Young Adults Crushed by Credit-Card Debt

i will look into that for sure

“That used to be a good motivator, and there are no shortage of things I would like to eventually buy (new bike, fun car, etc) I just cannot get my ass in gear with working toward them. Definitely making it more of a pain in the ass to impulse buy things is a solid start though”

Congrats!

“Hi, I’m 26 yrs old. When I was younger (I’d say so now too) I was incredibly irresponsible with credits cards, I have some accounts in collections, some closed, and student loan debt that brought my credit score from 504 to 421. I got a forbearance for my student loans so that it will bring my account out of delinquent to current. Does anyone know if that will bring my score back up? I’m just wondering how do I rebuild my credit with a strategic plan to raise my score by then? I will have no mea”

“Hi everyone, this is quite an embarrassing post to make for me but i dont know where else to turn. When i was 18 i was struggling for money and opened an overdraft. And month by month i kept increasing it. Now im at a point where i get an okay income but majority or my money goes straight to paying my overdraft off and by 2 weeks into the month i have nothing. Its starting to affect me a lot as even paying fuel to get to work is becoming a struggle. Any advice would be very much appreciated guys”

“Hi guys! I posted last month about being in debt and I truly grinded all of June to pay off my debt as much as I could and now I only have a $200 balance left and my credit score is at 733:) extremely happy and just wanted to say thank you to all for the kind words. I’ll be way smarter with my money after this! submitted by /u/Rich-Sorry [link] [comments]”

“This is almost always how people end up deep in debt. He plans to pay the card but jays minimums and uses it for every crisis and next thing you know he’s got $10/$15\$20k in CC debt”

“You started with realizing the problem. It’s unfortunately yourself. If you’re willing to change your spending mindset then the next step would be finding a job. Finding that stable income. Your debt and any progress can’t happen until then. Whatever job you may take may suck but it’ll beat being broke and in debt. Idk the job situation in your area or in China, but you can only progress with stable income. Once that happens save up before you start on debt. Save up 3-6 months however much you c”

“Try to borrow a little less each payday, until you are back to not borrowing at all.”

“I used to always think I don’t understand how people get into the cycle of borrowing from their next paycheck, well I did it one time and it set me back and now I’m stuck in the cycle of borrowing from every single paycheck and it makes me feel horrible submitted by /u/Haunting_Purpose7423 [link] [comments]”

“I’m a solo parent of 1.5yr old and in so much debt right now, my debt has debt. My son’s childcare is low, $250 a wk, but it’s still hard for me. And my credit card declined. Embarrassing. I decided on a smbc journey when becoming a parent. Before my son was born, I was working a full time remote job in advertising. It paid really well and allowed me to plan and save well. Then I got laid off in summer 2024, early in the pregnancy. I got a severance, and (whew!) soon after found a freelance job”

“So I’m a new grad PA (graduated in May) and I’m currently interviewing for jobs , but my bank account is TANKING! I just checked my nelnet account and I have a total of $122,000 I owe. I don’t know where to start or what programs to apply for for loan forgiveness. I need guidance on my initial steps😭 please help! submitted by /u/Careful-Question-150 [link] [comments]”

“Hi, Please be gentle, I'm already really stressed about how far behind I am and I'm finally taking moves to pull myself out of this financial rut. I'm new to this sub and new some guidance. I have had trouble finding steady employment for the last few years and feel overwhelmed with everything. Navigating poverty, moving back home to my abusive family home, trying to keep my mental health afloat with the constant rejections from job applications. I have about $6k in credit card debt,”

“That is because half the people in the personalfinance sub are over burdened with car debt. It is absolutely the most common form of terrible financial choices for A LOT of families. I like my 'old' car. I drive it because I like it more than just about any regular commuter car I could buy new. I like it because it is easy to see out of. I like it because it doesn't hide simple controls behind menus on screens. I like it because it is stick shift. My wife has a new-ish car and I don&”

“After a breakup three months ago I am now living alone and paying all my own bills. I have roughly six thousand in credit card debits and had to take out a six thousand dollar personal loan to fix major issues on my car two months ago. My car is now in the shop again and the mechanic says it seems my engine might be failing. I am genuinely at a loss for what to do and need some advice I live paycheck to paycheck with little to no extra money a month. I do have some money in my 401k but everythin”

“I have lived years keeping my money life in check. Paying off cards monthly while still using them, making sure I dont over spend or go into debt. But today, I was hit with a 2500 car repair bill in which I had no choice but to put on a credit card with a 30 percent APR. My credit score is 719 and now I believe its all gonna be messed up. I had no other option and I am panicking on what to do. Please help! submitted by /u/KrazyCrayon [link] [comments]”

“I’m 20F and I’m in my second year of college and I lost so much money. I took over 60 college credits in high school for financial reasons, so wouldn’t have to spend as much. Technically a senior now in college. my high school is a poor Midwest town so they didn’t have much options of classes, No AP, so everyone took duel credit which I thought would help me but actually didn’t. I knew I would have to pay for college so worked since 14. Freshman and sophomore year of HS I didn’t do as much as I”

“Hello everyone I am trying to get any possible resources or information I can. About 6 months ago I had a surgery related to my chronic illness that has really set me back financially and I have gone from being able to work to only receiving disability. I unfortunately do not have family here that I can resort to for any financial help. I have looked into personal loans from banks to help get some cushioning since I am being spread very thin with what I get in SSDI and the price of everything is”

“I've been trying to get my finances in order, and I have several things I'm working through, including bills, an old bank issue, student related expenses, medical bills (That I don't want to worry about right now) and a health insurance situation where I was recently told my old policy couldn't be reinstated and that I'd need to get a new policy through the Marketplace. Ever since that phone call, I've been spiraling. I keep thinking that I've made such bad financial”

“I never thought I'd end up in this situation. I've got a lot of debts to pay back over the last couple of months and every single day I feel like I have a ton of weight on my chest. I'm afraid I'll make my family mad if I tell them. I wake up in the morning and afraid. It's worse at night, the things I have in my head at night wouldn't let me sleep. I couldn't focus on my studies due to this. I sit to learn, but then I think of the debt in a matter of minutes. I am cu”

“I wish I could wake up tomorrow with $100,000 in my account. I know for some people that isn’t life changing money, but for me, it would completely change the trajectory of my life. I could pay off an enormous amount of debt, get caught up on my bills, and finally have a fresh start. The constant financial stress would ease up, and I’d finally have the chance to focus on building my future instead of spending every day trying to catch up. I’m a full time college student, but lately I feel like I”

“The other day at work we were talking about one of my coworkers who splurges on comic cons and complains that he can't afford anything. Reflecting on that now I wonder whether I have been horrible with my money too. (22m) I am currently in college (4 semesters away from graduating) and am financially supported by my parents til then, even when theyre retired, which has been incredibly beneficial, so I dont have to worry about basic food and shelter necessities. This summer gas prices have be”

“Long story short, I'm looking for new apartments. I don't have the best credit score because I got in a car accident and by the time the insurance paid me the total loss it messed up my whole credit, plus some student loans, etc. so that made my application look not too good but, I was talking to two potential property managers about these concerns one was like “Ya but you’re nice and you’re a nurse so I can work something out with them”. Then the place that I wanted and got even though”

“Hi everyone, I'm going through a really rough time. I've been struggling with depression, and I've completely maxed out my credit card. I'm wondering if opening an account with a different bank would help me get a fresh start, or if it's just a bad idea. Has anyone been in a similar situation? Did switching banks help, or did it just delay the problem? I'd really appreciate any advice or personal experiences. Thanks. submitted by /u/LetterheadOld237 [link] &#3”

“Yea im just referring to a “mixed credit” situation i got handled in a day with some calls thankfully my dad didn’t realize his credit randomly went to a 700 for that short time but yea op situation definitely will take more time”

“Alright I appreciate it how long did it take to get your credit back to a decent place? And did you haft to switch banks when you did it because I have a small 2400 dollar loan through them I took out about 8 months ago to start rebuilding my credit which obviously was a bad idea in hindsight. My credit is already at a 498 so can’t go much further down from here lol”

“I agree 100%, but I would be prepared for it not to be easy. I would be prepared for the banks to think the OP signed up for the loans, even if they didn't. The banks have no incentive to wipe away the OP's responsibility to pay the cards, leaving them with just a signer who has a bad credit history. I would hope for the best, but expect it to be a major hassle.”

“The drowning feeling passes. track what you spent and build an emergency fund”

“I'm broken, disappointed, and drowning in debt. I honestly don't know what to do. I've been unemployed for almost 4 months. Right now, I have around ₹2 lakh in credit card debt, ₹50,000 borrowed from other lenders, and a ₹3.5 lakh education loan. On top of that, I got scammed by an employer who called me to another city, made me work, and then never paid my salary. I'm desperately looking for a Product Manager role because that's where I see my future. I also have good web de”

“I'm broken, disappointed, and drowning in debt. I honestly don't know what to do. I've been unemployed for almost 4 months. Right now, I have around ₹2 lakh in credit card debt, ₹50,000 borrowed from other lenders, and a ₹3.5 lakh education loan. On top of that, I got scammed by an employer who called me to another city, made me work, and then never paid my salary. I'm desperately looking for a Product Manager role because that's where I see my future. I also have good web de”

“Hello all, I’ve never posted on here but always have been a voyeur as it shows me things could be worse and to keep my head up. I’m currently 26 years old and make about 4k a month, I live with my parents and have to pay only 250 in rent. Other than maybe another 250 in groceries and my 50 dollar phone bill I have no outstanding debt or credit cards. I tarnished my credit score between the ages of 18-24 and spend the last two years dragging myself out of debt. I even sold my truck for a few thou”

“Been there with the overspending thing, it's like a quick hit of something when everything else feels gray. What finally clicked for me was throwing that energy into something that hurt, like really intense exercise where you're too focused on the burn to think about the existential dread. Sounds dumb but starting a stupid hard workout class or just running till you wanna puke gave my brain a different kind of empty to chew on. That hollow feeling is brutal and I'm sorry you're i”

“I don't usually post things like this, but I'm carrying a lot of weight right now and just needed a safe place to get it out. ​I've hit a really difficult financial rough patch lately. It feels like no matter how hard I try to plan, unexpected things happen, and keeping up with everything is exhausting. It's starting to take a toll on my peace of mind. ​I'm not looking for financial assistance or anything like that—just wanted to share this with people who might understand ho”

“Possibly the $751 is them charging groceries and gas and other things. I agree, one streaming service at a time, watch what you want, then switch. You need to cut the grocery budget. I know food is expensive now, but you can cut somethings. Your high interest debt has to go. You’re making less than half of what you were. You have to cut back hard to make that happen.”

“So here I am, just a year-past-post-grad lass, looking to move on from my student credit card to something a little more adult. My financial literacy is shaky at best but could be much worse and I am tired and confused and want help Current cards: (list cards, limits, opening date) Discover it (Student Card), $3,000 limit, February 2023 FICO Score: 746 Oldest account age: 5 years, 10 months Chase 5/24 status: 0/24 Income: approx. $30,000?? Varies due to being a server, having another part-time j”

Thank you. I did post an update

I just posted an update. Sorry, I left a lot of information out

“Would you consider using a budgeting app like Every Dollar? Even people without BPD can have difficulty managing cash flow and debt payment. When you are in a better place, please consider lowering your credit card limit. You could switch to cash or debit most of the time, while using the credit card only occasionally (e.g. for a rental car). Some credit card companies let you set up a budget from your online account. There are low-cost tools one can use to regain control over one's financia”

“UPDATE: I realized I left out some important context in my original post. Before I lost my job, I was working as a Program Manager, which is why I was making around $10,000 a month after taxes. I’m now working as a Case Coordinator for a nonprofit and bring home a little under $5,000 a month after taxes. I actually chose the nonprofit because it offered up to $15,000 a year in tuition reimbursement, and I was recently awarded a $40,000 Medi-Cal Behavioral Health Scholarship (MBH-SP). I’m current”

“UPDATE: I realized I left out some important context in my original post. Before I lost my job, I was working as a Program Manager , which is why I was making around $10,000 a month after taxes . I’m now working as a Case Coordinator for a nonprofit and bring home a little under $5,000 a month after taxes . I actually chose the nonprofit because it offered up to $15,000 a year in tuition reimbursement , and I was recently awarded a $40,000 Medi-Cal Behavioral Health Scholarship (MBH-SP) . I’m cu”

“It has damaged my relationship with money so much and friendship, but at least I was able to get half of the 12,000 (usd) of debt approved for 21 months of 0% APR I'm tackling the 17% interest card of origin now I just can't stop ruminating. I could have never been in this situation if I had the proper healthcare for bipolar, or any genuine friends or any family. I could have invested this all, saved it in a high yield savings or even basic savings, or just spent it on traveling and grea”

“Hi all, I was in 10,800 of debt in March of this year, at the moment it is a little over halfway entirely paid off. I couldn’t be prouder, after two years of fighting off homelessness and dealing with a high interest cc at 25% after a job loss that resulted in paying my rent with my credit card for multiple months as I tried to stay afloat, I landed a position in an organization that treats me well and have hunkered down to really get my life back in order. My credit card was cancelled due to th”

“Because I am in financial trouble”

“I am very scared. I just don't know what to do. My 3 card payments will default as I do not have even minimum pay. I do not have amount for rent also. No one to share it with. I should not weep. How should I compose myself? I am 35 year old, from India submitted by /u/nucleus2024 [link] [comments]”

“Bad health problems had me unemployed for a while and I got in a ton of debt. Doing better and working more than full time for a couple of years now and not even making a dent in it. Feeling like it will never end and can’t do more than I’m already doing. It sucks. submitted by /u/TemporalSaiph [link] [comments]”

“Like the title says, I’m F33, moved to the US about 5 years ago, divorced, I used to be able to save $2k per month when we were still together since I didn’t have to pay for housing and insurance. I wait on tables and make $5,000-$8,000 per month, work 50-65 hours per week. Now I have to pay rent alone for $1,500 and I’m keeping all three dogs, no kids thankfully but I just feel broke all the time and I feel like there’s something else I can do. It feels like I’m living paycheck to paycheck and”

“Going through these posts gives me some semblance of hope as it reminds me that i’m not the only person going through financial troubles. Woke up this morning with a negative balance and for some reason it didnt hit me hard like it did the first time a couple years ago - I got my self out of one hole, I could definitely get my self out another one! Across 4 maxed credit cards (1 being paid off by getting my wage garnished after being sued by LVNV) and making real stupid decisions (trading in 3 f”

“Unfortunately you are in the supremely difficult decision of: 1) Doing nothing and allowing your parents to get away with stealing $35,000 from you and destroying your future credit prospects that you need to be more independent as a young adult, or 2) Reporting the fraud and cleaning up your credit, which will likely shift financial or criminal liability to your parents. You're a victim. Your parents (almost certainly your parents) stole from you. And only you can decide if you are ok with”

“Student loans will not dissapear even if you file for bankruptcy. You need to work your ass off and pay them down as if your life depends on it. You need to sacrifice the next several years of your life addressing this imminent crisis. Learn to cook, eat a lot of rice beans chicken and lentils.”

Step 2. Take a break from buying useless junk with that lot of money

“Temporary poverty is still poverty. Congratulations on getting rid of your debt. If there‘s one lesson to take away for you, it’s to stay away from debt. It’s an anchor around your neck that suffocates you. Reward yourself by taking half of your newly freed income and dumping it in savings. The other half increases your QoL. Good luck.”

“I just wanted more info about it all I guess. I have no financial literacy and it weighs on me time to time that I have all these medical bills that I literally just have thrown out since I was 18.”

“I am at wits end. I am so far over my head financially... but it isn't even because of my spending habits. I have a car finaced through westlake financial (I wasn't aware of what I was entering into). The payment is too high, but I was was making it until my rent was raised $325 this month. I cannot afford to move. I am barely making it and living paycheck to paycheck. I don't make a lot of money, but I'm making enough that I don't qualify for any type of assistance. I have b”

“Hi, everyone! I make 13.50/hr and I work 40 hours a week I have no license I’m in a lot of debt and I’m 23 My credit cards were recently closed I feel like I’m losing control. I was literally admitted multiple times for suicidal ideations/attempts. I love working, it’s just I don’t get paid enough. I’ll do anything, please tell me what I can do to make a little extra money. submitted by /u/mentiferous [link] [comments]”

“It is a doom loop. I’m going to start naltrexone for alcohol cravings and addictive spending”

“Could barely pick a flair. I have credit card debt around $15k. I'm already paying a $3k one through collections. I think I'm going to have to replace my car's transmission. (I bought it used, paid it off, then it started making noises, it was recalled to be replaced before I got it and the seller never told me.) I went from doing freelance + a main job. Got laid off from the main job in April, had two clients, but one went AWOL (still had 4 more months) and the other one had to cut”

“I think there’s a much more important step you need to take: fix your habits. Nothing you do will matter if you don’t fix that first. You’re gonna have to settle in for the long ride though, at this point your credit is gonna hurt for a few years. DO NOT TAKE ANOTHER LOAN. Work on your budgeting/spending, mental health, and create some personal goals for you to work on. Just like investing: the best time to start was yesterday, the next best time to start is now. I wish you the best.”

“I’m a 21-year-old working an office job and I’m looking for some advice on my financial situation. Over the past couple of years, I’ve developed a gambling problem which has seriously affected my finances and decision-making. Earlier this year, I took out a £5,000 loan mainly to cover holiday costs, but I lost a large portion of it through gambling within a few days and had to cancel the holidays, and I never told anyone I took out the loan. The loan repayments are £483 per month. I made the fir”

“I know it's a vent post I dont really mind advice. I'm just kinda feeling so lost at this point. Last December I decided to get on track financially. I set short term and long term financial goals. Took out my first credit cards to build credit. Set up my 401k and set up a Roth. Stared building an emergency fund/savings. I managed each paycheck meticulously. Things were falling into place. I worked so hard to build a budget and organize my finances. My savings was meager but on a great t”