. Went to university, had to get a loan. Then it snowballed from there. Credit cards became a crutch. I had one, maxed it out, got another, rinse and repeat. Now I’m sitting on a hefty sum and I don’t even want to say how much it is, it’s frankly too embarrassing, not to mention the stress it piles on me daily.

Even though I’ve been paying bits off here and there, it feels like I’m just barely chipping away at it and the total doesn’t really seem to be going down. Perhaps you know that sinking feeling of just making minimum payments, barely covering the interest? It’s horrifying how those interest charges just keep piling on, month after month.

Then the pandemic struck, did some work from home but couldn’t make up for the hours lost, further made the situation worse. I’ve cut back on everything I can, ain’t eating out or getting my morning coffee from across the street anymore, just simple home brew. Already sold my car, now taking the public transportation (yeah, 🤔

kara

Been there! It’s terrible feeling like you’re stuck in a debt loop. One thing you could try is speaking to a financial counsellor - they often have awesome tips for managing debt. Also maybe look into balance transfer credit cards - they sometimes offer a period with 0% interest. Might be worth to help you out of the cycle of just paying off interest & getting nowhere. And remember, there’s no shame in finding yourself in debt. Plenty of us have been there. Just gotta find your way out, step by step. You got this! 🤗

mopsy

Totally agree with you, It’s a tough spot to be in, mate. Speaking to a financial counsellor is a great tip. Another thing, though, have you considered debt consolidation? Combining all your debts into one can often lead to a lower overall interest rate, can be a real game changer! Plus, it’s mentally a lot easier to deal with one big debt instead of multiple smaller ones. Hang in there, man. I’ve been there too. It ain’t easy but remember, “the night is darkest just before dawn”. You’ll find your way, just take it one day at a time. 💪🙂

lsmith

Yeah, debt can be really rough, been there too, mate. Debt consolidation sounds like a solid plan to me. Just make sure to read the fine print, there can be hidden fees and stuff.

Taking it day by day is great advice. And remember, it’s okay to ask people around you for help. I was too proud at first and it just made things tougher. So don’t hesitate to lean into your support network.

Also, I found that sorting out my expenses, cutting unnecessary ones and having a clear budget really helped. Might sound simple but sometimes, we overlook the basics. Keep your chin up mate, it gets better!