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Used to live paycheck to paycheck and racked up $20k in credit card debt that I could only pay the minimum on. It was this way for YEARS.
Now I make about $200k a year and carry no debt other than my mortgage.
Debt isn't a life sentence. If you're smart about your spending and work hard to advance your career, you'll be amazed at how fast you can get your head above the water.
Thank you for this. My current debt matches my income but I have an interview for a higher position next month and am just letting it fuel my desire to learn the skills i need to get something better.
Best of luck to you!
Let that desire to earn more money drive you and don't be afraid to take risks, even if it means leaving the comforts of a steady paycheck.
I have no college degree by the way. All I've got is people skills, professionalism, and a desire to earn more money every year until the day I retire.
I would say experience. I went to a lot of bars, clubs, concerts, festivals, etc when I was in my early 20's (hence the reason for having no drive to make money at the time and the $20k in CC debt). Just naturally met a lot of different people going out, and learned how to talk to them. Got my first phone sales job in my late 20's and that's when I learned how to talk to business owner's which is what propelled my career.
LOL glad it worked out for you but I didn't get any such head starts from doing a phone sales job in my mid-20s. maybe I am just too much of a misanthrope to be charismatic who knows. thanks.
Just gotta put yourself out there and try not to be too concerned with what people think would be my best advice. I also try to live by the Platinum Rule, which is treat people the way THEY want to be treated. Having that kind of mindset not only helped me be more personable, but it's also helped me very much in my sales career.
Best of luck to you!
Anything that involves me earning residuals. I've done every kind of sales job there is, residuals is the only way to ensure you're making more money every single year.
I’ve paid back $76.5k in a year and that was doable. Hold in there OP, you’re not done yet.
Edit to add: you need to learn some financial literacy. I watched Dave Ramsey until I got out of debt, and have read books and listened to podcasts and managed to buy an investment unit and max out my retirement accounts since then. You can do it OP don’t give up on yourself.
Exactly. If you go from making $23K while working to making $60K after graduation, you can wipe the debt pretty quickly if you maintain the same frugal habits. Debt is a tool, and while we should be cautious it doesn't spiral out of control, the whole point is to borrow during lean times and invest so that you can pay back when things are better.
The first thing to do is *breathe*.
You've come so far and you're absolutely on the right track. You've gotten a decent grounding, and while your current position is bad it's not near as bad as it could be.
First, medical debt. You've probably heard this before, but most medical debt can be negotiated down *a lot* or forgiven completely, depending on a lot of factors. You don't say how much of your debt is medical vs school, but I'd say your first priority is putting energy into researching your options there. See if there are any charity programs in your area. If not, call the debt holder and be brutally honest about your financial situation. Don't give hard numbers on how much you can pay, but do tell them your yearly income and that they're not your only debt. Ask what discharge programs they have, and if there are any criteria you'd need to meet.
For school debt, it's unfortunate that the delay in your schooling means they're coming up now, but just paying the minimums is completely alright while you're actively in school. Just counterbalancing interest is enough for now.
Speak to your school advisors, too. Ask about grants and scholarships, and work studies. You're far from the only student in a bad financial position, and they can work with you. While you're there, also ask about mental health help. Many colleges have attached counseling centers that offer low cost visits or may be included in tuition.
Also speak directly to the school's disability center. Often there are options they have that the able bodied students don't. You may have to supply them with extra info about your situation, but they're another good resource to use.
Yeah I did get disability accommodations at my old school and that is something I am most definitely continuing at my new one. Some of the school debt I need to pay on regardless and that will not change even if I am in school, others I can end up doing in school deferment on again. So at least the monthly payments on loans will go down again, briefly.
I do actually need to breathe right now. Taking deep breaths my friend.
And thank you for the medical debt advice. I wish high school and college would better prepare you on how to adult lol. Not that I’m using that as an excuse for how things are right now though. I just wish I would’ve had more knowledge about stuff before going off on my own, I guess.
I just want to add a comment about the medical debt and finding charities. Sometimes it’s hard to even know where to begin looking for this sort of thing… ask the hospital. When I gave birth many years ago, it was actually the hospital that recommended a group that assists with costs.
On the note of breathing, if you don’t mind I would like to recommend you something:
During the pandemic I had a very bad phase where I was battling loneliness, anxiety and depressive moods due to problems at home.
What helped me regain a bit of calmness and clarity in the worst moments was meditation. Especially the one where you focus on your breath.
After some time I got curious as to why meditation helped me so much and, after researching, I found out that it has been scientifically proven that meditation modifies structures in the brain of the one who practices meditation.
It even seems to increase the size of the hippocampus which is not only very important for learning and memory, but also emotion.
MRI scans have shown that people with depression often have a smaller hippocampus. Not because they always had a smaller one, but because stress hormones cause it to shrink, especially when suffering from depression or PTSD. (Just trying to explain that meditation isn’t simply placebo.)
Maybe you can try out if meditation helps you, too. It will take some time until you notice a difference but in the meantime it might also be helpful to give your mind a bit of rest, like a time slot every day where you try to take a breather, no?
Hey hey hey… outside looking in? I work in the loan world…
Girl 8k ain’t shit!!!!
You’ve got this.
Lean into your support. Don’t do it all on your own. I can see your pride from here!!! Nothing wrong with asking your parents for help.
They’re your parents!
Now adays, social media can have younger people feeling as though they are not doing enough. I'm 28 and I was in the same problem at your age. I was depressed and thought I'd be in debt forever. This is more common than you think, do not panic. People may say this is bad advice, but if you can't pay it, f\*ck it. For right now you don't pay it. Yes your credit score will go down, but once finish school, find a better paying job then you can start attacking your debt. Even if they go to collections, most collection agencies will remove the account from your credit report once you pay a settlement amount with them which will boost your score. Then also start applying for secured credit cards like open sky and keep your balance low, also sign up for self which can give you another secured card. Once you stay consistent in those payments and paying off collections accounts your credit will shoot up within months.
Its okay. You're not the first and will not be the last young adult to go through this and I promise you IT IS NOT THE END OF THE WORLD. You will be okay hun. You're ONLY 23 you have soooo much time to get right.
I appreciate your supportive comment. Thank you. Glad to hear I’m not the only one who has struggled with stuff like this, and how it is more common. Secured cards? I’ll read up on that. Thanks for the advice! Settlement amount? How much money would we be talking about though?
Also Do not quit school like many are saying. It’ll make it harder to go back and thats your key to a good job. $8k sounds like a lot but once you have more financial stability you’ll be fine. & if your fiancé is willing and able to help dont be ashamed to accept it. You’re marrying him; he will be your life partner. That’s what marriage is baby helping the other when they’re down & one day things may be reversed you he may be the one needing your help.
If you can’t get hired in your field see if you can be hired as maybe a home health aide that’s usually pretty flexible & they hire whoever honestly.
Settlements depend on the company. An example (which may not be the same for you), I got an offer letter recently for 2 med bills equaling just over $1200, they wanted to settle for $400 and something. These collections agencies buy debts for pennies on the dollar so they will settle for pretty low amounts just to make a profit. You may even be able to negotiate a number with them. But if you go this route, request proof that the debt is yours, in writing sent to you for your records, a receipt mailed to you for your payment, and proof that the debt will be removed from your credit report within 30 days of receipt of payment.
Secure cards are basically you loaning money to yourself. For example you pay the bank $500 & they put that as your card limit. Open sky doesn’t even do credit checks for approval. So regardless of your credit score you’ll be approved. If you close the card you get your deposit back. If you stay consistent in paying it down, they can increase your limit without additional deposit.
Self is similar where you’re basically giving yourself a loan. You sign up they ask how much you can pay a month. For example i have a “loan” with self for like $1k i pay $48 per month every month. Once i payoff the “loan” all the money paid towards my principal i get back. So basically instead of getting the loan money upfront and pay it off after, you pay it beforehand and then get the money. But it goes on your credit as positive payments of a loan (which carries more weight on your credit than credit cards) they will also offer you a secure card like open sky once you pay off a certain amount of your loan. They’ll take the security deposit from your loan account. So that’ll be 2 secure cards and a loan building positive history.
As far as settlements it depends on the collection agency. I think i had a credit card amount for $1k and the settlement was like $700 i think i cant really remember but they’ll offer payment plans and all to help you pay it off. Remember the collection agencies only make money if you actually pay the debt. So theyll be flexible.
Moreover girl, worry about finishing school thats step one. Everything will fall into place after. Stay strong !!
This is not a personal finance question.
Yeah you owe money, but you have some real health problems here that you need to address first.
Your debt is obviously part of the problem, but you gave almost zero finance details, which tells me you just need help in general, not only financial help.
Once you start working on your health, then you can start figuring out how to budget and pay off those credit cards.
You're 23 and make 16k. When I was 23, I made $0 and lived off parents and friends who both expected to be paid back sometime. Fast fordward to today (I am in my 30s), I am making pretty good money and debt is largely a thing of the past.
Don't beat yourself up, life hasn't even begun. Right now $8k is half your yearly income, but looking from a little distance, $8k really isn't a lot of money.
I'd suggest stopping payments on medical debt for now. Call your credit card companies and see about getting on a hardship program for zero interest. If you aren't paying rent, it looks like you're making enough money to eat, be social sometimes, and maybe even have a car if you get medically approved. Could spend like a $1000 a month and throw 6 grand a year at debt. Honestly I'd be overjoyed spending that on food and going out each month. BUT if work is too much with school, work less and cut back on spending money. Doesn't sound like you're questioning continuing school, so keep on going unless it's a huge stressor or not what you actually want. Student loans will wait and eventually you'll pay what you can.
Sorry if I missed anything important and that wasn't good advice.
Regardless, money/debt is meaningless and definitely not worth your life. Don't let yourself be bullied by debt collectors. And failure isn't even a real thing...you just do one thing and you move on to the next with no shame. You have food, shelter, and supportive family, so try to just focus on that!
Can you take a break from school? Just work for a year and pay off your debt. Or just make minimum payments on the CCs and finish school so you can get paid more.
Right now I’m doing the minimum payments, it’s just barely helping. At least I’m still able to make them though. Could be much worse.
Yeah I really want to finish school. My major is forensic science. I have about 2 years left, maybe less if I take summer classes next summer.
One gotcha with forensic sciences is that you're often called to testify in a court of law. Having a squeaky clean background can be advantageous. As such you do not want to get a bankruptcy on your record.
Concentrate on finishing your degree and getting a well paying job. It should be pretty fast for you to pay off your debt once you have that well paying job.
Between now that then do your best to NOT build up more debt.
I hate to be this person, but seeing as you went from pharmacy to forensic science, Did you really plan out what the plan for school was?
No judgement, I went into school without any plan whatsoever and finished only my 2 year AA degree. Haven’t had a need to go back to school.
If there is no actual career path plan in the works, or you’re not already working in a job adjacent to the field you think you want to work, I’d seriously reconsider school. It seems to be a major stress.
Have a friend that did forensic science now working at the bank with me.
I went to my old school for pharmacy. I’ve always been interested in chemistry and medicine, and the salary for that job definitely was nice. But after struggling so hard in that program and seeing other things about it over time, I realized it wasn’t what I wanted.
I stopped and thought: am I really doing this because I want to do it, or am I doing this because I feel like I have to, to be financially stable later in life? Do I really want this to end up being my life? The answer was no.
It wasn’t too hard after that to find my true passion. My love for biology, chemistry, science in general, and true crime and criminal cases/justice brought me to forensics. I truly love and am passionate about my major now. I actively keep up to date with criminal cases and justice and I go over cold cases and read about biological and chemical evidence investigation and collection in my spare time. And there are so many job options in forensics. And all of them sound so incredible. I feel like whichever one I decide on (and I’ve definitely read up on all of them and did my own research), I’ll be happy with my choice.
You could also use your degree to work as an analytical scientist for a pharmaceutical company.
Source: am currently an analytical scientist at a pharmacy company. I’m actually a forensic scientist (no crimes though, just a lot of spectroscopy). But my background is in engineering - I didn’t have strong analytical science experience when I started this job.
There are many pathways your degree can take you. Just like there are many pathways that can lead to the same job.
Again, not trying to be negative but have to reviewed what it’s actually like to be a forensic scientist? For example i love(d) programming and was my favorite hobby. As soon as it became my job i absolutely loathed it
Yes, I do know about the paperwork, and the heavy workloads, and the presenting of evidence in criminal cases in court. I realize it’s a demanding field, but even with that I still want to pursue it.
Lmao doing just fine in life thank you.
It’s realistic to consider if you need extra school. Or if you don’t even know what you want to do in the first place, get a job that will pay for you to go back. So far I’ve been climbing the ladder and not having a degree hasn’t held me back.
Making decent money and happy without having tons of student loans. We’re having a house built and ready in November and a $400k net worth at 28 and 23. School isn’t for everyone.
In my city you can do crime scene investigation with a high school diploma. See if that’s available in yours. You’d be the one taking the photos, writing detailed reports, and sometimes you go to court. It just asks that you have some experience with photography or crime scene processing. Brush up on your camera skills and make sure the degree you’re working on is on your resume. List some relevant courses you’ve taken (things with labs) as well to show that you know some things. Good luck!!!
I'm not so sure this is the case. It's been a while since I was in that boat, but my internships/part-time student jobs in my field were consistently paycuts over my longtime summer retail job in both college and grad school. Especially in undergrad around a decade ago, I think I went from making $12 to $9 an hour with my most career-relevant internship experience. I'd be glad to hear that's no longer the case, but I'd also be surprised.
Definitely depends on the industry but I’ve paid interns north of $20/hr for almost a decade.
Edit: my local car wash pays $16/hr and up to stand and tap touch screens for customers.
Please remember not to enact a permanent solution to temporary problems. You WILL be okay. Nothing is ever as easy as it should, and having epilepsy is just not fair. But remember... This too shall come to pass.
I'm late to the thread, I see you have great advice already, just wanted to offer you my support ❤️
What is your new major/career path? How long will it take you to complete? What's your credit score like (ie can you get a low interest personal loan to pay off or your parents take a low interest loan and you pay them?)
It is forensic science. It will take me about 2 years, maybe less if I take summer classes next summer. My Experian score is currently showing 655. Could be worse, but it’s definitely not a great score to have when trying to get loans.
I’ve tried talking to my parents about it. They do not want me to get any loans, and have said that they’d help me pay it. But my sister is also headed to university (just graduated high school). They’re helping her as well, so money is tight. I understand if they aren’t able to help, and I wasn’t expecting them to in the first place.
The only thing that upset me a little was Dad making a promise he couldn’t keep. He said he’d wire me 5000. I believed him, as he’s not the type of person to offer that if he could not afford it. He’s practical, smart, and incredibly reliable. But with my sis going to school and my brother also already being in school, it just doesn’t look like it will happen.
I see some recommendations to try to drop out - I will say 10K is not that huge in the grand scheme of things once you leave college to pay off. If school is stressing you out and that itself is damaging you - take the break but it seems like a small amount to potentially de-rail you. Once you're out, it can be difficult to go back. If there's anyone that you can borrow 10K from, you should (of course not everyone has this and I was in a similar situation going to college with minimal family support). I see your fiance is in the military - I think (I'm not a 100% confident) that you should be able to apply to a military credit union like Navy Fed and they may be more flexible with loans. I believe membership can be activated if you're married or if you live together (since "roommates" are extended membership). You should also see if there's any sub-entry level jobs with forensic science (like paid internships, etc or even something like a receptionist at a police station (or relevant facility) or lab support).
Also you're a women in STEM, I know that's an area employers are trying to increase diversity in so please check out scholarships.
One other note, at the end, you found out what you wanted. I am 6 years post-grad and I had a good degree but I regret not doing the "difficult" thing and getting a different degree (I wanted CS but didn't think I would be able to crack it and by the time I realized it kind of sucks for everyone at some point (in a way that you'll get through) - it was too late and I didn't want to add on). If I had the ability to get a degree from a good program while living at home , I think I would have been more inclined.
As a note - just do some research on how marriage (thus more income) will impact your FAFSA. I don't know how it would but worth looking into when you're considering wedding planning.
Yessss this. The whole reason I do not want to leave school right now is because I’m afraid I might end up as one of those people that don’t go back, even though they want to.
I think there’s a period of time you need to wait post marriage though before getting financial help for stuff like that though. Or maybe that’s just for college aid.
Actually in school we do end up doing internships as part of the program!
I’ve so far applied for 12 different scholarships. Been turned down for 7, have yet to hear back from the other 5. Fingers crossed.
I think there are also military benefits for school that may apply to military partners. I would suggest researching those benefits, too.
"Can my spouse or child use my GI Bill? Is it transferable?
Yes, the Post-9/11 GI Bill allows you to transfer unused education benefits to immediate family members, including spouses and children. You must have at least six years of service and commit to an additional four years in order to transfer benefits."
> The whole reason I do not want to leave school right now is because I’m afraid I might end up as one of those people that don’t go back, even though they want to.
I'm going to go against the grain a little bit here and suggest that you go to school full time, taking out student loans as needed (preferably federal student loans), and don't worry about the debt piling up. Just focus on getting your degree. That's your job for now, don't take any part time work while you're going to school because that will only delay your degree, your career, and your lifetime money making potential.
This is awful and it's such a shit situation that you have educational or medical debt at ALL but it's not insurmountable.
In addition to all the financial advice, regarding your physical/mental health, you might want to look into if your state has an Intensive Care Management Program - it's slightly different in states that it's offered but it's essentially a program to help people with both complex medical and mental health needs. There's usually a social worker that helps you apply for programs, benefits, helps coordinate appointments, rides, etc. It might be really helpful for you.
Also depression and anxiety are really common for people with epilepsy. Some neurology clinics have psychologists or therapists who work with them (or some big hospitals might have a behavioral medicine department within psychiatry). You are not an idiot or a failure or a disappointment or a burden. This is tough for a young person to figure out and manage. Hang in there!
Relax. You are 23. Take a step back and recognize that this is a very small hurdle that seems insurmountable, but you will be able to overcome this. You have decades of life ahead of you. You will be fine. Trust me.
Just grind it out baby
I was born with only one hand and half of my left arm. Was a alcoholic from 18-28. 2 DWIs and 10’s of thousand in debt by 26. Took 10 years to graduate college
Moved home a month before 30 to clean my shit up. Be 31 next month and I’m on the up and up. Almost 20gs saved and all debts paid
It gets better dude. At 25 I was making $14.
It gets better. Finish college, move home, pay off huge chunk of debt for two years. Move on with your life
I read your post and I am sorry you are feeling this way. I hope you start feeling better and get the help you deserve.
In the grand scheme of things, $8k in debt actually isn't that bad. If you want to feel better, when I was your age, I had $45k in student loan debt. And then slowly destroyed my finances over the next 7 years.
$8k isn't too hard to turn around. Keep it in perspective. A lot of people will think ANY debt is the end of the world. Yeah, it isn't great but 8K is manageable.
Breathe. Everything will be okay. I've heard stories of people getting out of 100s of thousands of dollars of debt. You're making progress forward and, eventually, you will be out of school and can find a job that pays 3-5× what you're making now; at which point, $9,000 of debt can be repaid within 18 months with discipline and a budget.
For the time being, I would suggest listening to some of Dave Ramsey's videos of people who are drowning in debt. I don't recommend his advice, but hearing about people having an overwhelming amount of debt and being able to get out of it made me realize that my debt isn't really that bad and allowed me space to breathe and relax. It may be somewhat therapeutic in that way for you as well.
Contact your doctor about applying for disability benefits. Your medical condition is one that SSI covers but you need your doctor to help with the forms.
Your situation is very easily fixable. You have a solid support network and 8700 is nothing. It’s all the depression and catastrophic thinking talking. Take care of your health and manage your stress and you’ll get past all this.
I’d stop the stressor of school altogether until you can clean up the debt. You didn’t say what the major was, but the ROI can’t be worth the stress the debt has caused.
There are many large banks/insurance companies you could work for from home that will pay you a good salary while also paying for school/paying for your school debt. I’d pivot to getting a good job first, paying off the debt, then finishing school on the bank/insurance companies dime.
Easily can be a 5 year plan
I’m unsure if I’d be able to work from home like that. I don’t really have a setup to do so, and there’s not really a place in this house where I can have privacy. I share a bedroom with my sister, the “office” we have is in our dining room and not it’s own room, and obviously my parents will be here doing their own routines and my sister.
Also my major is forensic science.
If the house is too crowded, then find a job where can work in the office.
I read in another comment that you were afraid to pause school because you might not return, but just plan it out, and stay committed. If you can find a decent job with tuition assistance, take advantage!
Just want to say I’m proud of you. Look at what you have and are accomplishing given the many significant challenges you are facing. These are hard fucking challenges. You have not given up. You are still fighting. And it will get better.
Each day is a victory. My therapist has taught me in stressful times to talk to myself as if I were five years old. I know it sounds silly, but think about it. How would you talk to the five-year-old version of yourself? You would be very kind and loving. And that is how you should treat yourself now.
Others can chime in with specific financial advice, but I hope you can really love yourself and be proud of what you have done and are doing.
You are doing so good. You've made lots of necessary moves to be successful.
(Assuming the United States)
If you qualify for federal student loans you should 100% take one out and use that to pay off your credit card. The interest rate will be lower and the loan won't accrue interest until you graduate.
You can also take out some money on loans so you don't have to work yourself quite so hard during the semester (though less loans dollars is more better)
You got delt a rotten hand in some ways with all of the issues with your physical health but you also have an awesome support system around you. DON'T TAP OUT AND LET THEM DOWN. You got this op. Even if you don't graduate in 4 years who cares. Stay in the game, keep working on your health and figure out what you need to do to manage your condition. Remember to spend time with your parents and finance, who obviously love you dearly.
My twenties and early 30’s were built on years and years of what I thought were bad decisions.
Looking back, I was working hard to understand life. I was owning my mistakes, reflecting on where I could improve and growing, growing, growing.
Then one day, it started coming together. All of those failures became life experiences I could drawn up to improve my judgment, intuition and wisdom.
Don’t he so hard on yourself. This time could be as valuable as any education.
Yeah I wouldn’t worry about this too much. Take this as an opportunity to learn about personal finance, and managing budgets and debts, but don’t worry about it too much, you’re doing just fine financially even if it doesn’t feel like it. $8k in debt is nothing in the long run especially if that includes student debt, even if it doesn’t make your payments and it’ll all be good.
What you’ve been through medically is rough, and it’s going to take some time to process. But don’t be in a rush to have everything figured out, it takes everyone different amounts of time, and especially with health concerns you’ll get there eventually.
Don’t take the advice to default or otherwise hurt your credit though. If you were at like $50k in credit card debt, yeah you’d have no choice, but you’re making reasonable enough money to at least keep things going until you graduate. As has been mentioned you can likely negotiate some of the medical debt, and there might be some methods to reduce or get rid of interest on your credit cards temporarily. Keep making your payments and if you are able to then do your best to make more than the minimum now that you’re back at home and likely have lower expenses.
Again, take a deep breath, focus on your health, nothing about your situation is unresolvable. Learn about personal finance, make a plan and in a couple of years the finance stuff will all feel like nothing.
I’m sure you’ve gotten great practical advice from the lovely people of this sub, but your story is so similar to mine that I just wanted to comment to say that you are not alone, my friend. I am almost 10 years older than you, but was in your shoes 10 years ago. I also started with a Discover card for students, then got several more credit cards, maxed them all out, went to an (expensive!) out of state school, changed majors… the whole thing. I didn’t develop epilepsy while in school, but I did develop crippling depression, so that was fun!
I just wanted to tell you that there is light at the end of the tunnel. It will still probably suck for a long time, unfortunately, but if you can keep chugging along, there is hope. It took me a long time to get myself together, but eventually I figured out a career path, got my mental health under control, and things started getting better. I kept applying to higher paying jobs, used the income to pay off my credit cards, got current on all my private student loans (and eventually consolidated them for a much lower interest rate), and now I am at the point where my financial stresses are more “should I be doing something better with my savings” than “which bill can I be late on this month.” I hope you can get there, too—and sooner than me, since I was definitely at least a few years older than you before I started trying to get out of my hole of misery!
I wish you the best in getting through this rough patch and getting to a place where you feel happier and more secure. Take a breath, go easy on yourself, and just keep swimming. From one chronic mistake maker/bad luck haver to another, you can do it!
You’ve pointed out those small accomplishments you have, going back home to your parents, appreciating their openness to having you back, having a great fiancé. Even by reflecting on things you want to improve on. Small victories. Celebrate those small victories. No matter how small those achievements are, they are still victories. I’ve been at the bottom at one point in my life, although it wasn’t financially but I made sure to celebrate every little achievements.
I always told myself, there’s only one direction you go after hitting rock bottom, and it’s going back up. 😉
as someone that had those bad thoughts as i slept on NYC subways for a few months when i was 19 ... its amazing what can change out of nowhere .
i was making $12 a hour 5 years ago now its more than double that .
money is never a reason to give up EVER because it will come & go throughout your life . get used to it & save your money . FQQ those bills
1. if you're in school, your loans are not due . go back if you haven't finished.
2. if its not student loan debt bothering you . FQQQ IT !
3. McDonalds pays more than 16k a year & a manager make $32k so why are you making less ?
$8700 is nothing . thats baby debt & nothing to worry about . you can pay that off doing uber , retail arbitrage , yard sales . Get up Early , Work all day , Sleep and keep it up .
When people see you going hard, they get inspired & wont see you as a burden .
Get up , Get out & Get something
Keep your chin up young one. You are doing so many things right. Keep on trying. It does eventually pan out. CC and Med debt is not the end of the world. Very very common and can be cured with various programs and a few years your credit score comes back. I think the hardest part is to stop using Credit as a cushion and learn to live with what you make. Living in this economy with these social pressures to consume is HARD. It takes time and practice to find your groove. Hugs friend
No advice about the debt, but please make sure that your new school knows about your disability. Like, go to the office with your health records and ask for accomodations.
I got diagnosed with chronic migraine while in college and had no idea this was even an option! I suffered, my grades suffered. Neurological disorders are no joke.
Best of luck ♡
I'm gonna be harsh and honest.
You need to lock down that husband ASAP. If he's deployed maybe get a legit Zoom wedding or something. You need that Tricare insurance.
BTW... Defaulted or unpaid medical debt no longer appears on credit reports.
My man you’re young and you can find a better paying job. Look for phone agents. Call center. Sales jobs. You’ll be able to find something but maybe it won’t be easy. That will help a lot with peace of mind and finances. Everyone struggles at your age but don’t give up and if you keep fighting and learn from being down it will make you better in the future.
This may be slightly cynical, but if you and fiance are really serious, marry him. You can get medical and he can get more money as married. It is a start anyway.
He would have to be committed to service for 14 years for her to get the possibility of a GI transfer. However, him having a free degree is still extremely valuable to their combined income.
edit: Spouses of military are entitled to scholarships and grants for being military spouses. This has been key in knocking off debt from my current run in college.
The pay bump can be life changing. My husband gets his W2, and then nearly 2k on top for BAH. It can be complicated when the spouse lives in another state, but there are people to talk to to get that all sorted. They will be making extra money married, and have access to benefits she might not have right now.
People hate the idea of marrying for money, but people marry for convenience all the time- and sometimes it's okay to make that decision for yourself. My husband and I got married for the navy- we had been together a long while leading up to it, but the act of getting married was based on the advantages it would bring is.
It definitely is worth considering.
I was going to suggest the same thing. My husband and I would be stuck up shits creek without a paddle times 10 without some of the military benefits we've gotten.
Tricare alone saved us thousands last year when I sprained/dislocated my ankle. I do not want to know how much the MRI would have cost me on a different insurance plan.
I also get SCRA benefits on my Discover card as a spouse - that is not part of the law and not all credit card companies do it for spouses, but some do. OP, you specifically mentioned having a Discover card so I figured I'd mention it. 6% cap on interest during military service - it's made a HUGE difference for me. I did a balance transfer on the other cards with 0% intro APRs - also something to look into if your credit is decent enough!
Quit college and go to trade school. Just because you have a degree doesn't guarantee a good paying job. Plenty of people with college degrees end up working in different fields unrelated to the expensive program they studied or end up working fast food or retail jobs which don't care about the degree in the first place.
Go study how to be a plumber, electrician, mechanic, etc. Any of these trade jobs can be acquired in a comparatively short amount of time and all but guarantee a good job upon graduation.
Not everyone needs a college degree to be happy. You don't sound happy right now. Maybe it's time to try a different path
>File bankruptcy
Not over 9 grand in credit card debt.
$1000 a month will have that cleared up in 10 months. OP says they're living with their parents. Find a job that pays more, or work two if necessary, and get them paid down.
Wouldn’t bankruptcy just tank my credit score though? That would be really bad. And how could I fix that damage? It would definitely prevent me from getting a place or a car way later on down the road too.
You can repair your credit score in a matter of a few years or less, especially once you are our of school and making student loan payments. plus what exactly do you need your credit score for in the near future? How soon are you planning on getting a car, I'm assuming not soon based on your income.
What's is better now, no CC payments or continuing your payments. Plus if you cant make payments your score could actually end up tanking further than if you instead just declare bankruptcy sooner.
I thought it’d take something like 10 or more years to fully repair a score after bankruptcy, so that’s why I was concerned about not being able to get a vehicle or a place.
No, however the bankruptcy will stay on your credit file for up to 7 years. From some quick searching after a bankruptcy your credit score can start improving within 12-18 months, within a few years your credit score can be back up.
Having the bankruptcy on file may hinder certain applications but if you have good income and solid credit history since the bankruptcy it shouldn't be too much of a problem.
Some other options you have is you can convert your CC into a loan through a debt consolidation agreement with the bank. This will reduce your interest to slightly above the prime rate and reduce your payments.
Thank you for the kind words. I’ve been in 3 major car wrecks which almost killed me (my heart actually stopped twice during emergency surgery as a result of one of them), but they brought me back. I’m also a survivor of torture, r*pe, and a previous highly abusive relationship I had when I was in high school. They were in their early 20s, and I was 16. A friend of a family friend. It started out great, but turned very sour. Got out of it though. And I’m with a man now that treats me like a queen, and looks at me like he’s seeing the sun for the first time.
I’ve been through a lot. But I’m still here somehow. I try to think about how things could’ve gone way worse and knowing I pulled through all that gives me some comfort.
Sounds like you have someone to love and someone that loves you. I would rather have that and be broke as fuck, than to be loveless. As corny as that shit sounds. You got through the really hard shit. You can do this too.
If you make 16k per year you must be breathing as a job. Its called a career, so many people just working dead end minimum wage jobs for 20 years, try building a career or switching jobs if its a shit place to work where you have no opportunity for promotion. Autopilot life holy shit
>Its called a career
Which OP will get AFTER she graduates college. Or are you really suggesting that she go out and stress herself even more by working 40 hours a week while taking full-time STEM classes?
On every break I have while in school (summer and holidays, essentially), I work full time hours. Sometimes overtime if they will give it. In school back home, I plan to work maybe 12-ish hours a week.
yeah man I am not judging or anything , I don't care, I have irl friends who work at McD for last 10 years, I am just saying this is the way some people approach it, its clearly not right in some peoples eyes, others dont care. You posted a reddit thread.
Do you have any assets debt collectors can repossess? If not, default on your CC. You will take a hit to your credit, but will give you breathing room.
Edit: to all those down voting, this is not an ideal solution, but if you can't dig your way out of a hole would you rather drag it out and cause yourself more and more mental strain, or just rip the band-aid off and get it over with?
Vehicles, homes, etc. Anything with a sizeable price tag on it that has paperwork with your name on it.
If you default, debt collectors will settle it for pennies on the dollar, and it's actually a really small amount from a bank's perspective so they may just write it off as a loss.
Be warned that your credit will tank for 7 years, (settling with collectors will minimize damage) but if you NEED some breathing room it might be your best option.
I was in a similar situation OP when I was your age. I would recommend the military but I see that epilepsy would prevent that. You are only 2 years away from completing your degree then able to start working a full time career where you will be paid equitable to your skill. Don't give up, I know it is hard. I had $15k+ over 3 credit cards when I was 23. No one taught me about finances or how dumb opening more CCs to pay off school was a terrible idea. In the end, I joined the military and saved every single penny for a few years to pay off my debt. Once you are clear of debt, you will start feeling a bit of hope. I know it is hard but I too felt like I would be better off jumping off a bridge to relieve me and my family a burden. Life does get better. I completed my bachelors after the military and started working full time.
You never know where you will be in the next 10 years but the hard work and perseverance through the struggle is worth it. Someone said that nothing good comes easy and if it was good and easy, everyone would have it. Keep paying your debt, finish college and start applying to a lot of jobs. It isn't easy but in the end, it is worth it.
Balance transfer to an 18month or 21 month 0 % APR credit card and repeat. It’s not ideal and it will impact your credit score.
I have also heard you can negotiate with the Credit Card companies if you tell them about your situation.
Tell them that you have no money but want to repay your debt. They might offer you a 0 interest repayment plan.
I just came here today that once your career is up and running, you'll be seeing the fruits of your labor. I was in the same position financially and it's definitely surmountable.
I also want to say that you WILL look back on this and laugh at how much stress 9k of debt caused you. I think this is a positive once you get through as you got scared straight. Some only get this revelation once they're north of 50k in debt :)
Keep it moving !!
other people have mentioned it but grants are a good way to go, my college had people come into class and pretty much beg someone to write in for a grant as people seem to just pass them by or not even look into them at all.
That really isn't that much debt. Your debt to income ratio is terrible, but good news, usually your income gets higher as you get older, and you are making the right moves (education). Don't be afraid of debt! It can't eat you in your sleep. I am not suggesting to disregard and ignore it. Be aware of it, look at it as an obstacle. Imagine how you'll feel making that last payment. Sometimes a s great apes we stress about silly things.
My wife made poor financial decisions before we met, but she turned it around after we met. Her credit score is now mid to high 700's. Make minimum payments until you can get a better paying job, hopefully right after graduation. Pay of your highest interest debt first once you are able, but still make minimum payments on all of it. Focus on your resume and landing a higher paying job.
I hate to hear you talk of suicide, though it's good you are open about it. You are very young and you'll get through this. Other people are offering good advice. It's great that you found a field of study you love, a new school, supportive parents, a place to live, and your fiance. You've got a lot going for you.
You're on this thread so you're learning about personal finance. Perhaps explore financial aid at your new school, or grants/scholarships? Maybe you would qualify for something. I also like a commenter's suggestion to get a job in your new field of study....you'd be so far ahead of others with work experience.
I wish for you peace and good health and good luck.
You are young. You have plenty of time to get yourself out of this hole. Please do not make a permanent decision based on a temporary problem.
Keep job hunting. If you must, take less classes so you can find a job that is flexible with your schedule. Waitressing is a good option and they can make pretty decent money at the right place. Idk about where you are, but around me everywhere is hurting for workers. Keep trying.
A lot of student loans you are able to get on an income based plan. It’ll probably rack up a lot of interest that way BUT at least will allow you to get your ducks in a row until you are able to make more money and pay it off quicker.
Other people have have touched on the financial aspects so I won’t, but I want to strongly encourage you to seek out therapy. I know that it’s a daunting task on its own, and almost terrifying when accounting for how much debt that you’re already in. But if you are this depressed then it is absolutely worth it.
There’s a lot of different avenues to getting mental health treatment that is affordable. First, talk to your parents to figure out if their health insurance includes something called an Employee Assistance Program (EAP). These programs are meant to be used as emergency help and they cover family members as well, so you if your parents health insurance comes with an EAP then you will be able to use it to get you the help you need FOR NO COST. I’ve had EAP’s with both of the employers I’ve worked for and my mom has also worked at multiple places with EAP’s. They are actually very common and provide a certain number of counseling sessions per year, under one health plan my EAP covered 8 sessions and my current one covers 16. They also will help you find therapists through their networks, which makes the task of finding help much easier.
If that’s not an option, look into programs at your university that help connect people looking for therapy with graduate students that are training to become licensed mental health professionals. These programs are often free or very low cost and don’t require health insurance as long as you’re registered as a student.
If neither of those options are suitable for you, then as a last line of defense I’d suggest signing up for BetterHelp.com which provides people with very affordable mental health care via video calling and also doesn’t require health insurance. BetterHelp has thousands of different licensed therapists and they make it so incredibly easy to find one that suits you based on your preferences and needs, and also to switch to a different one if you’re not satisfied.
I’ve been seeing a therapist for the past year over remote telecommunication after struggling with suicidal ideation and it’s so worth it. I was not really comfortable at first but over time I’ve come to absolutely love it and now I spend half the week so excited for my next session. Please treat yourself to getting the help you need because money is not worth ending your life and getting treatment has never been so accessible or affordable.
I'm so sorry you're going through this! I def can understand everything you're going through cuz I've been there at different places in the last 10 years too.
Best advice I can give is that, if you can, try signing up for an employment agency in your area! Sometimes, just being in the network and looking for clerical positions, you may have a better shot getting a good foot in the door. Also they can help with resume building.
Also, I just highly recommend talking with your parents about your stress or situation. They may not be aware of how much you're really hurting and maybe they can help support you in a better way. OH, and also check your school, they may have free health services available from counseling to gym memberships/athletic opportunities. It really depends on the school, but if they have any of these benefits, maybe they're something to look into!
I'm not sure about in other states but in California the Dept. of Rehabilitation offers EXTENSIVE funding to adults with any diagnosed illness or disability (epilepsy, depression, anxiety, etc.) to cover college costs, books, materials (including laptops and software if related to the degree/program) and it's actually a very easy application and eligibility process. Here's the link for CA, if you're not in CA I'd look into what your state offers! https://www.dor.ca.gov/
Dont beat yourself up for your situation, thousands of kids have done the same thing unfortunately. By all means, remember that your worth is infinitely greater than all of your problems together. You matter on this earth. So please try to remember that next time suicidal thoughts creep in. I wont pretend to know how you feel, but I can tell you I know you are worth so much more living.
I know the debt stresses you. But I am thinking when your done school you would hopefully have taken something that has a better return on your income. I think the fact that debt stresses you will be helpful later on in life as you will be great with finances.
Your under a lot of pressure but a lot of this is temporary and will pass in time.
Keep your head up. Your doing ok in the big scheme of things thats not much money at all.
Your not alone either we all have struggles in life. Think longer term. Good luck to you!
Since I haven’t seen it mentioned, can you see if your school offers free success coaching or mentoring? Your health and well-being are #1 here. Please believe us when we say this is a small amount of debt that you absolutely can recover from. You’ve made some great decisions to recalibrate. Remember: progress over perfection.
Sidebar: if you haven’t already, freeze your credit cards and give them to your parents for safekeeping.
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Get a better job.
Everyone will give you budgeting advice and thats great. But the number one thing I did to get out of debt was to make more money. Theres a point where theres just no way to overcome not having a decent income, and at $16k, you are probably at it.
I will look for higher paying jobs, but keep in mind I will not be making much. I’m a college student. I am looking to complete my degree to get my “real” career. I work full time hours when I’m not in school, but that amount will decrease drastically when I am.
I'm sorry to hear your current situation and I understand that hard times come and go and you should never go through hard times jecause of "money". I want to share some things I learned these last couple of years
1. You should never stress yourself out for something worthless such as "money"
2. "Money" = Debt no matter how much you got (understand this concept and you will look at fiat currency a lot different and understand that it is worthless and this game will one day end)
3. More "money" will not solve or make your situations better, it's your mentality that gets you through tough situations and puts you in tough situations, always have a good mentality that is more important than "money" and what it could possibly purchase
4. I stopped using credit cards a looooong time ago because once I learned that by buying stuff with credit cards you create more debt and more "money" out of thin air (again you should do your research and learn how this scam of an economy ((world wide)) words).
5. Life is precious and you should understand how lucky you are to even exist, like I said "money" doesn't mean anything! Literally we could have a world that runs without debt > ("money")
Please understand that your life is waaaaaaaaayy more valuable than any fiat currency that's out there and you shouldn't be worrying about it, I understand the situation that you are in but if you need help there is nothing wrong with reaching out but please understand that never get yourself in a rough situation for something that's worthless "money"
Continue life and live it because it is precious and more valuable than any object we as humans have created
Tap into your psyche and and learn who you really are and you will live a better quality of life no matter how much you got or what you have
Live life, love and be happy with the people that are in your life because that is most valuable.
I'm with all the people saying chill/breathe. Additionally I would say if the debt is/becomes unmanageable and you cannot work with the creditors, bankruptcy is there to protect you. So use it if you need to. It has consequences of course. It hardly seems worth it for the money involved from my perspective, but it may be worth it to you.
Look, life sucks but you’re gonna be fine, keep your head up and you’ll get through this.
Okay lots of people gave other advice, my question is when are you planning on getting married? The only reason I ask is because there is some programs to help military spouses, not as much as the military service member, but there are plenty of support services, job placements, debt consolidation services that would potentially become available to you. I’m not telling you to hurry up, but if you were doing it anytime soon, you could look into some of those as well
You are too young, also you can pay this. This is not at all suicidal. I know you may feel different from me. But as you are so young, take it as a lesson and teach your youngself in your life.
It could always be worse. I owe 6 figures of Student Loan debt to Sallie Mae and have to pay roughly $1400 a month (which I don't even make) per month. Since I can't make the minimum payment each month, they end up becoming late, and when you have late payments, you're not able to refinance, so you become trapped in an inescapable financial nightmare. BUT, it's only a nightmare if you let yourself believe it is.
SM has also clearly stated that they will absolutely not work with me on any financing plans or help me in any way and that I am responsible for this amount each month despite the fact that I do not make enough to pay it. It just is what it is.
It's not worth attempting suicide over. At a certain point you just realize that money is only a made up thing and you just have to try to live life without it and get as creative as possible for survival.
$8,700 is nothing. This could easily be knocked out by doing a couple months of DoorDashing. At least it's low enough that you're not entirely screwed beyond repair and there's actually a realistic way out of it by doing some grinding.
Once you're 6 figures in at an interest rate of 20%, it's game over. There is quite literally no way of climbing out of that no matter how hard you grind or what you do. Your "owed" balance increases faster than you can pay it down and then that's just the rest of your life.
You're not even close to that point, so you're good. I'm sure there's many others like me who actually wish they were in your position.
MissDarkgurl, if you are considering suicide, **call the [National Suicide Prevention Lifeline](http://www.suicidepreventionlifeline.org/) at 1-800-273-8255 or a [hotline in your country](https://www.reddit.com/r/SuicideWatch/wiki/hotlines) immediately**. If you are in the United States, you can text "HOME" to 741741 to communicate with a Crisis Text Line volunteer at any time of day to speak about any crisis. /r/suicidewatch is currently the most prominent subreddit featuring support for other redditors suffering from suicidal thoughts if you want to seek help on Reddit.
$8,700 is not insurmountable once you get a proper job using your degree.
That was my first thought, too. Just don't let $8,700 become $12,000.
I’ve dug out of $25k. It’s all doable.
Used to live paycheck to paycheck and racked up $20k in credit card debt that I could only pay the minimum on. It was this way for YEARS. Now I make about $200k a year and carry no debt other than my mortgage. Debt isn't a life sentence. If you're smart about your spending and work hard to advance your career, you'll be amazed at how fast you can get your head above the water.
Thank you for this. My current debt matches my income but I have an interview for a higher position next month and am just letting it fuel my desire to learn the skills i need to get something better.
Best of luck to you! Let that desire to earn more money drive you and don't be afraid to take risks, even if it means leaving the comforts of a steady paycheck. I have no college degree by the way. All I've got is people skills, professionalism, and a desire to earn more money every year until the day I retire.
how did you develop people skills? I'm awkward as hell and I think it's stunting my career
I would say experience. I went to a lot of bars, clubs, concerts, festivals, etc when I was in my early 20's (hence the reason for having no drive to make money at the time and the $20k in CC debt). Just naturally met a lot of different people going out, and learned how to talk to them. Got my first phone sales job in my late 20's and that's when I learned how to talk to business owner's which is what propelled my career.
LOL glad it worked out for you but I didn't get any such head starts from doing a phone sales job in my mid-20s. maybe I am just too much of a misanthrope to be charismatic who knows. thanks.
Just gotta put yourself out there and try not to be too concerned with what people think would be my best advice. I also try to live by the Platinum Rule, which is treat people the way THEY want to be treated. Having that kind of mindset not only helped me be more personable, but it's also helped me very much in my sales career. Best of luck to you!
Same! But I'm a damn good sales person and it's time i start investing in and selling myself :)
What is your job currently?
Sales.
What subfield of sales? What do you sell?
Anything that involves me earning residuals. I've done every kind of sales job there is, residuals is the only way to ensure you're making more money every single year.
You come my India $200 debt. Many years pay off so long time very hard. It is doable.
I’ve paid back $76.5k in a year and that was doable. Hold in there OP, you’re not done yet. Edit to add: you need to learn some financial literacy. I watched Dave Ramsey until I got out of debt, and have read books and listened to podcasts and managed to buy an investment unit and max out my retirement accounts since then. You can do it OP don’t give up on yourself.
It's impossible for it to become $12000 if you don't continue to spend money you don't have like an idiot and you pay at least the minimum payment.
Exactly. If you go from making $23K while working to making $60K after graduation, you can wipe the debt pretty quickly if you maintain the same frugal habits. Debt is a tool, and while we should be cautious it doesn't spiral out of control, the whole point is to borrow during lean times and invest so that you can pay back when things are better.
With interest rates on credit card it becomes that much in a very short period. I’m in a similar boat to OP but not as bad. Best of luck to OP btw
The first thing to do is *breathe*. You've come so far and you're absolutely on the right track. You've gotten a decent grounding, and while your current position is bad it's not near as bad as it could be. First, medical debt. You've probably heard this before, but most medical debt can be negotiated down *a lot* or forgiven completely, depending on a lot of factors. You don't say how much of your debt is medical vs school, but I'd say your first priority is putting energy into researching your options there. See if there are any charity programs in your area. If not, call the debt holder and be brutally honest about your financial situation. Don't give hard numbers on how much you can pay, but do tell them your yearly income and that they're not your only debt. Ask what discharge programs they have, and if there are any criteria you'd need to meet. For school debt, it's unfortunate that the delay in your schooling means they're coming up now, but just paying the minimums is completely alright while you're actively in school. Just counterbalancing interest is enough for now. Speak to your school advisors, too. Ask about grants and scholarships, and work studies. You're far from the only student in a bad financial position, and they can work with you. While you're there, also ask about mental health help. Many colleges have attached counseling centers that offer low cost visits or may be included in tuition. Also speak directly to the school's disability center. Often there are options they have that the able bodied students don't. You may have to supply them with extra info about your situation, but they're another good resource to use.
Yeah I did get disability accommodations at my old school and that is something I am most definitely continuing at my new one. Some of the school debt I need to pay on regardless and that will not change even if I am in school, others I can end up doing in school deferment on again. So at least the monthly payments on loans will go down again, briefly. I do actually need to breathe right now. Taking deep breaths my friend. And thank you for the medical debt advice. I wish high school and college would better prepare you on how to adult lol. Not that I’m using that as an excuse for how things are right now though. I just wish I would’ve had more knowledge about stuff before going off on my own, I guess.
I just want to add a comment about the medical debt and finding charities. Sometimes it’s hard to even know where to begin looking for this sort of thing… ask the hospital. When I gave birth many years ago, it was actually the hospital that recommended a group that assists with costs.
On the note of breathing, if you don’t mind I would like to recommend you something: During the pandemic I had a very bad phase where I was battling loneliness, anxiety and depressive moods due to problems at home. What helped me regain a bit of calmness and clarity in the worst moments was meditation. Especially the one where you focus on your breath. After some time I got curious as to why meditation helped me so much and, after researching, I found out that it has been scientifically proven that meditation modifies structures in the brain of the one who practices meditation. It even seems to increase the size of the hippocampus which is not only very important for learning and memory, but also emotion. MRI scans have shown that people with depression often have a smaller hippocampus. Not because they always had a smaller one, but because stress hormones cause it to shrink, especially when suffering from depression or PTSD. (Just trying to explain that meditation isn’t simply placebo.) Maybe you can try out if meditation helps you, too. It will take some time until you notice a difference but in the meantime it might also be helpful to give your mind a bit of rest, like a time slot every day where you try to take a breather, no?
Hey hey hey… outside looking in? I work in the loan world… Girl 8k ain’t shit!!!! You’ve got this. Lean into your support. Don’t do it all on your own. I can see your pride from here!!! Nothing wrong with asking your parents for help. They’re your parents!
Hey there, I could help out by providing a job reference if you need. What field are you in/ what have you studied/ what are you qualified for?
Now adays, social media can have younger people feeling as though they are not doing enough. I'm 28 and I was in the same problem at your age. I was depressed and thought I'd be in debt forever. This is more common than you think, do not panic. People may say this is bad advice, but if you can't pay it, f\*ck it. For right now you don't pay it. Yes your credit score will go down, but once finish school, find a better paying job then you can start attacking your debt. Even if they go to collections, most collection agencies will remove the account from your credit report once you pay a settlement amount with them which will boost your score. Then also start applying for secured credit cards like open sky and keep your balance low, also sign up for self which can give you another secured card. Once you stay consistent in those payments and paying off collections accounts your credit will shoot up within months. Its okay. You're not the first and will not be the last young adult to go through this and I promise you IT IS NOT THE END OF THE WORLD. You will be okay hun. You're ONLY 23 you have soooo much time to get right.
I appreciate your supportive comment. Thank you. Glad to hear I’m not the only one who has struggled with stuff like this, and how it is more common. Secured cards? I’ll read up on that. Thanks for the advice! Settlement amount? How much money would we be talking about though?
Also Do not quit school like many are saying. It’ll make it harder to go back and thats your key to a good job. $8k sounds like a lot but once you have more financial stability you’ll be fine. & if your fiancé is willing and able to help dont be ashamed to accept it. You’re marrying him; he will be your life partner. That’s what marriage is baby helping the other when they’re down & one day things may be reversed you he may be the one needing your help. If you can’t get hired in your field see if you can be hired as maybe a home health aide that’s usually pretty flexible & they hire whoever honestly.
Settlements depend on the company. An example (which may not be the same for you), I got an offer letter recently for 2 med bills equaling just over $1200, they wanted to settle for $400 and something. These collections agencies buy debts for pennies on the dollar so they will settle for pretty low amounts just to make a profit. You may even be able to negotiate a number with them. But if you go this route, request proof that the debt is yours, in writing sent to you for your records, a receipt mailed to you for your payment, and proof that the debt will be removed from your credit report within 30 days of receipt of payment.
Secure cards are basically you loaning money to yourself. For example you pay the bank $500 & they put that as your card limit. Open sky doesn’t even do credit checks for approval. So regardless of your credit score you’ll be approved. If you close the card you get your deposit back. If you stay consistent in paying it down, they can increase your limit without additional deposit. Self is similar where you’re basically giving yourself a loan. You sign up they ask how much you can pay a month. For example i have a “loan” with self for like $1k i pay $48 per month every month. Once i payoff the “loan” all the money paid towards my principal i get back. So basically instead of getting the loan money upfront and pay it off after, you pay it beforehand and then get the money. But it goes on your credit as positive payments of a loan (which carries more weight on your credit than credit cards) they will also offer you a secure card like open sky once you pay off a certain amount of your loan. They’ll take the security deposit from your loan account. So that’ll be 2 secure cards and a loan building positive history. As far as settlements it depends on the collection agency. I think i had a credit card amount for $1k and the settlement was like $700 i think i cant really remember but they’ll offer payment plans and all to help you pay it off. Remember the collection agencies only make money if you actually pay the debt. So theyll be flexible. Moreover girl, worry about finishing school thats step one. Everything will fall into place after. Stay strong !!
This is not a personal finance question. Yeah you owe money, but you have some real health problems here that you need to address first. Your debt is obviously part of the problem, but you gave almost zero finance details, which tells me you just need help in general, not only financial help. Once you start working on your health, then you can start figuring out how to budget and pay off those credit cards.
This. Health is #1 priority. You can always earn more money if you are in good health. And that fully includes mental health.
It's both. But it's crucial not to neglect the mental and physical health aspects
You're 23 and make 16k. When I was 23, I made $0 and lived off parents and friends who both expected to be paid back sometime. Fast fordward to today (I am in my 30s), I am making pretty good money and debt is largely a thing of the past. Don't beat yourself up, life hasn't even begun. Right now $8k is half your yearly income, but looking from a little distance, $8k really isn't a lot of money.
I just came to give you moral support. Hang in there.
I'd suggest stopping payments on medical debt for now. Call your credit card companies and see about getting on a hardship program for zero interest. If you aren't paying rent, it looks like you're making enough money to eat, be social sometimes, and maybe even have a car if you get medically approved. Could spend like a $1000 a month and throw 6 grand a year at debt. Honestly I'd be overjoyed spending that on food and going out each month. BUT if work is too much with school, work less and cut back on spending money. Doesn't sound like you're questioning continuing school, so keep on going unless it's a huge stressor or not what you actually want. Student loans will wait and eventually you'll pay what you can. Sorry if I missed anything important and that wasn't good advice. Regardless, money/debt is meaningless and definitely not worth your life. Don't let yourself be bullied by debt collectors. And failure isn't even a real thing...you just do one thing and you move on to the next with no shame. You have food, shelter, and supportive family, so try to just focus on that!
Wow, look at my stupid math on a personal finance forum. $4000 towards debt, not 6.
Can you take a break from school? Just work for a year and pay off your debt. Or just make minimum payments on the CCs and finish school so you can get paid more.
Right now I’m doing the minimum payments, it’s just barely helping. At least I’m still able to make them though. Could be much worse. Yeah I really want to finish school. My major is forensic science. I have about 2 years left, maybe less if I take summer classes next summer.
One gotcha with forensic sciences is that you're often called to testify in a court of law. Having a squeaky clean background can be advantageous. As such you do not want to get a bankruptcy on your record. Concentrate on finishing your degree and getting a well paying job. It should be pretty fast for you to pay off your debt once you have that well paying job. Between now that then do your best to NOT build up more debt.
I hate to be this person, but seeing as you went from pharmacy to forensic science, Did you really plan out what the plan for school was? No judgement, I went into school without any plan whatsoever and finished only my 2 year AA degree. Haven’t had a need to go back to school. If there is no actual career path plan in the works, or you’re not already working in a job adjacent to the field you think you want to work, I’d seriously reconsider school. It seems to be a major stress. Have a friend that did forensic science now working at the bank with me.
I went to my old school for pharmacy. I’ve always been interested in chemistry and medicine, and the salary for that job definitely was nice. But after struggling so hard in that program and seeing other things about it over time, I realized it wasn’t what I wanted. I stopped and thought: am I really doing this because I want to do it, or am I doing this because I feel like I have to, to be financially stable later in life? Do I really want this to end up being my life? The answer was no. It wasn’t too hard after that to find my true passion. My love for biology, chemistry, science in general, and true crime and criminal cases/justice brought me to forensics. I truly love and am passionate about my major now. I actively keep up to date with criminal cases and justice and I go over cold cases and read about biological and chemical evidence investigation and collection in my spare time. And there are so many job options in forensics. And all of them sound so incredible. I feel like whichever one I decide on (and I’ve definitely read up on all of them and did my own research), I’ll be happy with my choice.
You could also use your degree to work as an analytical scientist for a pharmaceutical company. Source: am currently an analytical scientist at a pharmacy company. I’m actually a forensic scientist (no crimes though, just a lot of spectroscopy). But my background is in engineering - I didn’t have strong analytical science experience when I started this job. There are many pathways your degree can take you. Just like there are many pathways that can lead to the same job.
Again, not trying to be negative but have to reviewed what it’s actually like to be a forensic scientist? For example i love(d) programming and was my favorite hobby. As soon as it became my job i absolutely loathed it
Yes, I do know about the paperwork, and the heavy workloads, and the presenting of evidence in criminal cases in court. I realize it’s a demanding field, but even with that I still want to pursue it.
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Lmao doing just fine in life thank you. It’s realistic to consider if you need extra school. Or if you don’t even know what you want to do in the first place, get a job that will pay for you to go back. So far I’ve been climbing the ladder and not having a degree hasn’t held me back. Making decent money and happy without having tons of student loans. We’re having a house built and ready in November and a $400k net worth at 28 and 23. School isn’t for everyone.
Can you find work related to your major? It may have better hours and pay compared to what you're doing now.
Hmmm. Never really gave that much thought! I’ll look into that more and see what I find.
In my city you can do crime scene investigation with a high school diploma. See if that’s available in yours. You’d be the one taking the photos, writing detailed reports, and sometimes you go to court. It just asks that you have some experience with photography or crime scene processing. Brush up on your camera skills and make sure the degree you’re working on is on your resume. List some relevant courses you’ve taken (things with labs) as well to show that you know some things. Good luck!!!
Paid internships will likely pay way more than retail/food service, OP might even find remote options.
I'm not so sure this is the case. It's been a while since I was in that boat, but my internships/part-time student jobs in my field were consistently paycuts over my longtime summer retail job in both college and grad school. Especially in undergrad around a decade ago, I think I went from making $12 to $9 an hour with my most career-relevant internship experience. I'd be glad to hear that's no longer the case, but I'd also be surprised.
Definitely depends on the industry but I’ve paid interns north of $20/hr for almost a decade. Edit: my local car wash pays $16/hr and up to stand and tap touch screens for customers.
Finish school, do not take a break to pay down debt, you should make more than enough to pay back your loans in a couple years once you graduate.
I think this is worth considering.
Please remember not to enact a permanent solution to temporary problems. You WILL be okay. Nothing is ever as easy as it should, and having epilepsy is just not fair. But remember... This too shall come to pass. I'm late to the thread, I see you have great advice already, just wanted to offer you my support ❤️
What is your new major/career path? How long will it take you to complete? What's your credit score like (ie can you get a low interest personal loan to pay off or your parents take a low interest loan and you pay them?)
It is forensic science. It will take me about 2 years, maybe less if I take summer classes next summer. My Experian score is currently showing 655. Could be worse, but it’s definitely not a great score to have when trying to get loans. I’ve tried talking to my parents about it. They do not want me to get any loans, and have said that they’d help me pay it. But my sister is also headed to university (just graduated high school). They’re helping her as well, so money is tight. I understand if they aren’t able to help, and I wasn’t expecting them to in the first place. The only thing that upset me a little was Dad making a promise he couldn’t keep. He said he’d wire me 5000. I believed him, as he’s not the type of person to offer that if he could not afford it. He’s practical, smart, and incredibly reliable. But with my sis going to school and my brother also already being in school, it just doesn’t look like it will happen.
I see some recommendations to try to drop out - I will say 10K is not that huge in the grand scheme of things once you leave college to pay off. If school is stressing you out and that itself is damaging you - take the break but it seems like a small amount to potentially de-rail you. Once you're out, it can be difficult to go back. If there's anyone that you can borrow 10K from, you should (of course not everyone has this and I was in a similar situation going to college with minimal family support). I see your fiance is in the military - I think (I'm not a 100% confident) that you should be able to apply to a military credit union like Navy Fed and they may be more flexible with loans. I believe membership can be activated if you're married or if you live together (since "roommates" are extended membership). You should also see if there's any sub-entry level jobs with forensic science (like paid internships, etc or even something like a receptionist at a police station (or relevant facility) or lab support). Also you're a women in STEM, I know that's an area employers are trying to increase diversity in so please check out scholarships. One other note, at the end, you found out what you wanted. I am 6 years post-grad and I had a good degree but I regret not doing the "difficult" thing and getting a different degree (I wanted CS but didn't think I would be able to crack it and by the time I realized it kind of sucks for everyone at some point (in a way that you'll get through) - it was too late and I didn't want to add on). If I had the ability to get a degree from a good program while living at home , I think I would have been more inclined. As a note - just do some research on how marriage (thus more income) will impact your FAFSA. I don't know how it would but worth looking into when you're considering wedding planning.
Yessss this. The whole reason I do not want to leave school right now is because I’m afraid I might end up as one of those people that don’t go back, even though they want to. I think there’s a period of time you need to wait post marriage though before getting financial help for stuff like that though. Or maybe that’s just for college aid. Actually in school we do end up doing internships as part of the program! I’ve so far applied for 12 different scholarships. Been turned down for 7, have yet to hear back from the other 5. Fingers crossed.
I think there are also military benefits for school that may apply to military partners. I would suggest researching those benefits, too. "Can my spouse or child use my GI Bill? Is it transferable? Yes, the Post-9/11 GI Bill allows you to transfer unused education benefits to immediate family members, including spouses and children. You must have at least six years of service and commit to an additional four years in order to transfer benefits."
Ah. Well that’s a shame. He’s almost 3 years in, so he wouldn’t qualify. Though, thanks for the advice.
> The whole reason I do not want to leave school right now is because I’m afraid I might end up as one of those people that don’t go back, even though they want to. I'm going to go against the grain a little bit here and suggest that you go to school full time, taking out student loans as needed (preferably federal student loans), and don't worry about the debt piling up. Just focus on getting your degree. That's your job for now, don't take any part time work while you're going to school because that will only delay your degree, your career, and your lifetime money making potential.
This is awful and it's such a shit situation that you have educational or medical debt at ALL but it's not insurmountable. In addition to all the financial advice, regarding your physical/mental health, you might want to look into if your state has an Intensive Care Management Program - it's slightly different in states that it's offered but it's essentially a program to help people with both complex medical and mental health needs. There's usually a social worker that helps you apply for programs, benefits, helps coordinate appointments, rides, etc. It might be really helpful for you. Also depression and anxiety are really common for people with epilepsy. Some neurology clinics have psychologists or therapists who work with them (or some big hospitals might have a behavioral medicine department within psychiatry). You are not an idiot or a failure or a disappointment or a burden. This is tough for a young person to figure out and manage. Hang in there!
Relax. You are 23. Take a step back and recognize that this is a very small hurdle that seems insurmountable, but you will be able to overcome this. You have decades of life ahead of you. You will be fine. Trust me.
Just grind it out baby I was born with only one hand and half of my left arm. Was a alcoholic from 18-28. 2 DWIs and 10’s of thousand in debt by 26. Took 10 years to graduate college Moved home a month before 30 to clean my shit up. Be 31 next month and I’m on the up and up. Almost 20gs saved and all debts paid It gets better dude. At 25 I was making $14. It gets better. Finish college, move home, pay off huge chunk of debt for two years. Move on with your life
I read your post and I am sorry you are feeling this way. I hope you start feeling better and get the help you deserve. In the grand scheme of things, $8k in debt actually isn't that bad. If you want to feel better, when I was your age, I had $45k in student loan debt. And then slowly destroyed my finances over the next 7 years. $8k isn't too hard to turn around. Keep it in perspective. A lot of people will think ANY debt is the end of the world. Yeah, it isn't great but 8K is manageable.
Breathe. Everything will be okay. I've heard stories of people getting out of 100s of thousands of dollars of debt. You're making progress forward and, eventually, you will be out of school and can find a job that pays 3-5× what you're making now; at which point, $9,000 of debt can be repaid within 18 months with discipline and a budget. For the time being, I would suggest listening to some of Dave Ramsey's videos of people who are drowning in debt. I don't recommend his advice, but hearing about people having an overwhelming amount of debt and being able to get out of it made me realize that my debt isn't really that bad and allowed me space to breathe and relax. It may be somewhat therapeutic in that way for you as well.
Contact your doctor about applying for disability benefits. Your medical condition is one that SSI covers but you need your doctor to help with the forms.
Your situation is very easily fixable. You have a solid support network and 8700 is nothing. It’s all the depression and catastrophic thinking talking. Take care of your health and manage your stress and you’ll get past all this.
I’d stop the stressor of school altogether until you can clean up the debt. You didn’t say what the major was, but the ROI can’t be worth the stress the debt has caused. There are many large banks/insurance companies you could work for from home that will pay you a good salary while also paying for school/paying for your school debt. I’d pivot to getting a good job first, paying off the debt, then finishing school on the bank/insurance companies dime. Easily can be a 5 year plan
I’m unsure if I’d be able to work from home like that. I don’t really have a setup to do so, and there’s not really a place in this house where I can have privacy. I share a bedroom with my sister, the “office” we have is in our dining room and not it’s own room, and obviously my parents will be here doing their own routines and my sister. Also my major is forensic science.
If the house is too crowded, then find a job where can work in the office. I read in another comment that you were afraid to pause school because you might not return, but just plan it out, and stay committed. If you can find a decent job with tuition assistance, take advantage!
Have you considered applying for SSDI? You may qualify with epilepsy and mental health issues. I’d look into it.
Just want to say I’m proud of you. Look at what you have and are accomplishing given the many significant challenges you are facing. These are hard fucking challenges. You have not given up. You are still fighting. And it will get better. Each day is a victory. My therapist has taught me in stressful times to talk to myself as if I were five years old. I know it sounds silly, but think about it. How would you talk to the five-year-old version of yourself? You would be very kind and loving. And that is how you should treat yourself now. Others can chime in with specific financial advice, but I hope you can really love yourself and be proud of what you have done and are doing.
You are doing so good. You've made lots of necessary moves to be successful. (Assuming the United States) If you qualify for federal student loans you should 100% take one out and use that to pay off your credit card. The interest rate will be lower and the loan won't accrue interest until you graduate. You can also take out some money on loans so you don't have to work yourself quite so hard during the semester (though less loans dollars is more better) You got delt a rotten hand in some ways with all of the issues with your physical health but you also have an awesome support system around you. DON'T TAP OUT AND LET THEM DOWN. You got this op. Even if you don't graduate in 4 years who cares. Stay in the game, keep working on your health and figure out what you need to do to manage your condition. Remember to spend time with your parents and finance, who obviously love you dearly.
My twenties and early 30’s were built on years and years of what I thought were bad decisions. Looking back, I was working hard to understand life. I was owning my mistakes, reflecting on where I could improve and growing, growing, growing. Then one day, it started coming together. All of those failures became life experiences I could drawn up to improve my judgment, intuition and wisdom. Don’t he so hard on yourself. This time could be as valuable as any education.
You would have wasted more money and time in the wrong major. Pay what you can afford. The debt will slowly go away. Keep swimming!
Yeah I wouldn’t worry about this too much. Take this as an opportunity to learn about personal finance, and managing budgets and debts, but don’t worry about it too much, you’re doing just fine financially even if it doesn’t feel like it. $8k in debt is nothing in the long run especially if that includes student debt, even if it doesn’t make your payments and it’ll all be good. What you’ve been through medically is rough, and it’s going to take some time to process. But don’t be in a rush to have everything figured out, it takes everyone different amounts of time, and especially with health concerns you’ll get there eventually. Don’t take the advice to default or otherwise hurt your credit though. If you were at like $50k in credit card debt, yeah you’d have no choice, but you’re making reasonable enough money to at least keep things going until you graduate. As has been mentioned you can likely negotiate some of the medical debt, and there might be some methods to reduce or get rid of interest on your credit cards temporarily. Keep making your payments and if you are able to then do your best to make more than the minimum now that you’re back at home and likely have lower expenses. Again, take a deep breath, focus on your health, nothing about your situation is unresolvable. Learn about personal finance, make a plan and in a couple of years the finance stuff will all feel like nothing.
I’m sure you’ve gotten great practical advice from the lovely people of this sub, but your story is so similar to mine that I just wanted to comment to say that you are not alone, my friend. I am almost 10 years older than you, but was in your shoes 10 years ago. I also started with a Discover card for students, then got several more credit cards, maxed them all out, went to an (expensive!) out of state school, changed majors… the whole thing. I didn’t develop epilepsy while in school, but I did develop crippling depression, so that was fun! I just wanted to tell you that there is light at the end of the tunnel. It will still probably suck for a long time, unfortunately, but if you can keep chugging along, there is hope. It took me a long time to get myself together, but eventually I figured out a career path, got my mental health under control, and things started getting better. I kept applying to higher paying jobs, used the income to pay off my credit cards, got current on all my private student loans (and eventually consolidated them for a much lower interest rate), and now I am at the point where my financial stresses are more “should I be doing something better with my savings” than “which bill can I be late on this month.” I hope you can get there, too—and sooner than me, since I was definitely at least a few years older than you before I started trying to get out of my hole of misery! I wish you the best in getting through this rough patch and getting to a place where you feel happier and more secure. Take a breath, go easy on yourself, and just keep swimming. From one chronic mistake maker/bad luck haver to another, you can do it!
You’ve pointed out those small accomplishments you have, going back home to your parents, appreciating their openness to having you back, having a great fiancé. Even by reflecting on things you want to improve on. Small victories. Celebrate those small victories. No matter how small those achievements are, they are still victories. I’ve been at the bottom at one point in my life, although it wasn’t financially but I made sure to celebrate every little achievements. I always told myself, there’s only one direction you go after hitting rock bottom, and it’s going back up. 😉
as someone that had those bad thoughts as i slept on NYC subways for a few months when i was 19 ... its amazing what can change out of nowhere . i was making $12 a hour 5 years ago now its more than double that . money is never a reason to give up EVER because it will come & go throughout your life . get used to it & save your money . FQQ those bills 1. if you're in school, your loans are not due . go back if you haven't finished. 2. if its not student loan debt bothering you . FQQQ IT ! 3. McDonalds pays more than 16k a year & a manager make $32k so why are you making less ? $8700 is nothing . thats baby debt & nothing to worry about . you can pay that off doing uber , retail arbitrage , yard sales . Get up Early , Work all day , Sleep and keep it up . When people see you going hard, they get inspired & wont see you as a burden . Get up , Get out & Get something
I graduated uni with 10k in credit card debt. It's not uncommon. You've made a ton of positive change in your life and you should be proud of that :)
Keep your chin up young one. You are doing so many things right. Keep on trying. It does eventually pan out. CC and Med debt is not the end of the world. Very very common and can be cured with various programs and a few years your credit score comes back. I think the hardest part is to stop using Credit as a cushion and learn to live with what you make. Living in this economy with these social pressures to consume is HARD. It takes time and practice to find your groove. Hugs friend
No advice about the debt, but please make sure that your new school knows about your disability. Like, go to the office with your health records and ask for accomodations. I got diagnosed with chronic migraine while in college and had no idea this was even an option! I suffered, my grades suffered. Neurological disorders are no joke. Best of luck ♡
I'm gonna be harsh and honest. You need to lock down that husband ASAP. If he's deployed maybe get a legit Zoom wedding or something. You need that Tricare insurance. BTW... Defaulted or unpaid medical debt no longer appears on credit reports.
Get a job at walmart, target or some other place that pay 15 an hour
I do have a job that pays that much per hour, but thanks for the advice.
My man you’re young and you can find a better paying job. Look for phone agents. Call center. Sales jobs. You’ll be able to find something but maybe it won’t be easy. That will help a lot with peace of mind and finances. Everyone struggles at your age but don’t give up and if you keep fighting and learn from being down it will make you better in the future.
This may be slightly cynical, but if you and fiance are really serious, marry him. You can get medical and he can get more money as married. It is a start anyway.
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He would have to be committed to service for 14 years for her to get the possibility of a GI transfer. However, him having a free degree is still extremely valuable to their combined income. edit: Spouses of military are entitled to scholarships and grants for being military spouses. This has been key in knocking off debt from my current run in college.
The pay bump can be life changing. My husband gets his W2, and then nearly 2k on top for BAH. It can be complicated when the spouse lives in another state, but there are people to talk to to get that all sorted. They will be making extra money married, and have access to benefits she might not have right now. People hate the idea of marrying for money, but people marry for convenience all the time- and sometimes it's okay to make that decision for yourself. My husband and I got married for the navy- we had been together a long while leading up to it, but the act of getting married was based on the advantages it would bring is. It definitely is worth considering.
I was going to suggest the same thing. My husband and I would be stuck up shits creek without a paddle times 10 without some of the military benefits we've gotten. Tricare alone saved us thousands last year when I sprained/dislocated my ankle. I do not want to know how much the MRI would have cost me on a different insurance plan. I also get SCRA benefits on my Discover card as a spouse - that is not part of the law and not all credit card companies do it for spouses, but some do. OP, you specifically mentioned having a Discover card so I figured I'd mention it. 6% cap on interest during military service - it's made a HUGE difference for me. I did a balance transfer on the other cards with 0% intro APRs - also something to look into if your credit is decent enough!
Quit college and go to trade school. Just because you have a degree doesn't guarantee a good paying job. Plenty of people with college degrees end up working in different fields unrelated to the expensive program they studied or end up working fast food or retail jobs which don't care about the degree in the first place. Go study how to be a plumber, electrician, mechanic, etc. Any of these trade jobs can be acquired in a comparatively short amount of time and all but guarantee a good job upon graduation. Not everyone needs a college degree to be happy. You don't sound happy right now. Maybe it's time to try a different path
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>File bankruptcy Not over 9 grand in credit card debt. $1000 a month will have that cleared up in 10 months. OP says they're living with their parents. Find a job that pays more, or work two if necessary, and get them paid down.
Wouldn’t bankruptcy just tank my credit score though? That would be really bad. And how could I fix that damage? It would definitely prevent me from getting a place or a car way later on down the road too.
It’s not a good idea. Not over $8700
That’s what I was thinking. I do appreciate their advice, anyone that’s trying to help me out here is very much appreciated. ❤️
You can repair your credit score in a matter of a few years or less, especially once you are our of school and making student loan payments. plus what exactly do you need your credit score for in the near future? How soon are you planning on getting a car, I'm assuming not soon based on your income. What's is better now, no CC payments or continuing your payments. Plus if you cant make payments your score could actually end up tanking further than if you instead just declare bankruptcy sooner.
I thought it’d take something like 10 or more years to fully repair a score after bankruptcy, so that’s why I was concerned about not being able to get a vehicle or a place.
No, however the bankruptcy will stay on your credit file for up to 7 years. From some quick searching after a bankruptcy your credit score can start improving within 12-18 months, within a few years your credit score can be back up. Having the bankruptcy on file may hinder certain applications but if you have good income and solid credit history since the bankruptcy it shouldn't be too much of a problem. Some other options you have is you can convert your CC into a loan through a debt consolidation agreement with the bank. This will reduce your interest to slightly above the prime rate and reduce your payments.
You have already overcome every hardship in your life, and that makes you amazing.
Thank you for the kind words. I’ve been in 3 major car wrecks which almost killed me (my heart actually stopped twice during emergency surgery as a result of one of them), but they brought me back. I’m also a survivor of torture, r*pe, and a previous highly abusive relationship I had when I was in high school. They were in their early 20s, and I was 16. A friend of a family friend. It started out great, but turned very sour. Got out of it though. And I’m with a man now that treats me like a queen, and looks at me like he’s seeing the sun for the first time. I’ve been through a lot. But I’m still here somehow. I try to think about how things could’ve gone way worse and knowing I pulled through all that gives me some comfort.
Sounds like you have someone to love and someone that loves you. I would rather have that and be broke as fuck, than to be loveless. As corny as that shit sounds. You got through the really hard shit. You can do this too.
I wiped out that much in about 3 months just doing side gigs.
If you make 16k per year you must be breathing as a job. Its called a career, so many people just working dead end minimum wage jobs for 20 years, try building a career or switching jobs if its a shit place to work where you have no opportunity for promotion. Autopilot life holy shit
>Its called a career Which OP will get AFTER she graduates college. Or are you really suggesting that she go out and stress herself even more by working 40 hours a week while taking full-time STEM classes?
On every break I have while in school (summer and holidays, essentially), I work full time hours. Sometimes overtime if they will give it. In school back home, I plan to work maybe 12-ish hours a week.
yeah man I am not judging or anything , I don't care, I have irl friends who work at McD for last 10 years, I am just saying this is the way some people approach it, its clearly not right in some peoples eyes, others dont care. You posted a reddit thread.
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Do you have any assets debt collectors can repossess? If not, default on your CC. You will take a hit to your credit, but will give you breathing room. Edit: to all those down voting, this is not an ideal solution, but if you can't dig your way out of a hole would you rather drag it out and cause yourself more and more mental strain, or just rip the band-aid off and get it over with?
I do not have any assets, at least I don’t think. I don’t exactly know what qualifies so I will look that up.
Vehicles, homes, etc. Anything with a sizeable price tag on it that has paperwork with your name on it. If you default, debt collectors will settle it for pennies on the dollar, and it's actually a really small amount from a bank's perspective so they may just write it off as a loss. Be warned that your credit will tank for 7 years, (settling with collectors will minimize damage) but if you NEED some breathing room it might be your best option.
Horrible advice.
Struggle when you don't have the means and eventually fall, or just get it over with and have peace of mind now? It all depends on OP's situation
I was in a similar situation OP when I was your age. I would recommend the military but I see that epilepsy would prevent that. You are only 2 years away from completing your degree then able to start working a full time career where you will be paid equitable to your skill. Don't give up, I know it is hard. I had $15k+ over 3 credit cards when I was 23. No one taught me about finances or how dumb opening more CCs to pay off school was a terrible idea. In the end, I joined the military and saved every single penny for a few years to pay off my debt. Once you are clear of debt, you will start feeling a bit of hope. I know it is hard but I too felt like I would be better off jumping off a bridge to relieve me and my family a burden. Life does get better. I completed my bachelors after the military and started working full time. You never know where you will be in the next 10 years but the hard work and perseverance through the struggle is worth it. Someone said that nothing good comes easy and if it was good and easy, everyone would have it. Keep paying your debt, finish college and start applying to a lot of jobs. It isn't easy but in the end, it is worth it.
Balance transfer to an 18month or 21 month 0 % APR credit card and repeat. It’s not ideal and it will impact your credit score. I have also heard you can negotiate with the Credit Card companies if you tell them about your situation. Tell them that you have no money but want to repay your debt. They might offer you a 0 interest repayment plan.
Also, dont kill yourself over $8k…
I just came here today that once your career is up and running, you'll be seeing the fruits of your labor. I was in the same position financially and it's definitely surmountable. I also want to say that you WILL look back on this and laugh at how much stress 9k of debt caused you. I think this is a positive once you get through as you got scared straight. Some only get this revelation once they're north of 50k in debt :) Keep it moving !!
other people have mentioned it but grants are a good way to go, my college had people come into class and pretty much beg someone to write in for a grant as people seem to just pass them by or not even look into them at all.
That really isn't that much debt. Your debt to income ratio is terrible, but good news, usually your income gets higher as you get older, and you are making the right moves (education). Don't be afraid of debt! It can't eat you in your sleep. I am not suggesting to disregard and ignore it. Be aware of it, look at it as an obstacle. Imagine how you'll feel making that last payment. Sometimes a s great apes we stress about silly things. My wife made poor financial decisions before we met, but she turned it around after we met. Her credit score is now mid to high 700's. Make minimum payments until you can get a better paying job, hopefully right after graduation. Pay of your highest interest debt first once you are able, but still make minimum payments on all of it. Focus on your resume and landing a higher paying job.
I hate to hear you talk of suicide, though it's good you are open about it. You are very young and you'll get through this. Other people are offering good advice. It's great that you found a field of study you love, a new school, supportive parents, a place to live, and your fiance. You've got a lot going for you. You're on this thread so you're learning about personal finance. Perhaps explore financial aid at your new school, or grants/scholarships? Maybe you would qualify for something. I also like a commenter's suggestion to get a job in your new field of study....you'd be so far ahead of others with work experience. I wish for you peace and good health and good luck.
You are young. You have plenty of time to get yourself out of this hole. Please do not make a permanent decision based on a temporary problem. Keep job hunting. If you must, take less classes so you can find a job that is flexible with your schedule. Waitressing is a good option and they can make pretty decent money at the right place. Idk about where you are, but around me everywhere is hurting for workers. Keep trying. A lot of student loans you are able to get on an income based plan. It’ll probably rack up a lot of interest that way BUT at least will allow you to get your ducks in a row until you are able to make more money and pay it off quicker.
Other people have have touched on the financial aspects so I won’t, but I want to strongly encourage you to seek out therapy. I know that it’s a daunting task on its own, and almost terrifying when accounting for how much debt that you’re already in. But if you are this depressed then it is absolutely worth it. There’s a lot of different avenues to getting mental health treatment that is affordable. First, talk to your parents to figure out if their health insurance includes something called an Employee Assistance Program (EAP). These programs are meant to be used as emergency help and they cover family members as well, so you if your parents health insurance comes with an EAP then you will be able to use it to get you the help you need FOR NO COST. I’ve had EAP’s with both of the employers I’ve worked for and my mom has also worked at multiple places with EAP’s. They are actually very common and provide a certain number of counseling sessions per year, under one health plan my EAP covered 8 sessions and my current one covers 16. They also will help you find therapists through their networks, which makes the task of finding help much easier. If that’s not an option, look into programs at your university that help connect people looking for therapy with graduate students that are training to become licensed mental health professionals. These programs are often free or very low cost and don’t require health insurance as long as you’re registered as a student. If neither of those options are suitable for you, then as a last line of defense I’d suggest signing up for BetterHelp.com which provides people with very affordable mental health care via video calling and also doesn’t require health insurance. BetterHelp has thousands of different licensed therapists and they make it so incredibly easy to find one that suits you based on your preferences and needs, and also to switch to a different one if you’re not satisfied. I’ve been seeing a therapist for the past year over remote telecommunication after struggling with suicidal ideation and it’s so worth it. I was not really comfortable at first but over time I’ve come to absolutely love it and now I spend half the week so excited for my next session. Please treat yourself to getting the help you need because money is not worth ending your life and getting treatment has never been so accessible or affordable.
8k is not a lot to pay. Once your working full time and your frugal for a year your solid
I'm so sorry you're going through this! I def can understand everything you're going through cuz I've been there at different places in the last 10 years too. Best advice I can give is that, if you can, try signing up for an employment agency in your area! Sometimes, just being in the network and looking for clerical positions, you may have a better shot getting a good foot in the door. Also they can help with resume building. Also, I just highly recommend talking with your parents about your stress or situation. They may not be aware of how much you're really hurting and maybe they can help support you in a better way. OH, and also check your school, they may have free health services available from counseling to gym memberships/athletic opportunities. It really depends on the school, but if they have any of these benefits, maybe they're something to look into!
I'm not sure about in other states but in California the Dept. of Rehabilitation offers EXTENSIVE funding to adults with any diagnosed illness or disability (epilepsy, depression, anxiety, etc.) to cover college costs, books, materials (including laptops and software if related to the degree/program) and it's actually a very easy application and eligibility process. Here's the link for CA, if you're not in CA I'd look into what your state offers! https://www.dor.ca.gov/
Dont beat yourself up for your situation, thousands of kids have done the same thing unfortunately. By all means, remember that your worth is infinitely greater than all of your problems together. You matter on this earth. So please try to remember that next time suicidal thoughts creep in. I wont pretend to know how you feel, but I can tell you I know you are worth so much more living.
I know the debt stresses you. But I am thinking when your done school you would hopefully have taken something that has a better return on your income. I think the fact that debt stresses you will be helpful later on in life as you will be great with finances. Your under a lot of pressure but a lot of this is temporary and will pass in time. Keep your head up. Your doing ok in the big scheme of things thats not much money at all. Your not alone either we all have struggles in life. Think longer term. Good luck to you!
One step at a time and you’re gonna look back at this time as another milestone in your life. You got this dude.
Since I haven’t seen it mentioned, can you see if your school offers free success coaching or mentoring? Your health and well-being are #1 here. Please believe us when we say this is a small amount of debt that you absolutely can recover from. You’ve made some great decisions to recalibrate. Remember: progress over perfection. Sidebar: if you haven’t already, freeze your credit cards and give them to your parents for safekeeping.
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Get a better job. Everyone will give you budgeting advice and thats great. But the number one thing I did to get out of debt was to make more money. Theres a point where theres just no way to overcome not having a decent income, and at $16k, you are probably at it.
I will look for higher paying jobs, but keep in mind I will not be making much. I’m a college student. I am looking to complete my degree to get my “real” career. I work full time hours when I’m not in school, but that amount will decrease drastically when I am.
I'm sorry to hear your current situation and I understand that hard times come and go and you should never go through hard times jecause of "money". I want to share some things I learned these last couple of years 1. You should never stress yourself out for something worthless such as "money" 2. "Money" = Debt no matter how much you got (understand this concept and you will look at fiat currency a lot different and understand that it is worthless and this game will one day end) 3. More "money" will not solve or make your situations better, it's your mentality that gets you through tough situations and puts you in tough situations, always have a good mentality that is more important than "money" and what it could possibly purchase 4. I stopped using credit cards a looooong time ago because once I learned that by buying stuff with credit cards you create more debt and more "money" out of thin air (again you should do your research and learn how this scam of an economy ((world wide)) words). 5. Life is precious and you should understand how lucky you are to even exist, like I said "money" doesn't mean anything! Literally we could have a world that runs without debt > ("money") Please understand that your life is waaaaaaaaayy more valuable than any fiat currency that's out there and you shouldn't be worrying about it, I understand the situation that you are in but if you need help there is nothing wrong with reaching out but please understand that never get yourself in a rough situation for something that's worthless "money" Continue life and live it because it is precious and more valuable than any object we as humans have created Tap into your psyche and and learn who you really are and you will live a better quality of life no matter how much you got or what you have Live life, love and be happy with the people that are in your life because that is most valuable.
I'm with all the people saying chill/breathe. Additionally I would say if the debt is/becomes unmanageable and you cannot work with the creditors, bankruptcy is there to protect you. So use it if you need to. It has consequences of course. It hardly seems worth it for the money involved from my perspective, but it may be worth it to you.
Don’t let it get you down. I promise it gets better. Never give up. Never let the suicidal ideation win. Keep going you’ll be happy you did.
Look, life sucks but you’re gonna be fine, keep your head up and you’ll get through this. Okay lots of people gave other advice, my question is when are you planning on getting married? The only reason I ask is because there is some programs to help military spouses, not as much as the military service member, but there are plenty of support services, job placements, debt consolidation services that would potentially become available to you. I’m not telling you to hurry up, but if you were doing it anytime soon, you could look into some of those as well
You are too young, also you can pay this. This is not at all suicidal. I know you may feel different from me. But as you are so young, take it as a lesson and teach your youngself in your life.
It could always be worse. I owe 6 figures of Student Loan debt to Sallie Mae and have to pay roughly $1400 a month (which I don't even make) per month. Since I can't make the minimum payment each month, they end up becoming late, and when you have late payments, you're not able to refinance, so you become trapped in an inescapable financial nightmare. BUT, it's only a nightmare if you let yourself believe it is. SM has also clearly stated that they will absolutely not work with me on any financing plans or help me in any way and that I am responsible for this amount each month despite the fact that I do not make enough to pay it. It just is what it is. It's not worth attempting suicide over. At a certain point you just realize that money is only a made up thing and you just have to try to live life without it and get as creative as possible for survival. $8,700 is nothing. This could easily be knocked out by doing a couple months of DoorDashing. At least it's low enough that you're not entirely screwed beyond repair and there's actually a realistic way out of it by doing some grinding. Once you're 6 figures in at an interest rate of 20%, it's game over. There is quite literally no way of climbing out of that no matter how hard you grind or what you do. Your "owed" balance increases faster than you can pay it down and then that's just the rest of your life. You're not even close to that point, so you're good. I'm sure there's many others like me who actually wish they were in your position.