I’m kinda new to all this finance stuff, even though I reckon being a grown-up should’ve prepared me for it more than it has… and I’ve landed myself in a really sticky situation. So, I thought I’d take a shot and see if there’s anybody out there who’s been in the same boat and could hopefully, offer some advice?

So how did I end up here? Well, I guess it all kicked off a couple of years ago, after the birth of my twins. Medical bills, surprise expenses, and the inability to go back to work sooner than I’d planned (let’s face it, having twins is its own special marathon) had me resorting to credit cards more than I’d like to admit. Couple that with the sharp downturn my business took during these pesky COVID-19 times, and you could say I’m in a bit of a pickle.

My credit card debt is through the roof, and I’m just about keeping up with the basic payments, but it’s not shifting the overall amount. It’s just like a bigger hole’s being dug every month. I can see it, and it’s scaring me.

I’m not looking for sympathy, though hey I won’t turn it down, I’m really just here for practical advice. Has anyone been here? Got any tips on how to manage this debt? Any ideas on how to start chipping away at it and not just paying 🤔

Hey, no judgement here, life throws curveballs sometimes we’re just not ready for. Sounds like you’ve had a rough time, twins and business in the same timeframe, wow! Debt payoff kind of works like those fad diets, there’s no quick fix. A decent strategy is something called the snowball method: you put all your extra money toward the smallest debt while making minimum payments on larger ones. Once the smallest is cleared, you roll that money to the next smallest. It’s not an overnight thing, but it works like compound interest in reverse. Also, have you looked into financial counselling services? Some offer free advice and can help negotiate terms with your creditors. Hang in there, one step at a time. You’ve got this!

Man, debt can really feel like a black hole, huh? Like no matter what you’re doing, it’s not enough. But props to you for facing it head on. The snowball method is a solid tactic - I know a couple folks who had success with it, so worth a shot. And yeah, check out those free counselling services, gotta take advantage of any help available. Remember, every penny you pay off is a win. No progress is too small. Hang in there, mate. You’re already making strides by thinking ahead and seeking help. One step at a time, you’ll get out of this rut, believe that.

Yeah man, debt can definitely feel like you’re drowning. Been there, done that. You’re already a warrior for facing it. Snowball method worked for me, but also looked at some side hustles to earn a bit more. Every little bit helps, you know? And definitely use the free counselling, some real gems of advice there. Slow and steady, and you’ll come out the other side. Keep going mate, you’ve got this.

Oh, I totally get where you're coming from. Juggling twins and unexpected expenses is no small feat! I've been in a similar spot, and what really helped me was consolidating my debt. Have you thought about looking into a balance transfer card with a lower interest rate? It can help you pay down the principal faster. Also, creating a strict budget and sticking to it can make a world of difference. Maybe try the snowball method, where you focus on paying off the smallest debt first to gain momentum.

Another thing that worked for me was reaching out to a credit counselor. They can sometimes negotiate lower interest rates or payment plans with your creditors. It's worth checking out if you haven't already. Hang in there; it might seem daunting now, but with a solid plan, you can totally turn this around! 😊