Young Adults Crushed by Credit-Card Debt
Young adults are overwhelmed by debt, leading to feelings of worthlessness and hopelessness. They express difficulty managing finances, a lack of savings, and a sense of being trapped in a cycle of debt despite working and having income. Many feel embarrassed and seek advice to regain control of their financial lives.
SOURCES (60)
“Outside of expenses I have approx anywhere from 2-3k a month in disposable income. Should I just pay it off asap or carry the balance on a 0% card? While rebuilding emergency fund in HYSA and earning 3-4% APR?”
“Wow, that sucks. I'm glad you're getting treatment and were proactive in stopping yourself from doing it again. The 15 month 0 APR will help you pay off the debt. I'd recommend paying it off by month 14 just to be sure it's paid off in time. That's what I did when I had debt in my early 20s.”
“I send my mom some of it, stupid stuff subscription + parking (my dumbass forgot to sign up for a permit) it’s been going lower but that’s how much for summer and last year spending. Ive been putting my self in goals and budgeting”
“Higher cost for sure! 800 credit score currently - not sure if paying of my student loans will lower it for a bit”
“We’ve talked on the phone and texted but I close off a lot when something’s on my mind. I’d do more damage if I just popped off even if I don’t mean it. She knows my finances to a T. She knows I help my parents. Maybe accounts for 10% of my take home that’s all. I save about 40% as it is and that’s with me paying for most stuff by choice. She’s not worried about money or my ability to provide. I guess my issue that’s bugging me is if she does want to cut them off because of me. They all have a v”
“What expenses do you have other than the 2K in debt? You live with your parents, but are you responsible for any expenses like utilities, rent or food? What does paying the court back look like? Installments? Any interest? Deadline for repayment? First, pay your court fines. Next, if your goal is to be independent, start saving so you can afford to move out. Also, look for a second job or a higher paying job. Is the military still an option?”
“Hi, I'm a 21 year old student who works part time and started flipping electronics as a side hustle very recently. I started going out quite frequently and kind of got into debt like overdraft and credit card debt otherwise I had a very good credit score. All well maintained. but recently I was asked about the money I got from selling a laptop. The deal seemed okay so i went for it got the money and monzo started asking questions about how i got the money and eventually i provided all the sc”
“hi, this is my first post so please be kind. i’m posting bc i’ve kind of hit a breaking point. i’m a 27F & a nurse. i recently moved to florida and the job i had when i moved here paid so little. my rent was about half of my monthly income. (rent/utilities ~2200/month & monthly income ~4200). i stopped doing anything that was in excess, i stopped getting coffees, i stopped eating out etc. after other expenses and groceries i was always in the negatives. i racked up about 7k in credit car”
“Almost 5k to pay it off, I got really screwed with my loan honestly I was freshly 20 and my grandmother insisted on coming along with me, the dealer smelled blood in the water”
“Your boyfriend should still be working in some capacity. Side hustle, gig work, food service delivery, online surveys, manual labor temp jobs, anything that brings in some money while he looks for a better job. If he lives with you, he should be contributing financially, even if it’s a small amount. It’s about making an effort and sharing some of the responsibility. Unless he has a medical condition, he should be doing two things like you (side work + looking for a better job). You are not respo”
“Do you have to financially support your boyfriend? Is he on unemployment? Make a strict budget (including budgeting for hobbies, trips, etc.) and stick to it.”
“I don't even know where to start this. I work 2 steady jobs I bring in approximately 75k a year in the St Louis area. My mortgage is $1000 my car payment $350 and various other bills but I can barely get by. My boyfriend is unemployed, he has been going to multiple interviews every week but no one hires him. I have never struggled this much and I have no idea what to do. I don't know if I'm asking for advice or just ranting because I'm so stressed out and I just want to cry every”
“I currently owe around €3,000. About three years ago, I was homeless for a couple of months, and somehow I still haven’t fully recovered financially from that period. I work hard, but I feel like I simply don’t make enough to get ahead. Even when I’ve tried looking for another job, I haven’t been able to make enough extra money to significantly reduce my debt. At this point, I feel like I’m stuck in a hole that I just can’t seem to climb out of. Looking for another job unfortunately isn’t really”
“There is a reason why they offer really high loan amounts with low credit. Please, I’m begging you, do not do it. Two years ago I made the biggest mistake of my life, at the time thinking, “not a big deal. I got this” I’ve been in hell ever since. submitted by /u/himynameislexi94 [link] [comments]”
“Hello, I am in my mid twenties and just learned that my parents took out around 40,000$ worth of debt on various credit cards in my name (6 different cards total). I have absolutely no idea what to do or how to go about resolving this debt. Any and all suggestions are welcome, however, I will absolutely not be taking action against my parents. submitted by /u/UnreliableNenrator [link] [comments]”
“Financially, I am drowning. I am so stressed about it and I don’t know what to do. I have an appointment with the NFCC in like two weeks but I’m not sure I can stay afloat that long honestly. I’m going to try to make this as coherent as possible, but please bear with me. Who I am: I am a 21M senior in college who will graduate next spring. I am a full time student and have a part-time job, as well as a campus work study position. What I owe: a current total of $43,838. Here’s a breakdown -Credit”
“I had some freelance work when I was unemployed and I still racked up a ton of cc debt and went through my savings. It was brutal. It'll take me forever to dig myself out of this hole.”
“I’m 26 and work full-time remotely. Over the past few years, I’ve accumulated a lot of debt, some medical expenses, but mostly unnecessary spending. I made the terrible mistake of taking out three separate debt consolidation loans, and unfortunately, each time I ran the credit cards back up. I also heavily used Buy Now, Pay Later services like Affirm and Klarna, which have now caught up with me and cost around $300–$400 per month. I’m trying to get serious about fixing this, but I feel overwhelm”
“I just moved back home after a breakup and I wasn’t working while I was with him so I had NO money coming home and also NO car. I worked at a golf course a little less than an hour away and I really wanted to keep my job so I took out an auto loan and got a car and now I can’t afford it because I had to leave the job because I then couldn’t afford gas to get there. I don’t know what to do now, I missed both my car insurance and my my car loan last month and I know I’m going to again this month.”
“Hi Reddit, including a TW because some of the details of my situation may be triggering around financial manipulation/relationships. I (24F) am looking for some assurance, feedback and encouragement regarding my personal finances and situation. 9 monts ago I got out of a financially entangled relationship that turned very sour and unsafe quickly. Luckily nearly all of my money was protected and we were able to seperate everything very fairly, just over lots of drawn out processes. Anyways, these”
“Girl I’m with you, 12k in debt for credit cards and medical debt. Car dying on me and can barely afford the insurance ect. Fuck everything lol”
“I am a 20 yo Female and I feel like I’m just so done with bills. I have them piling over my head. I live alone, I’m a full time student and employed full time. I am struggling so much to the point I feel guilty with buying groceries. I don’t know how to get out of this hole I feel like I’m working to die. I’ve tried door dashing but I never make enough and it just takes all my gas. I’ve gotten so down bad I’ve thought of other ways to make money :(. Any advice? Am I alone in feeling this way? I”
“Last Year I was doing great, 700 credit score, diversified investment portfolio, 2 jobs, in school. Now my credit score is 500 something, im in 20k credit card debt, I can’t afford to continue school, I only have one job paying me minimum wage. What can I do to make money quickly?! I’m looking into selling products online but its all so overwhelming ;( submitted by /u/Agreeable_Status4535 [link] [comments]”
“I’m in a lot of debt from grad school and I only make 53k a year before taxes. I’ve been looking for a better job for over a year now and submitted dozens of job applications and I’ve only had one interview. I came very close to getting the job but they chose someone else at the last minute. I’ve been at my current job for 3 years. I have an MPA degree or master of public administration and 3 years working in state government. I’ve applied for some governmental relations jobs in the private sect”
“I’m in a lot of debt from grad school and I only make 53k a year before taxes and I’m barely making ends meet. So staying in my current job really isn’t a long term solution. I’ve been looking for a better job for over a year now and submitted dozens of job applications and I’ve only had one interview. I came very close to getting the job but they chose someone else in the final rounds. I’ve been at my current job for 3 years. I have an MPA degree or master of public administration and 3 years w”
“I’m 20 years old and currently have around 140,000 CZK (€5,500) in debt. I made some bad choices with money and now I’m paying for them. I’m working almost every day at the moment and trying to pay everything down as fast as I can. I’ve stopped taking new loans and I’m trying to be much more careful with what I spend. My goal is to be completely debt-free by next summer. I know it’s going to take time, but I’d rather slowly fix this than keep making the same mistakes. I’m going to start tracking”
“I’m 24 and making roughly 2100 every two weeks. Just got rid of my biggest debt being my car. $679 a month just lopped off. All gone. Got roughly 9000 in credit card debt spread across multiple cards. I made bad financial decisions when I was younger. I have no savings. I also pay no rent. My bills include my internet payment of $90 a month, $110-150 a month for my wife and I’s phone plan, car insurance of $110 a month, my gas card which tends to be around $150 a month, and my toll pass which te”
“Ok then I think you should talk to your family about this, they will be upset but they might be able to help. How old are you OP”
“I’m in debt. I have $5k in credit card debt, 60k in student loans, $10k on a car loan. (I’m a commuter for work & my last paid off car was lost to catastrophic engine failure a month ago.) I graduated college a year and a half ago. I live at home, but my mother is low key going off the deep end and intends to sell the house. I honestly may be homeless, or at minimum living in my car, in the near future. I made financial mistakes, big ones, I didn’t know what I was doing. I was raised in pove”
“Hi everyone, I’ve made some pretty bad financial decisions over the past few years and I’m at the point where I really want to take responsibility and get this under control. I’d appreciate any advice or strategies you have. Here’s my current situation: Citi Simplicity: $12,400 balance at 26% APR Capital One Student Journey: $7,600 balance at 26% APR Total credit card debt: $20,000 Monthly take-home income: ~$4,000 Rent: $700/month Car payment: $450/month Student loans: $600/month Credit cards:”
“I’m chronically ill and an unemployed medical student (I’m in my clinical rotations now) and I’m DROWNING in loans and medical debt. It’s suffocating. Money makes me anxious and my ocd is haywire. Been going to my college’s food bank too so that kind of helps? But each dr’s appointment I go to is worth over $150 after copay which is $100 a time and it’s destroying me. I’m blessed my housing is covered by family but I’m using my own personal savings for everything. submitted by /u/NoK”
“I’m 31 live alone make 90k a year. 14 months ago I had 85k in my savings and 0 debt with 755 credit score….. I ran everything to 0 and then found the cash advance apps and eventually maxed out everything totaling 35k I have nothing… It was so bad on paydays I would legit spend every single $1 and would go without eating for 3-4 days.. losing all my muscle from 215 pounds to 175pounds I’ve been gambling free for officially 30 days and I start my other night shift job Monday. And hopefully I can b”
“I just wanted to share for others who may be in a similar position to me, that at 29 I finally sat down, went through six months worth of bank statements, made notes, and have a budget to move forwards with. I've always been a big saver so I've disregarded a lot of budgeting advice thinking well I save most of my income after bills so what's the problem.. but now I have a better understanding of where my money goes and I'm honestly looking forward to my paycheck next week and div”
“F22 here, I’m over 30k in debt around 20k of that is unsecured and the 10k in uni that I haven’t paid yet. Someone of that 20k is my father that made me take it abs hasn’t paid. Please know I’m guessing numbers right now cause I’m to scared to check. My credit score is 403. I have 20k that I can do anything with currently, should I A start a business in Africa my sister lives there and it could bring extra monthly income, B pay off my debt and have a cleaner slate. Or please tell me what you thi”
“So I am really really bad when it comes to finances. I took my loan 2021 and then took subsequent loans later and then repaid them and the reasons were personal only. Then my friend asked me to keep 5L when I carelessly spent all around on people near me. Actually I am a people pleaser and I get a dopamine rush when I see my people happy. Earlier I thought that I would get a loan but now I have made multiple enquiries and no bank is ready to give a loan. Now I have to give me money to my friend”
“She claimed me as a dependent on taxes this year so i don’t get a tax refund anyway. Weird bc i don’t live with her and she doesn’t pay for any of my expenses. Also, idk if my post was clear; i thought it was when writing it and tbh im so drained by and sad about this all that i don’t have energy to read it again. I apologize. But these are federal student loans. 2 are subsidized, 1 is not. Edfinancial services is just the loan servicer for FSA. They’re not private. My mom did not pocket the loa”
“title says it all. 2 weeks until my mcat and between moving costs, the cost of UWhirl, mcat registration costs, upfront fees for my new apartment, I feel like I am drowning in unpaid debts at this point 😭😭😭😭 skipping meals to try to avoid spending any more money but my stomach literally feels like it’s digesting itself atp 💀 in between jobs at the moment and didn’t think things would pile up so fast… I really don’t think it should be this way, yet here we are. submitted by /u/oa”
“I’m 33 working retail for 20/hr, no 401k, 20,000 in debt and only a couple thousand in savings total. Now I know it is my fault for being in this situation and I completely own it, but it still stings badly. I can’t sleep at night because I’m so worried about my future and comparing myself to people around me. I can realistically only save a couple hundred bucks per paycheck which is awful. I drive a 24 year old Honda beater that’s going to give out any day now then I’m down to taking the bus ev”
“I’m a CNA in KY and I’m planning to start nursing school in January. I desperately need to make at least $6000 to pay down some debt before I start the program since I won’t be working while in the program. My monthly bills hover around $1300 and I make on the low end $2400 a month. There are one or two bills I can negotiate to a lower payment but the rest are non negotiable. On a weekly bases I have 2-3 week days off since I work 12s. How can I make extra money to pay down this debt so I can be”
“The more information I learn, the more severe the issue appears, and the closer it appears to “something has gotta give”…. But it never does. Is this normal in American economy or is this a unique time? How can I utilize that information for something besides feeling doom n’ gloom? submitted by /u/SunshineTradingPost [link] [comments]”
“That's about it haha, wish I could splurge a little more. I miss hot meals that don't come out of the freezer or a microwave safe cup. But so far have paid off 1500 in cc debt by putting literally every thing I can to it. In two weeks hopefully another 500. And hopefully in a year I can buy that steak! submitted by /u/AlternativeRip1314 [link] [comments]”
“First of all, I know it’s a lot. I’m very ashamed and I didn’t realize how bad it had gotten. I really need help.. I honestly don’t even know what to say, so I guess I’ll just breakdown the debt. Please reply with any suggestions or advice that could help me with my situation.. Student Loans - $59,430.95 Car Loan - $28,167.45 Capital One CC - $4,168.71 Amazon Store Card - $474.25 That should mainly be it. Im actively trying to find a job. For about a decade, I worked at a company and towards the”
“I’m trying to get better with money and I’m curious how people here actually managed to start saving. I currently have around €2,000 in credit card debt that I’m working on paying off. Between normal expenses and paying the card, it feels difficult to put anything meaningful into savings. For those who were in a similar situation, did you focus completely on clearing your debt first, or did you save a small amount at the same time? What changes made the biggest difference for you? Even small thi”
“I can save 1000 € a month, which isnt really bad at all. I think preparing my drive way so I just have to "lay" my rocks costs me 8500 €. Then save for 9 months and just do it? My credit is 1200 € a month at an interest rate of 1.9% I cant even pay the 5% of the credit I am allowed to pay once a year At that interest rate you'd have to be crazy to pay off anything extra. You can make more on a savings account.”
“For years I've had spending problems, probably because of mental health issues, to the point where I am in debt. Not huge debt, but that kind where the bank won't let you out of it unless you can pay everything at once. I got help and around november my new financial life will start. I hope it goes well submitted by /u/Rainsterr [link] [comments]”
“I would seriously consider transferring credits to another cheaper school. But that may depend on how many semesters are remaining and if credits are transferable. That’s a lot on top of just living expenses. Maybe you can just sell the car and replace with a scooter or e-bike. Don’t get a high interest loan.”
“One option would be to enroll in a different school with student loans. This doesn't solve your past due amount but keeps you moving forward in school. But I would suggest meeting with the financial aid department and lay it all out and see if any options are available. Another option is to meet with a military recruiter. They have programs for paying past student loans and debts along with financing future tuition for officer candidates.”
“Exactly. You aren't better than anyone else for getting an education but you do have debt others don't that minimum wage isn't covering.”
I am posting here because r/CreditCardIndia / they aren't helping me / not going to help me, I’m 17, I owe around 80,000 on a credit card, and I genuinely don’t know…
“Nope. I wouldn't touch a credit card if you're struggling with debts. You'll just get yourself deeper in the hole. Save the credit cards for building credit and always pay off the balance in full each month.”
“Stop gambling, then stop paying the gambling debt. Pay family, pay taxes pay school. Nothing for gambling debt.”
“First, please don’t just call me names and tell me how stupid I am. Trust me I already know that. I need genuine advice. So back in January I made $20k from sports betting and I started first semester of college. I was given $7k from my grandma to pay for part of college as a loan, not a gift, and the school didn’t have my exact bill and financial aid done so I didn’t want to pay and then end up paying too much so I waited. I ended up kept gambling and lost it all and the $7k and would DoorDash”
“I wish i could explain this easier, i live with my bf now, i pitch in to pay rent & bills too. Plus we live like outside the “city limit” because its cheaper. Its only this summer that I am able to work full time and by Sept coming around, im in uni almost everyday, the only time I could work is weekends & 1 weekday. To top it off I wish I could work more but in my little town/city not all establishments are open til 12pm sadly. And we dont have transit that works 24hrs. Im literally in”
“I am in debt due to student loans, never paid payments & credit cards i am 27 & my TransUnion is 602 (fair) which isn’t completely bad how should I break down my many payments I owe and start going in the direction of not owing any money ? I want to buy a house and get approved for credit cards like AMEX give me advice , what do I pay off first ? credit cards, things like klarna or student loans ? submitted by /u/DelphiniumWater [link] [comments]”
“- a while back I made some dumb choices and took on responsibility for a property I can’t actually afford. I’ve accrued a bunch of debt while trying to keep affording it. - with some changes in my career, one way or another I expect to lose this housing by April next year. - I’ve been looking into shitty apartments I could possibly rent/exploring options…. but the other day, a friend of mine offered that I could park a tiny house or a trailer of some sort on his property about 10 minutes from wh”
“I lost my job in July and thought I'd start my new one last Monday (estimated start date from hiring manager) but their HR department in the parent company that owns it took two weeks to send me the onboarding link and has not responded yet. I've been DoorDashing but once school started, my income has dropped by half and I was only making enough to refill on gas and eat. My car insurance/registration, and phone bill are all now past due so I can't even Dash, and my bank took $170 for”
“I really don’t know what to do. I’m in nearly $20k of debt and bills pile up to the point I usually have $50 a month if I’m super lucky and some months I don’t even have that. I work full time and take as many hours as humanly possible and I just can’t keep up I have dreams I want to achieve one day but they all involve keeping a somewhat ok credit score and financial history I’m struggling with the thoughts of just ending everything or just letting it get as bad as possible. I’m emotionally dra”
“Hey guys I (23f) have migrated to Canada about 3/half yrs ago. Back then in my home country I didn’t have a full-time job, nor have I thought about financial freedom or independence. The moment i moved here, having money, income, and savings is crucial. Which I had to understand on my own. When I first moved here, I was working a full time healthcare job under the government in an isolated town. It paid really good, I learned that I gotta build credit and somehow get my credit score high to be a”