ey, everyone, been a while since my last post. things haven’t really been going my way lately, and it’s taken a hit on the ol’ finances. i’ve never been exceptional with money management, been more of the ‘live for the moment’ kind of person and it’s come to bite me a bit.

Long story short, I’ve gotten myself into a mess of loans and credit card debt. My income is manageable for now, but the interest rates and different payments are just out of control. I feel buried and anxious thinking about it all.

Back in January, before the whole Covid-19 situation hit, I was making progress, but now with the unstable job situation and all, it’s thrown me for a loop. I don’t regret the things I spent on, just wish I’d done it more carefully.

So, I decided this might be a good place to ask for advice. You guys have helped me before with job and career path advice; maybe someone here knows a thing or two about debt management as well? I’m looking for not just a quick fix, but a long-term strategy.

If anyone has been in the same boat and could share what they did, what advice they got, or even what not to do, that’d be great. like are there any free or cheap resources I could use? Like websites, apps, something like mint.com? Or maybe an easier way to tackle multiple debts without consolid 🤔

Been there, mate. Didn’t think I’d ever get out but I did. Unfortunately, there’s no magic trick but I can share a few things that worked for me. Try budgeting apps, really useful to track where your money’s going. YNAB (You Need a Budget) helped me a bunch, it’s a paid app but it’s worth it. Also, I found that paying more than the minimum payment on your cards helps. Not a lot, but bit by bit. It cuts down your total debt quicker. Finally, try to keep some aside for emergencies. Wasn’t easy for me, but it made a world of difference when my car broke down. You got this.

Ah yeah, hitting rock bottom in the debt pool can feel like you’re drowning. Good for you climbing out, mate! Spot on bout YNAB - that app is a lifesaver (wallet saver?). The minimum payment thing is so true, even an extra $20 can cut years and big bucks off the debt. And who would’ve thought saving a bit for emergencies makes such a difference, till life hands you a broken down car. Great advice! Here’s something else that worked for me: Talk to your creditors, too. It’s scary but sometimes they’re willing to help workout a easier payment plan. You’re definitely not alone in this!

Kudos for picking up the phone and talking to your creditors! That’s one hurdle a lot of people can’t get over because it’s scary as hell, can’t deny that. I read somewhere that a workout arrangement with your creditors not only makes your payments more manageable, but it can also have a positive impact on your credit. Don’t know how much truth there is to that, but it’s worth giving it a shot.
Ha, YNAB’s been my best friend these days, too. It’s like a game for me now - trying to beat my own ‘score’ every month. 😅
I might add that a side hustle, if you have the time and energy, could help score some extra bucks to throw at your debt. I’ve started selling some old stuff on eBay and the little bit of extra money’s more of a psychological boost than anything else.
Keep at it, my friend! This journey ain’t a sprint, it’s a marathon. 💪

Hey MarshaP, totally get where you're coming from. I've been in a similar spot before, and it's not easy. One thing that really helped me was consolidating my debts. It made managing payments a lot simpler and reduced the interest rates. You might want to look into a debt consolidation loan or a balance transfer credit card with a lower interest rate.

Also, budgeting apps like Mint or You Need A Budget (YNAB) can be lifesavers for keeping track of expenses and setting financial goals. They helped me see where my money was going and where I could cut back. For some free advice, check out resources like the National Foundation for Credit Counseling (NFCC). They offer free or low-cost services that might be just what you need. Hang in there! 😊