so… I’ve done it, eventually I managed to land myself in a bad spot and I need help dealing with my debt. Honestly, I never expected to be writing a post like this one but here I am. I raked up several credit card bills and a hefty loan or two (or ten), and it’s just not sustainable anymore. Money feels like quicksand, the more I struggle, the deeper I sink.

Does anyone have any advice on how to tackle this debt mountain that’s currently making Everest look like a bunny hill? Should I go for one of those debt consolidation loans that sprout up in every third ad, or is there a smarter way? Any tips on budgeting would be much appreciated too.

I’d also love to hear about anyone whose been through similar stuff. Heck, I’d even appreciate a virtual pat on the back. And any success stories, they would definitely give me the hope I desperately need right now. Between you and me, I may have done a few internet searches on bankruptcy, but it just doesn’t feel like the right path for me.

Oh, and let’s keep it real too, no judgement and no overly complicated financial lingo and puzzles. Just a guy who needs some help and real-world, simple steps to get out of this debt conundrum. I’m certain you’ve got some pearls of wisdom in you, and I’m here, ready to catch them. So, who’s 🤔

First off, big virtual pat on the back mate! You’re owning up to a tough situation which is always step one. As someone who was once in a similar spot (trust me, I made Everest look like a sand dune) here’s my two cents. Yes, debt consolidation loans can be a lifesaver, get all your debt under one roof and usually at a lower interest rate. But, do your homework and make sure you’re getting a good deal. Second, budgeting - cut back on non-essential stuff for a while. Delete those food delivery apps, hit up the local market instead of the posh supermarket - little changes add up. And last, don’t lose hope. It will be a struggle, but it’s not impossible. I promise you, there’s light at the end of the tunnel. Keep your chin up!

Couldn’t agree more, mate. Debt consolidation loans can really help, but you gotta be careful not to jump into more trouble. I was in a tight spot myself a few years ago and also thought about taking a consolidation loan. Turns out, by doing a bit more research, I found out there were other ways to manage my debts as well. Like talking directly to my creditors to negotiate payment plans, something I hadn’t initially considered. Every little change does indeed add up, so stay strong! I was able to dig myself out of it and you can too. 💪🏼

Consolidation loans can be tricky because ultimately you likely won’t be able to double your debt profile to consolidate everything, especially if you have high debt and low credit. There’s no guarantee that you’ll use the money to pay off your existing loans so it’s a risky and at least in the UK irresponsible lending decision that the bank/company would be fined for.

Sam Very true, frustrating but logical in the eyes of the lender for sure!