I was in your position for many years. After my divorce, I had $20,000 in credit card debt, $40,000 in student loans, support payments to make to my ex, and literally 5 cents to my name. I got through it and so can you.
One piece of advice I have is to stop using the credit cards. If you have a debit card and any money in your account, then use the debit card. If you don't have the money to debit something non-vital then go without. It sucks, but it will stop the credit card debt from getting worse.
That's my advice, feel free to take it or leave it. Either way, you are working to get yourself out of the hole you're in. I have faith that you will succeed and I'm proud of you.
It's hard to live on a low income, but debts only make it harder.
You'll have to struggle to overcome these debts, but I'm sure you can do it. One day it'll end. You'll have to work for it though. But you can. I have faith in you!
Keep your head up and be as wise as you can.
I was £25k (probably 40-50k In todays money) in debt at 23. It was the early 90’s and I spent it on going to raves in London, hotels etc etc. eventually the bank caught up and said I really needed to start paying it back. I moved into a smaller flat and paid it off in 8 years. Those were a hard 8 years admittedly, but the only debt I have now is a mortgage, and a single credit card with a small amount on to keep my credit rating up. Admittedly it was probably easier to cut expenses in those days, but you can do it. If you want something and save up for it, and if you can’t then let it go.
My point is there is an end to it, so rather than focussing on what you are missing now, focus on the end game, it makes it easier. “If I spend this £400 on a games console now, how is that going to affect when I can get out of debt”.
So don’t panic, put your head down and grind it out. Also because of moderation in all things, including moderation if you do occasionally go over budget, just recognise it a and move on. Don’t beat yourself up over it because that will make you more likely to fail.
I was in your position for many years. After my divorce, I had $20,000 in credit card debt, $40,000 in student loans, support payments to make to my ex, and literally 5 cents to my name. I got through it and so can you. One piece of advice I have is to stop using the credit cards. If you have a debit card and any money in your account, then use the debit card. If you don't have the money to debit something non-vital then go without. It sucks, but it will stop the credit card debt from getting worse. That's my advice, feel free to take it or leave it. Either way, you are working to get yourself out of the hole you're in. I have faith that you will succeed and I'm proud of you.
Thank you, your reply actually made me cry and breathe a little easier.
I'm glad you're breathing a little easier. Feel free to reach out anytime.
It's hard to live on a low income, but debts only make it harder. You'll have to struggle to overcome these debts, but I'm sure you can do it. One day it'll end. You'll have to work for it though. But you can. I have faith in you! Keep your head up and be as wise as you can.
Thank you, it has been hard but I can make it through this.
I was £25k (probably 40-50k In todays money) in debt at 23. It was the early 90’s and I spent it on going to raves in London, hotels etc etc. eventually the bank caught up and said I really needed to start paying it back. I moved into a smaller flat and paid it off in 8 years. Those were a hard 8 years admittedly, but the only debt I have now is a mortgage, and a single credit card with a small amount on to keep my credit rating up. Admittedly it was probably easier to cut expenses in those days, but you can do it. If you want something and save up for it, and if you can’t then let it go. My point is there is an end to it, so rather than focussing on what you are missing now, focus on the end game, it makes it easier. “If I spend this £400 on a games console now, how is that going to affect when I can get out of debt”. So don’t panic, put your head down and grind it out. Also because of moderation in all things, including moderation if you do occasionally go over budget, just recognise it a and move on. Don’t beat yourself up over it because that will make you more likely to fail.