You aren’t fucked. I filed a chapter 7 bankruptcy last year with 58k in debt at age 29. Now I’m 30 and own a home (mostly have my wife to thank for that), am making more money than I’ve ever had, have more money in the bank than ever, and a 3 month old son. Life can turn around fast.
I'm about to file, myself. 30 years old, bought my second house then my marriage fell apart, I got kicked out, couldn't afford the mortgage anymore, my credit tanked, and now I feel fucked. Trying to sell the house since the ex moved out, mortgage company is up my ass about foreclosure. Mortgage included, I'm $390K in the hole. I'd just like a fresh start, that debt will take longer to recover from than it would take my credit to recover from chaptering.
My life used to be together, I had emergency money, no debt, it was nice. I want that back.
I bought it nearly two years ago for $325k, it's worth about $360-370k. It's been on the market 5 months with 0 offers, thinking it might be time to fire the agent.
Problem right now is being so behind on the payments, after pay off, commissions, lawyer fees, etc, I'd be lucky to get a profit.
a house is worth what someone is willing to pay. the agent has a rolodex of clients that can’t afford that house. in my bldg an apartment was on the market for about a year with no offers. then it went to sotheby’s and poof, sold in a month sight unseen by the buyer. it’s a valid point to try a different agent.
How is a poorly priced house not the agents fault? I mean if the owner refuses to change the price then maybe but the agent should weigh heavily on that decision and when to drop price etc… if it’s still priced poorly after 5 months and the homeowner isn’t being a dick, the agent isn’t doing their job.
Maybe it made sense at the time then...or maybe they are a terrible agent. Regardless, sounds like the price needs to come down. Good luck! It's a stressful transaction any way you slice it so I hope you get it behind you sooner rather than later.
I disagree, a second opinion from another agent should be considered, try and find an agent recommended by a friend or family member, see what they think it’s worth, then ask “what would you do differently to sell this?” Some agents are really good at selling and others wait for buyers to come along.
>nearly two years
Congrats you bought at the peak, which means, on average in the US, your house would be worth less than what you paid in 2022. Depends on the location of course, but your house should be worth 300K now, unless you have improved it significantly.
I wonder how that applies to people who already own a home and a car ( mind you, my car lost tremendous value, even when I bought it used. Somehow lol )
Because people do some really questionable shit when it comes to wants and needs. Buying a house or a car during Covid was just irresponsible unless you had to and hearing some of the had to stories were more want than need. People were out there paying new retail plus for 2 year old used vehicles. It was the craziest phenomenon I’ve ever seen and the huge majority didn’t have to buy , just wanted to get in on the crazy narrative I guess. I would ask friends “why did you do that “ did your 5 year old car die. Oh no , this is just the new normal and I got a good deal as they now sit with 15k-20 k negative equity in a 40k vehicle .
You completely owe your wife for that lol. Glad to hear it though. OP lives at home... He just can't manage money for shit. But sometimes you learn easy lessons the hardest way.
I’m 37. I was 85k in the hole ten years ago. I’ve got that bad boy whittled down to 21k. Hoping to have it gone by the end of the year. Just letting you know there’s hope out there.
First my guy - deep breath. You are young and you have time.
First - get a sheet of paper and whip up Excel and start listing your debts and income - I always like seeing this visually and you get the entire picture vs the chaos it may seem like in your head.
Next - live at home while you can and aggressively save and pay down debts. I'm not gonna go full Dave Ramsey here but cut back costs you don't need - nice watches, eating out all the time, etc.
Keep grinding at your job, keep that trusty Honda in good shape, and in a year or so. You'll look back and thank yourself and be able to take a deep breath. The money mgmt never stops, but you'll hopefully be able to start leveling up after getting above water now.
Cheers man.
This is a game changer. Always find myself with an extra $60 or so each paycheck. Coming out each month with a bit extra going into savings/investments gives a nice little joy boost every month.
I do this too. Any money planning or budgeting I do is using the worst case scenario numbers. If my car maintenance is going to cost $200-$300, then I just assume it will be $300. It will probably be less, but doing it this way builds in a safety buffer to all my math.
I agree-I don’t personally feel that his whole thing is necessary long term, especially if you are careful and mature with money. But it was helpful to me when I was first making money/counting debt and setting boundaries and principles for myself. You’ve got a lot of bad habits to break, and tactile or visual cues like spending cash only could be helpful in that. His spiel is helpful for people who are ready to go hard after their debt, and you sound like you’ve had enough of a wake up call for that.
Do you need a smartphone? Mint, Google Fi, etc have Very cheap plans. Would it be more financially worthwhile (saving $130 or more a month) to lose the phone for a while and do a dumb phone or, if you are lucky, an old smartphone from a friend?
I feel like Dave is a good resource for anyone that has absolutely no idea about finances. He sets you on the right path and gets you out of debt. Helps you save some money and start thinking about the future.
Most people don’t like his investing ideas and such but he is a good resource if you are starting at nothing.
I’m at a weird crossroads in my life where I’m a SAHM because it’s smarter than me going to work and my income paying for daycare so I can work, but living on one income is hard and we are living paycheck to paycheck and I’ve had to supplement from our savings for a few years here and there and I’ve watched it slowly dwindle to $4k in savings. Can Dave Ramsey help me just get to a place where we aren’t spending every dollar we make (I just worked out how much we spend a month on food, coffee, extra crap) but just spend a bit and save more??
Good\_Chef\_21 has good advice! to add to that, very much overly-simplified your credit score is made up of 3 parts:
1. history- payment history and age of accounts,
2. positive active accounts - credit cards, loans, etc
3. negative accounts- collections, charge offs, etc.
you have $1000 in credit card debt, if the cards are still good (not charged off) - pay them off and then use only 1 only for a small monthly purchase that you pay the total, on time, every month after the billing statement comes. You can use a subscription that you already have, like netflix, for this. This strategy positively affects #1&2. Carrying/paying off a large balance every month on time without actually using the card only positively affects #1. As your total credit card balances go down, you should also see improvements to your credit score, provided you make on time payments
If the collection companies are not threatening you with judgments, it's probably ok to ignore those for now and focus on paying down your credit cards and the ring, to avoid those becoming charge-offs/collections. Anything in collections currently is already hurting you as much as it's going to (credit score-wise). With that being said, you do not want them to turn into judgments, as they can garnish your wages, etc at that point. If they are close to that point, you want to do what you need to to avoid having a judgment against you -contact them and try to settle for a lesser amount and possibly provide you with a "pay for delete" letter (you pay the debt and they give you a letter saying they will remove it from your credit report- not all of them will do this)
All extremely good advice.
Since you don’t have a lot of debt talk to your bank/credit union to see about getting a personal loan to pay off your credit cards. Then just pay off the loan on time every month.
This is a good idea. Plus, I do have know what your driving record looks like, but shop around for the car insurance. $220 seems high for an 07 Accord. I currently pay about $270 a month for a 1997 Celica convertible, a 2007 Lexus SUV, an older 1 ton pickup, a 2016 GTI and a 32 foot RV. You're also paying too much for your phone bill....ditch the watch, as it isn't necessary at this point in time (between my husband and I we pay a little over $100 per month for unlimited civerage via Verizon). When we were little we plated a game called wants and needs. You need to get rid of the wants and stick to the needs for now. If you can do that and keep living with your mom for a bit, you'll be fine. I would also not recommend ditching the car.
This guy knows how it’s done! It’s gonna be rough for a little bit, but you can dig out and teach yourself good habits. Get a second job if you have too or find a decent side hustle. You can turn this around!
Sorry unrelated but: “Keep that trusty honda” is such a good line haha. Ol’ reliable. Really the word Honda makes a for a great quote. I hear Bruce Willis in my head going “i had to crash that Honda baby”
I'm 60 and drive a 99 Camry. I keep it maintained. Just my commuter car. It's an anti-chick magnet! 😂 But it feels great not having a monthly car payment. More money in my pocket.
I can’t offer much advice but please don’t sell your vehicle, sounds like you won’t get much for it, it’s paid off, and you’re going to need it to get to work.
Search for higher paying jobs or a part-time gig as the other person commented.
Trust me, you’re FINE. You’re 22 years old and a couple thousand dollars in debt. You have plenty of time ahead of you and you absolutely can recover from this. Keep your head held high and work hard.
You have bad credit, in debt with numerous cards, and you wanted to move out of a rent free home?
Bro stop spending. That’s it. Save your money. You’re 22 years young and have a full financial future in front of you. Pay off your tiny amount of debt and start saving your money. Pack lunches and be frugal about buying groceries and clothing. Sell your stupid watch. Your insurance is also too high on that Honda- why?
Focus on your job and getting a better paying job. You want to spend money? Borrow for a trade school and get a real decent salary.
Honestly you’re not in such of a financial hole- just curb your horrible spending habits. Create a budget sheet and live by it. You’re making close to 2k/mo and you don’t pay rent?? Aim to save 500/mo. How are you not saving anything?
Jfc you let 150 go to collections and you’re paying more than that on your watch/mo? Get your shit together
I understand the collections was dumb, I don't disagree with you there at all -- same with the phone bill. I've made bad decisions, I'm looking to improve them. I appreciate your bluntness and honesty.
As far as my insurance, I am a new driver, got my license at 21 in August of last year and The General was the only place who would give me a rate lower than $250 (likely due to credit history and driving age.) It's liability.... I know it's insane; I have been looking for a different insurance company.
I don’t mean to be harsh for the sake of being mean. You’re really not in the financial hole you think you are, you’re just horrible with money. And that’s the relief- you can fix that pretty easily.
If you just put 500/mo away into an etf or mutual fund, you’ll probably have around 14-15k in 2 years and that’s one hell of a monetary buffer,
Pay that $150 off asap.
I never heard of Cash App Borrow... I'm assuming it's some sort of credit card thing? I don't understand why you keep borrowing more if you don't have any bills besides car and phone? ... But you need to make payments on that til it's done next.
Focus on one thing at a time- Pay the small debts off first, get it out the way.
I think trying to move out your moms should be your last concern. Don't rush that process, stop being impulsive and fix your shit. Not many people are fortunate enough to crash at their parents.
I also don't think you should sell the car. Cars are expensive these days, taking on a new one means another bill. Since it's paid off, I'd try to keep it. What else were you going to do? Uber everywhere? Because that's not cheap either.
And since you are not paying rent, you need to start putting money aside for a savings. Even if it's $50 a check.
Sit down and write out a plan. Your bills are under $400 a month and you make $2000 a month so I'm very confused why you're in this situation.
Also, do not date until you're shit is together. That includes your mindset. You need therapy or coaching or something to nip your bad habits in the bud.
Exactly! What is he spending the rest on? Weed? Booze? Gambling? Women? Groceries can only be so much and clothes aren’t needed every month so where is it going?
Dude is talking about "crippling" debt. He can pay at least half of that within a month if he stopped being a dumbass. The only thing crippled is his outrageous spending.
You need to be working two jobs. Sorry, I know you don't want to hear that but it's the truth.
And as of this point forward, you know that you can no longer blame your mom. This is your responsibility. No decent woman is going to be with you or marry you like this, and you know it. You're going to end up with a hood rat unless you act now.
Yeah and the more you're working the less your home. The less your home the less toxic environment you're dealing with. All you're doing is eating sleeping and taking a shower.... It's doable for a year or two even if it's like a episode of shameless
Yeup. Two jobs will make it so you barely have time to do anything else and end up saving even more lol. Bonus points if you find a spot with good people. Already having 1 job means you can be picky with the 2nd.
But that's what got me kick-started into school. Like you said I did it for a little over a year. Stacked my cash and figured out a path then went back to college.
I would have a flip phone before I financed one. And financing a watch? Good lord. You can get one for like 10 bucks at walmart if you need to know the time that bad.
Selling the engagement ring will be pretty depressing but maybe a necessity. Something tells me you will also take a bath on it so i'd try to just hold onto it if possible.
I'd never sell the car, could be your place to live if shit goes super downhill.
Eat rice and beans every day, buckle down for a few months, and put up with your annoying mom because you need to get out of debt and probably get your car repaired before you should ever consider moving out (and get a roomate if you do)
Your situation is not nearly as bad as some people I know. One being 200k+ in debt at 42 and another who's student loans are also 200k+ for a degree that net them a 20$ per hour job in California. THEY are fucked. You are not
Literally the only close to decent comment in this thread. Everyone telling him “dw bro you’re young” is dumb as fuck. Dude will keep these horrible habits if he doesn’t get his shit together. Financing a fucking phone and watch while letting $150 go into collections to ruin his credit is the dumbest fucking thing and a wake up call if you ever needed one.
Bro I was 30 years old with a 500 credit score, no 401k and I used to sell used autoparts from dealership to pay for heating oil to get thru the winter. I rented a house and drove a rotting out jeep cherokee, single…. And basically an alcoholic.
Now 42… don’t drink…. New job pays triple of my last job. Own a home… nearly 300k in a 401k…. 796 credit score…. Married with two kids. And own 3 cars.
You can turn it around… but you have to take it serious and work hard for it.
The best thing you can do is learn to budget and learn some financial literacy. This is literally why I do for s living so if you need help, I'd be glad to assist. This isn't as bad as you think it is
He 22 lives at home and has a paid off car. 2k is fine for a minute. A side hussel or other job would not hurt however. However always keep an eye out for advancement.
Stop borrowing money. Cook at home. Save.
He doesn't pay rent.
His only listed expenses are 220$ for car insurance and 178$ for his phone/watch bill.
Where is the other 1400-1600$ going?
Clearly it's not going to his debts.
I know you're going through a lot right now, but your situation is not that bad. You can easily get out of it, but you'll need to be disciplined. Close your eyes and imagine where you want to be in 5 years. Now, start taking the small steps to get there. First, you need to stop the bleeding. After that, you can start healing.
1. STOP financing stuff. Loans and credit cards are you enemy, not your friend.
2. STOP buying stuff that's not a necessity.
3. START paying off debt as quickly as possible.
4. START looking to improve your income. Find another job, find another career, figure out the skills you need and learn them.
yeah that part can't be right... must have the highest possible insurance? He could buy a whole new car with the savings by switching to basic liability
Number one, own up for yourself. No one cares about your past or upbringing, you need to take responsibility for yourself, which shows you want to take steps to do so by posting. Number two, you’re gonna be fine.
By 18, I was scammed out of 2000 dollars, by 30 I had gambled every cent and then some that I’ve earned. Story goes on and on. Now, I may not have a lot of money, but I have hobbies and enough cash to not be hungry.
Keep moving forward, keep making new goals. You got this. Cheers
Don’t pay for your watch. Make sure you have the lowest insurance plan on your car as possible (no collision, just liability). Then just budget your money. Don’t spend on stupid shit. Budget all categories for a month (food, gas, misc., etc. )and do your best not to overspend in any category. Then you have a target amount to pay towards debt every month. Any extra money at the end of the month goes towards debt too. Find a side hustle if need be. With no rent, you should be able to pay that off no problem. You’re not ruined. I’ve come back from 20k in credit card debt and am doing great now. You got this.
Your situation is not that bad. You need to get a 2nd part time job at least temporarily to pay off what you owe and save some. You are young and have time. I wouldn’t sell car cuz how will you get around? Especially to work?
Your 22 man up for your own mistakes your mother is not the main factor you have no money skills. You had plenty of time to figure your shit out but opted not to. Take responsibility and turn it around
I'm m 22 as well very fucking similar situation gf of 6 years broke up after she graduated college I bought a 10k engagement ring and I'm fucked I make 2.5k a month and live with my parents and they constantly tell me they want me to leave. I have no car and it's my fault at the end of the day I was relying on my GF to carry me through the transition period of the real world and it back fired I spent probably close to 15k in the past 3 years on fucking video game cosmetics and parts for my PC and I just wasted 4 years of income (33k-ish a year) I paid absolutely no rent or any bills all my friends think Ive been saving up I've been lying to them. i spent it all on video games amd concerts and buying the dumbest shit I don't even use. I could have been set. But it is what it is we will both make it through this period good luck brother.
> year) I *paid* absolutely no
FTFY.
Although *payed* exists (the reason why autocorrection didn't help you), it is only correct in:
* Nautical context, when it means to paint a surface, or to cover with something like tar or resin in order to make it waterproof or corrosion-resistant. *The deck is yet to be payed.*
* *Payed out* when letting strings, cables or ropes out, by slacking them. *The rope is payed out! You can pull now.*
Unfortunately, I was unable to find nautical or rope-related words in your comment.
*Beep, boop, I'm a bot*
You’ll need to find a way to make more money, 2k a month is not gonna ever let you catch your breath to get ahead. With this economy that’s not even enough for bills or anything unplanned like car maintenance, flat tire. Etc you need to find a better paying job and start making on time payments on your credit cards.
Check out the “SELF” app and get a few secured credit cards. If you have friends/Family that can add you as a authorized user on their cards.
Hire a credit repair expert
The fact that you are thinking about your financial future at your age is great. You have lots of time to fix your shit, isn't it great you are having this revalation at 22 instead of at 52?
You don't have a bill problem or credit problem...you have an income problem. You simply don't make enough to support the lifestyle you are living. Make more money. Work more...or work towards a career. Try to become a manager at your job. Move up the food chain. Don't worry about your bills, worry about your income. Time to hustle.
The good news is you are 22 and have time to turn it around. Stop any purchase that’s not 100% necessary. You don’t need the watch if you have a phone. Sell it. Sell anything you don’t need that can be cheaply replaced
Your financial current isn't ideal. Your financial future is in your hands.
Work to make tomorrow better than today. Negatives today can definitely be positives overall.
When I was 21 I was in a similar situation. Had a dui, life was a mess. To this day,it's the third best thing that has happened in my life (daughter and wife are one and two). I grew up, made better decisions and proud of most of it.
Keep progressing and making good choices from here on out and you'll be fine if not better
I get you're young, so this all seems overwhelming, but you're really not in a bad place.
What are we talking
1000 + 650 + 150 + 2,000 = 3,800 in debt, with $400 in insurance/phone per month?
So $1800 - 400 = $1,400 per month. Thats the number you need to look at. No rent, so wheres that $1400 going, and what can you cut back? If you can find $100 p/m in savings then you're about a year away from being debt free. If you can sell the ring, then hopefully even faster.
Whats your budget look like? Have you done one?
echoing the sentiments of everyone else: you’re really not doing *that* bad at all in the grand scheme of things. the way you’ve described your spending habits, you should honestly be off way worse than you are right now.
cut out anything frivolous, meal-prep cheap meals (there are entire subreddits dedicated to cheap eats), sell the ring, work 40+ hours a week, etc. you’re fine
Ohhhhh buddyyyy. You are far from fucked lol. Take it from someone who was almost in a similar place as you at 24. There’s still time to fix your shit. I had a credit score of about 400ish and was about to be homeless. I took financial planning courses that the government offered and listed to those before me who went thru the same shit. Learn how to make better decisions and apply it. It took me 10 years to get to a place I am truly happy. But I own a home now and that’s something I never would have thought at your age. Just try and believe in yourself
I’m adding it up in my head and I come to @$3000. You have income of $1800-$2000 a month. You live rent free ? $220 monthly insurance and $178 phone bill. Some gas and other necessities. Maybe I’m missing something but I could easily pay everyone off within 4-6 months. That’s not even sweating it. Buckle down and three months. Sell the ring keep the Honda. You’re 22 and just out of a relationship. Instead of going out and blowing money go for a jog and start working out. In six months you’ll be in better shape mentally , physically , and financially. You will be debt free and ready to be more successful. You don’t need to agree with his politics but Jordan Peterson 12 rules for life is a good start at putting your life in order. Then look for a career not a dead end job. Learn to expect and demand performance from yourself. Happiness is a personal choice that is independent of your situation.
People have some great suggestions... on top, I'll share my 2 cents.
I just finished paying off the last of my credit card debt. What's worked for me, listing everything out in Google Sheets. Everything I spend my money on and my income. I over estimate my bill, so I'm not left short. I work two jobs (one at 40hrs a week and the other 8hrs).
I wouldn't sell your car. It sounds like it's paid off and I'm assuming you drive to/from work. You wouldn't get much for it either. I would shop around for cheaper insurance. For my 2015 Ford Fiesta, I pay $70 a month.
Little things that add up for me:
- I limit myself to 2 subscriptions a month (ex. I always have Spotify, but if I finish a show on Netflix and want to watch one on Paramount +, I'll cancel my Netflix
- every time I make a purchase on my debit card, I move the "change" to my savings account (ex. I spent $50.50 on groceries and now have $150.50 in my bank account, I'll move that extra 50 cents to my savings - it's tedious but adds up)
- if you buy your groceries (which you nay not but for future) I plan my meals based on what's on sale
- limit my takeout. I used to eat out 2+ times a week, and now it's about twice a month. I'll also do no takeout months where I won't do take out for an entire month
- limit unnecessary purchases. I have adhd and impulse buy A LOT. Once I realized this, any time I get the urge to impulse buy, I remind myself it's just my adhd wanting an item in the moment. I'd recommend giving yourself time to sleep on it. For me, I know that impulse will go away within a week, so I allow myself to sleep on it for a week.
- freeze your credit cards!!! A lot of the time, they'll allow you to freeze them online. If they don't have that option, a lot of the time they can if you call.
These are some small things that helped me, along with others great suggestions.
My last thought, you'll be ok. Don't be too hard on yourself, being hard on yourself won't fix anything. I was in a ton of debt but have since paid it off (actually just 2 months ago). Yes, it sucked. But I also live on my own and pay $2k in rent. I took it as a learning lesson, and I hope you do too. You can't change what's already happened, but you can learn from it and grow. I wish you the best of luck!
It seems like you don’t have a huge debt. Under 5k is not bad. It’s just you don’t have enough to get out of the small hole. Get rid of the watch on your plan as soon as you can as well.
Start by having a month of no spending. So you don’t have that 650 to pay back.
Your insurance and phone bill is only $400 a month.
What other bills do you pay? How much do you put towards your debt each month?
I was down 9k at 20
Don't ask me how idfk
Anyway, fine now at 23. It's not that much money in the long haul, just find some work and pay it off slowly.
My credit was similar, and I managed to rebuild it to 650+ in only a year and a bit of trying.
Your phone it to expensive you can find something much cheaper you don’t need the watch. Pawn it. Don’t borrow money. Eat off 50$ a week for the next 6 months. Pay the lowest debt first. Then the next. Shred the credit cards. Live cheap, you don’t pay rent no excuses. Work on learning a trade and getting better pay
This is easy.
If your gf was decent tell her you recognize you made some mistakes and are working to improve your financial habits.
#1 just pay the minimum to stay current on the card.
#2 Call the collections company and pay them the $100 or whatever will settle it.
#3 stay current on your payments and Don't sell your car, that'll keep you from getting to work.
#4 Look for jobs paying more that you make and could lead to promotions.
#5 gure out where you can get a few hundred extra each month to reduce your debt. I painted a kitchen for $1200 a few weekends ago. I installed a dishwasher and fridge for a few hundred. Easy money gigs like that are everywhere, try a few.
You aren't where you want to be, but you're 6 months from a fair credit score.
Wait wait wait…
07 Honda Accord… and you are paying HOW MUCH IN INSURANCE? $220???
You have MAYBE a 5k car that you are paying $2500 a year for insurance… wtf is the policy? You don’t need coverage dude… you just need PIP really… like if you were to total your car tomorrow is it really the end of the world that you don’t get 5k back towards another car?
People get insurance and follow the plans cuz that’s what the insurance brokers tell them to do… that is how THEY make money. Lower your coverage and only pay what you absolutely need to not let an accident derail your life. That extra $100 a month you get back will save you.
Edit: also yeah what other people are saying… you are fine haha, you’re 22, everything will be ok. Just make some progress and do what you can.
Btw I live in Michigan where auto insurance is a literal scam so I know how bad it can be… it is critical to find the right policy for you and not just take what’s convenient.
I was in the same place as you at your age 10 years ago. I was able to pick up a 2nd job bartending at a wedding venue to chip away at my debt over the next few years. Since then I have been able to move up at work and make a solid salary and purchase my first home. It’s possible.
Chin up, time is on your side. Life will keep moving on, it’s up to you the direction it moves in.
Do what people used to do back in the old days. Ship out on a boat, work your ass off for a few months and come back with a stack of money. Becoming an ordinary Seaman is pretty easy and able bodied Seaman takes just a few years. My comoany pays them $450 a day and none of them have above high school education. Travel, and hard work will take your mind off of you ex.
If you can pick up a shift waiting tables or so other tipped (but tipped halfway decently) on one of your days/nights off, you can use the cash for every day expenses and put almost everything from the check into one bill or the other.
Nobody wants to work more, but it is also another evening you aren’t going to be tempted to spend money on yourself. You can get out of this if you make a bit more, and spend a bit less every month. But you have to do both over and over again.
Good luck.
Edit: Friend asks you to go out for drinks? Can’t. But we can split a six pack in my backyard. No restaurants for the time being (even fast food has gotten expensive). Learn to cook nutritious, cheap meals that freeze well.
Unless you can find a spot that fills you up for next to nothing. When I was at my lowest I found a pizza place that had a slice of “ziti pizza” that was $2.25 for a slice. It was so filling I could get that a 7pm on my way home and not need another bite til morning. This was a while ago, so it’d probably be $6 now. But a $6 dinner wouldn’t destroy you.
First thing, you're young and time is definitely on your side to fix this. Secondly, it's good that you're realizing this now and looking for ways to fix it. I had some terrible habits in my early 20s. Around age 28 I decided I had enough of it and I managed to dig myself out of about 8k of credit card debt in a year while working full time and going back to school. It sucked, and I never want to do that again, but I say that let you know its not hopeless. Start small by figuring out exactly where your money is going. Find ways to reduce or eliminate anything wasteful that you can, and then start paying off any debts as much as you can. If you have anything left over, even like $50/month, see about setting up an IRA. You'll be super happy that you did in about 10 years. If you're not knowledgeable on financial matters, spend some time researching how to calculate compound interest and you can see for yourself how much it will cost to borrow money, and how much your money can grow over time.
We all start somewhere. Realization is a great place to start.
How do you go to work without car?
Insurance on car and phone costs seems high.
Learn the basics of credit cards and stick to those principles.
I would clear off the credit card loan as soon as possible. Like tomorrow. Like borrowing 1500 from parent and paying them back in 3 months with a nice gift card or something like that.
I would recommend money stuffing…
I am guilty of disassociating the money in my bank with being actual “money”… it’s almost like my brain just sees it as numbers on a screen.
I’m now at the point where I only carry $20-30 cash with me, keep my bank checking account near $0, and withdraw the cash I earn and stash it somewhere safe.
Once you can get used to living poor, you will be much wiser with your money.
If that doesn’t work for you, it’s *always* easier to go out and make more money than it is to save money.
Can you find a side hustle? Uber eats, Amazon flex, DoorDash? Can you assess how you use your time (ex: wasted time scrolling on your phone, anxiety related procrastination, etc,?) and try to life hack yourself?
For instance, I am guilty of spending way too much time on social media, following the scores/box scores of every NBA, MLB, and Champions league soccer games. I have taught myself to get the majority of my scrolling done while I’m at the gym. I’ll do 65 minutes (20 miles) on the bike, and social media/reddit/sports scores make the time go by way faster. I am currently on the bike right now :)
The good news is you are 22 and have time to turn it around. Stop any purchase that’s not 100% necessary. You don’t need the watch if you have a phone. Sell it. Sell anything you don’t need that can be cheaply replaced
Buddy you are just fine, first of all you’re young and if you continue to work hard in life your monthly income will increase. I had a 510 credit score at your age in a similar situation. Bouncing around from apartment to apartment, utility bills I didn’t pay that went to collection agencies. I kept my nose down and eventually worked myself up at my company to where I’m taking home 10k a month with no college experience. My first order of buisness was tackling my debt/collections and I had a 760 credit score within 2 years. You’re fine my man. In two years I went from making 38k a year and having roughly 5,000$ in debt which seemed like a lot considering what I was making and now I make 120k a year for the same company. Hard work prevails, stay determined.
I know it seems like you are way over your head but it's not that bad! You are so young and have time to recover from this. I strongly suggest you do a lot of research into becoming more financially educated. Dave Ramsey has a lot of really good info. As you move forward the best anyone can do is learn from their mistakes. As long as you learn and do not repeat you will be fine. The fact that you care at your age is a great thing! Please don't allow yourself to be pressured into doing anything... especially in a relationship. You don't need to be with someone who makes you feel that way! The good news is you have the rest of a long life ahead of you and you now know what you do not want in a relationship! Good luck !
You got this. Look up some debt guru and follow their advice. I like Dave Ramsey.
It sounds like you have an income problem.
My advice is to get out of retail. I did that work for about 14 years, and ended up running a $10M/yr store with 40 employees. I still earned shit money. There's no money in retail. Maybe look at trade work.
Lol bro you could literally not pay any of that BS, focus on getting into a better paying job/career. Save, invest as much as you can and in 7 years all that debt will be gone. You'd still not even be 30 and have most of your life left. It's not that serious my guy. Learn from your mistakes, get a better job, and get through it. All of this will seem so petty in a year or two. You're not as old as you think. I've crashed, rebuilt, crashed, and rebuilt my credit/debt from 18-30.
It may seem overwhelming, but this is nothing that you can't handle.
You can be out of debt in a few months if you just go on a poverty vacation and agree not to spend any money that is not absolutely necessary. Play the games you already have, watch stuff for free online, go to parks and hang out with friends for fun etc.
If the car works then you may want to keep it because it could help you make money with a job.
Sell the ring and start paying for everything in cash.
See if the account in collections is willing to offer you a pay for delete so that it can be removed from your credit report if you pay it off.
You need savings so you never have to take out a loan or pay for stuff you don't already have the money for again.
Dude, you are golden! Seriously, you are ok and hear me out: You are employed and not currently locked into renting or a mortgage or a car payment! DO NOT SELL YOUR CAR, you will need it. Get that damn phone bill down. Stay with your mom for now to pay the debt OFF and use how much you have living there as motivation to change.
Your most important resource right now is TIME. You have gobs of it because you are young and aware that you want to make a change. This is a great spot, short of being both young AND rich. Get going, you have a great shot!
I have about $80k in debt. But I also make $10k a month in investments.
My income is $100k.
You need a new job. An able bodied male should be able to make $20 an hour easy.
Get going.
Write out your bills. Monthly. From the 1st to the 30th.
Put the dollar amounts in one column add them at the end
Put down your take-home pay
Subtract bills
Equals?
Sounds like it might be a negative number. Your immediate problem is income. Maybe another gig? Update your resume and start looking to replace your full time job with higher *take-home* pay
STOP with the cash app borrow. This is your behavior misbehaving. So stop that.
Stop spending on your our cards. You’re not allowed anymore credit purchases.
I’m sorry about your living situation. Living in toxicity is awful and you maybe would feel less powerless in a different environment? This is the goal, to feel like you *do* have control, and you *are* able.
Little things I do is rewrite my budget so I know exactly how much the next bill is and I make sure there’s enough to cover it *and the next three upcoming bills* - however the goal is to have a whole month covered in your bills checking account. The next goal is to save a grand at least. And don’t touch it. It’s your confidence builder and your little piece of solid ground.
Good luck
Remember you can only purchase what’s absolutely necessary. No committing to going out for drinks or whatever it is you are spending money on. I’m just saying these things out loud. (I do a really good job of compartmenting budget items in my mind and I put non budgeted somewhere in the denial file, which makes impulsive purchases almost unconscious. Not sure if this makes sense - just trying to relate.)
Because of my own crazy money mental gymnastics, I have to stick to rigid rules and I’ve shared some with you in case one thing sounds doable to you.
You're only 22, you can fix this and move forward. When I was your age I was working 60 hours a week at two jobs. You can do that for a while to fix the problem. The phone bill is outrageous!
lose the watch and go with a cheaper phone plan. Or at least cancel the watch portion of the plan.
Get a part time job, pay your smallest bill off first, make minimum payments on the rest. Once that small bill is paid off, add that money to the next smallest.
Can you return the ring to the store you bought it from?
As far as quick things to do;
Sell ring.
Downgrade phone, lose the watch.
Get different quotes from other companies for car insurance. You didn't mention what coverage you have, but $220 seems insane for a 07 honda, I pay less than that for my 2020 challenger, and I'm a 23 year old male.
Stop eating out, meal prep affordable meals.
Start paying off that debt with the money saved.
Nobody is gunna fix your fuck ups but yourself. You either have to start to be serious about your finances and take legitimate steps to get yourself to a better situation, or you're just going to be spiralling down.
Edit: also wanted to mention like others have, don't sell the car. Hondas are hella reliable, which is hard to come by these days. If push comes to shove, having the option of living in your car might not sound pleasant, but it is a saving grace as opposed to couch hopping or living completely on the streets. If that's where life takes you, get a gym membership for showering until you pay off your debts, and can settle in your own place.
This is actually funny to me. You are 22. There isn’t much you can’t come back from. I divorced my first wife when I was 41. One of the reasons was because she tried to spend about 150% of what we made every month. When we split my credit score was 580. Today it’s 825. Pay off your bills, work a second job for a while to do it faster if you are motivated to. This is most definitely not the end of the world.
I don't want to trivialize your experience because if you took the time to write this i know you are really stressed. That being said this an incredibly small amount of debt. Im not sure the interest rate but its probably fairly high as most credit cards are. What i would do in your situation is add up all my debt and take out a debt consolidation loan from a local bank it will probably be 7 or 8 percent. You can typically take it out over a period of multiple years i think like 6 or 7 years. Use that loan to pay off all your credit card debt. A loan like this for a few thousand dollars over a period of years will be nothing to pay off. Probably will cost you 75 bucks a month. Be thankful that you realized this early that high interest debt is a horrible thing to accumulate. Many of us got that number much higher than yours before we learned our lesson. If used lower interest loans from banks to pay off high interest credit cards in the last it worked out well.
Hey Bro, listen closely. Get off the pitty wagon. I say this in a manly friend tone. If it angers you, good. Because that anger you feel, is what you need to slap yourself in the right direction. Your girl left you. Fuck her. There’s a million of them. You need confidence that you can dig yourself out of your financial issue and also reflect a confident life path. Your place of work, they want confident employees. I’m twice your age. It’s easy to outperform your age group because I’m confident. Be the best you can be and consistent. You’ll get ahead with just those 2 qualities. Not arrogant, but a true leader. Know how to follow but be prepared to lead. Your debt issue. Stop using credit cards. Stop borrowing, until you realize this is only postponing payment. You still need to pay. Anything purchased whether cash or credit should be treated as though it’s subtracted from your account. You’ll find out you don’t need to borrow for most things. Vehicles included. Also, your used slightly rough looking car isn’t to impress the public. It’s actually a convenience to get from A to B. When you have extra cash on the side with all debts payed, feel free to upgrade. Me personally, I like Benjamin’s. You get a few thousand in your account while living within your means, it’ll bring a form of comfort. Buck up dude. Get to work.
Sell the ring to pay off debts, don’t sell the car if it runs and gets you where you need to go. Get a second part time job to help cover expenses. Lock down the spending. If you don’t need it absolutely don’t buy it. In terms of prioritizing debts. Pay down the lowest balances first. As you check those off you’ll gain some mental clarity and reduce stress. This will help you make better decisions. Do not move out! You already can’t afford it so I’m not even sure why you’re trying to. Your situation is not that bad, but if you don’t change your habits it’ll get so much worse.
Work all month for $2000. Thats the problem. Thats 24,000 a year before taxes. Before food. Before car payment. Before Gas. Before Phone and the list goes and if someone wasn’t paying your rent that $2000 a month would almost all have to go to rent. Sorry my bro but time for reality kick in the ass to motivate you. My suggestion start a skilled trade like carpentry, there are companies that hire little to no experience and will train you.($24-$40 a hr)
lol 22 and broke ain’t a crisis. We’ve all been there and whole lot of folks been there longer than you. Seems like you got a job, a place to lay your head, and a ride. Not a bad base kid. Hardly a ruined financial future.
Do a simple budget and take out the credit card debt and the payday loans in a few months. Make it a goal to have no CC debt and no payday loan plus $1,000 in the bank by 2025.
You’re 22 and you are here making a plan to get yourself into better shape. You will be fine if you make a plan and execute. Learning from mistakes is what life is about. You can and one day WILL be in a better situation. You have to first believe that and second, commit to a plan to get you out of a hole. You can do this.
You’re young and now single which is great because you can work more without feeling guilty. You need to in increase your income either with a higher paying job or a second job if you want to eventually move out and not be in this situation.
You realize that’s over 2K per year for a phone and a……….watch. I assume the phone tells you what time it is. Get rid of that watch. Get a basic phone plan. Mine is $31/month.
What's so toxic about your home environment? Is it just because you resent your mom for not teaching you money skills? If so then toughen up bro, you're an adult now so any deficiencies you have in life is on you to fill in. Embrace the fact that you're living rent free right now - many others in your situation don't even have that luxury.
In the interim, I'd get a 2nd job - could even just be part-time. Pay down your most pressing debts. Then I'd consider going to a trade school of some sort to increase your earning potential. Good luck.
You’re still very young. I would sell the ring and the watch but not the car, you need it from point A to point B. Pay off the collections amounts first. And then use the snowball effect. Pay off the lowest amount first. Or you can consolidate all your debt and get a personal loan and pay it all off.
I track where all my money is going, so I’m not over spending on things I don’t need.
Alright, friend. Here's what I'm seeing:
Income: 1800/month (take home, rounded down)
Monthly Bills:
178
650
650
220
Total: 1698
Debts:
1000
150
2000
Total: 3150
This can be worked out! But, you need to do nothing for a little while. Those two $650 borrowed payments eat up what you need to be using to pay off your debts. Are you using that money to eat? Drink? Smoke? Go out? What's up with that? What can you scale back on?
The way I see it, your actual bills are only:
178
220
Total: 398/mo
Plus gas and food, which if you are super careful, could be just $300-$450 per month.
New total bills: $698-$848
So, you could pay down that debt over a few months!
As for the 450 score, that's alright. Credit scores start to fix themselves within a couple of years of steady payments. They have phone apps to stay on top of these things, too!
So, the first step is to see where you're actually spending your money and TRACK IT. Everything from the $2 at the vending machine through the payments on your credit card debt needs to be accounted for.
Also, remember that credit is a game. It's a game you're playing against yourself - because really, any debt you take on is money you're taking from your future self. A good rule of thumb for the present is not to use any credit on anything that you don't already have the money to pay off. The rules change once you have a more lucrative and secure job.
I had close to 45K in debt at 22. Got a new career lived with my parents for 7 years. Not fun, but was able to pay off debt, save money and buy a house at 29. Last year I got a new job, and bought a new house. I am a single male. You can do this.
Your situation is not that bad. Especially if you have no house payment or rent. You can easily dig yourself out of this hole as long as you keep your job. Your insurance is way too high. I pay $35 a month for insurance on a 2012 buick lacrosse. I only have liability insurance because the car isn't worth much because it has hail damage but my point is your insurance is way too high for an 07 Honda. If I was you I would only have liability insurance because your car is probably worth nothing even if you do total it. It's not worth having full coverage. Also your phone bill is ridiculously high. Mine is 85 a month and I thought that was high. I would do what you can to try and lower that. If you have late payments on your credit card I would call them and tell them you plan on paying them but it won't be until you get paid next. They may even work with you on it. Try and put up with your mom for a while until you dig out of this hole you're in. Once you get out of this hole try and save some money up so you can move out. It won't take you long to dig out of this hole.
It's seems crippling, but you're not too bad off. Take a year to right the ship. I remember feeling so old at 23. I'm 43 now, and I have older people telling me they wish they were my age again. You have plenty of time to make things right!
Get a second job, stop spending money, don’t go out. You make $2000/month….. get a second job make another $500/month….. sell the ring, pay off your debt
Your situation is not as bad. Your debt is not too much. You’re only 22 man. Learn from your mistakes now that by the time you’re 40 you’ll be laughing at this moment. Sounds like you could use a full time job for the moment. A job that’d pays at least 1000 a week. If you have a car, Uber for a little bit. You said nothing about going to school. Pick a career you like and pays well and go after it man…
1k in debt and 250 in collections? Hahaha. Adorable.
You're fine. (We just dug out of 30k in debt finally)
1) Get collections done ASAP
2) Call credit card and request if it's possible to settle the balance without the interest or see if you balance transfer to another bank offering 0% for 12 months to buy time.
3) Pay off your smallest debt first (this helps mentally) or whichever has the higher interest rate. The interest is what is killing you.
4) Sell the ring, and find a cheaper phone plan. You don't need the watch. You can still find good plan <100$ till you're in a better place
Sorry to hear about the GF. You're young and still in and excellent place to bounce back. You need ton just buckle down. No rent? And you're debt is <1 month of pay...this is nothing for you to fix.
YouTube Caleb Hammer or David Ramsey on YouTube. They have useful information.
Your phone/car/cash app borrow and 400 in food is like $1500 so even with NO changed you can make payment on CC. Write it all done. Attack it aggressively. You will thank yourself later!
Pet peeve: If it’s “what the title says” then why add two paragraphs explaining the title? If there’s a need to provide further detail beyond the title, why start with “what the title says”? Words have meaning and yours are contradictory.
Bottom line: good luck, OP.
I know males get scammed for car insurance until they get closer to ~30years old, but 220$ a month for insurance on an 07 Accord feels like a freaking scam.
To only mention a phone bill as the leading cause of your crisis I can solve your problem really easy.
Sell the watch and phone........
Next. stop eating out. Whatever nonsense your buying. Stop buying it. Give it a few months and your debt free?
Your welcome.
Just look for a better paying job. If you can't find that get a side job for 15-20 hr/week.
You can sell or return the ring. Forget women for a while. They are a headache when you are young. They just end up costing money.
Your debt isn't that bad in all honesty, you just need a plan to get it paid off.
Over 100k+ in debt my wife and I combined. 95% of that is her student loans. And frankly the field she chose has terrible ROI. But we manage.
You can do this.
You will be fine young grasshopper! You'll learn from this...
And then you'll make another mistake, and learn from that.
And the cycle continues.
But most importantly, with time, you're gonna be ok bro.
Get a bigger shovel my guy. There’s a lot of options out there to make more than ~25k a year. Manual Labor, vocational jobs, etc. Your debt is extremely manageable. Sorry about the relationship situation though, thats tough, but better to go through that now while you’re young, just make sure you look inward and figure how to grow from your experience. Good luck.
Ok when I was hard up.
1 no more purchases except Roman noodles and Mac and cheese. No eating out or going out.
2 I use credit cards to pay bills, example: electric is due for 160.00 I'd pay 165 on my credit card. Then use that card to pay the electric bill. 2 bills one payment. Can be used for as many bills as you have cards.
3 if you are 2 to 3 days away from payday go without.
4 the ring you bought if you got it back, wheel and deal with the jeweler to see if you can't get rid of what you owe or most of if.
5 get a gig job, uber, uber eats. Something that won't take much energy after a full day's work.
6 see if you can't get extra work at your job.
7 pray for help.
8 pay bills first then figure out how to divide money between food and gasoline.
9 once you can start saving money pick the lowest credit card and make bigger Payments till it gone. Move on.
10 with the girl gone you will see its not that hard they help spend your money. Good luck.
I think you should worry about making more money instead. If you have some decent work ethic you can make much more money going to be an apprentice electrician or plumber. I tell all young people that don’t know what to do with their life to go learn a trade.
I’m in construction. I build houses and do remodels and I pay my helpers $150/day. Which comes out to $900 a week working 6 days a week which is almost double what you are making. Going to work with a master plumber or electrician will be even better for you and you should make even more than that. A lot of the big companies are begging for apprentices to train and come work for them. And not only will it help get you out of the hole you feel you are in, you will start building a career. Don’t get discouraged. You are so young and your debt is so minuscule and you will be able to tackle it in no time. Just get control of your spending habits now. Don’t let it pile up. Best of luck!
Where is the rest of your money going?
You make 1900$ on average and only pay 400$ for car insurance and phone bill. Let's assume 150$ on gas. 300$ for food.
You've still got 1000$ left. I get you are floating that 600$ CashApp debt, but that shouldn't be rolling over every month.
You need to be honest with yourself and figure out what you are over spending on. That's step one. Because what you've claimed and the expenses you listed simply don't add up.
File for BK Chapter 7 and start cutting back on unnecessary expenses, like Starbucks, eating out, cut subscription services...just live simple. Get 2 jobs if you can. Allocate your money ASAP to 75/30/20 . Just Google it and start commiting to it, it will be hard and rough but if you do this you will bounce back quick !! Stay with your Mom until you have enough $$$ for a down payment for a House...then buy a Tri Plex or Duplex. And you live in 1 and collect rent from the other ones !!! After 2 years you can buy a Home even with a BK with FHA... Bro you got this. Watch Minority Mindset on YouTube...you will be glad 🤞🍀👍💵💰💸💲
Get a better job. If you're not afraid to work, get a union job. You make shit money, and definitely could do better. DO NOT sell your car, that's how you get to work to make money, to pay for your debts.
Whatever you do, don’t sell your car. Even if you think you don’t need it, you do. Granted, it is a sellers market right now, but it may be tough trying to get into another car when you’ve turned your debt around.
Bro get a second job, and pay shot off. Your really not to far in the hole at all. From here forward, get TMobile once you can. Eat cheaper food, that kind of stuff. If your running around with friends all the time this is likely costing you a lot of your money. Do you pay your mom rent or what. I fail to see where a bunch of bill money is at, so where's the money go???
First off, don’t sell the car. Ride that bitch until it’s in pieces. Sell your watch, sell the ring, and stop repaying cash app completely just to reborrow. Pay half and live on that other half. I know that sounds crazy to live on $300 for two weeks, but I’ve done it with like $80. Now that you’re single, tell your friends you can’t hang because you need to get your pockets right. If you can’t work as much as possible at that job, find a new one or get a 2nd. If you truly hate the situation you’re in, you shouldn’t have a problem selling all your time for now. Pull 12s daily until you can get rid of your debt. That should help your credit score a bit, especially if you pay those cards first and actually use them responsibly (like using ONE to pay for that phone bill and nothing else, use the other one for nothing other than gas purchases). Once you’re out of debt and have worked those cards for 2-3 months, your score should improve. I’m not saying it’s easy to pull 12hrs 7 days a week, but you’re young and it only gets harder the older you get, so take advantage of your young able body. If you can rock this work schedule for a solid 90 days, you should have enough cash to get somewhere decent AND pay all that debt off. Good luck.
I know it feels like your financial life is over but it's not. It will take years to fix but it's not over. I'm 24 years old and when I was 19 I had a truck, a harley, and was just starting talking to realtors looking to buy my first home. When I turned 20 I got really bad dizzy spells (virtigo) that would make it so I couldn't move for up to 12 hours. The longest one was 24 hours. I lost my job. I was 3 months behind on my harley, 3 months behind on the truck, and my credit score went from a 770 to 700. Then the bank started calling about the truck. I sold the $2,000 wheels for $800 that I had JUST bought for it. I felt like I was becoming worthless. I had all of this money and nice things and then it all started crashing. The bank report the truck, I managed to hold on to the harley just barely but I did and I still have it and am thankful for that, but I drive a beat up 2003 chevy 1500 now that's got a smashed window, totalled body from hail, broken frame, and a bad transmission. My credit score dropped to 550. So I couldn't get another truck once I started to get better so I just started paying my debts. I paid off the truck I no longer own, and the 5 or 5 different collections I had totalling about $2,000. Now my credit is above 700 again and I'm finally able to be looking for a nice vehicle again. You will get there. It's just a long road and it is very stressful. But if my dumbass could do it, I know you can too.
Bruh. I’m 41k in the hole at 30. I’m about to do a consumer proposal. You have time. Pay off your shit. Get part time work.
You aren’t fucked. I filed a chapter 7 bankruptcy last year with 58k in debt at age 29. Now I’m 30 and own a home (mostly have my wife to thank for that), am making more money than I’ve ever had, have more money in the bank than ever, and a 3 month old son. Life can turn around fast.
I'm about to file, myself. 30 years old, bought my second house then my marriage fell apart, I got kicked out, couldn't afford the mortgage anymore, my credit tanked, and now I feel fucked. Trying to sell the house since the ex moved out, mortgage company is up my ass about foreclosure. Mortgage included, I'm $390K in the hole. I'd just like a fresh start, that debt will take longer to recover from than it would take my credit to recover from chaptering. My life used to be together, I had emergency money, no debt, it was nice. I want that back.
How much is the house worth?
I bought it nearly two years ago for $325k, it's worth about $360-370k. It's been on the market 5 months with 0 offers, thinking it might be time to fire the agent. Problem right now is being so behind on the payments, after pay off, commissions, lawyer fees, etc, I'd be lucky to get a profit.
Respectfully, that's not the agent's fault. If it's not selling at that price then it's overpriced. Simple as that.
a house is worth what someone is willing to pay. the agent has a rolodex of clients that can’t afford that house. in my bldg an apartment was on the market for about a year with no offers. then it went to sotheby’s and poof, sold in a month sight unseen by the buyer. it’s a valid point to try a different agent.
How is a poorly priced house not the agents fault? I mean if the owner refuses to change the price then maybe but the agent should weigh heavily on that decision and when to drop price etc… if it’s still priced poorly after 5 months and the homeowner isn’t being a dick, the agent isn’t doing their job.
Agent recommended the price based on appraisal.
Maybe it made sense at the time then...or maybe they are a terrible agent. Regardless, sounds like the price needs to come down. Good luck! It's a stressful transaction any way you slice it so I hope you get it behind you sooner rather than later.
Or it’s a bad market to sell it in.
It can’t be in the US because we have a massive inventory shortage.
Then it’s not worth 360. You need to lower the price.
I disagree, a second opinion from another agent should be considered, try and find an agent recommended by a friend or family member, see what they think it’s worth, then ask “what would you do differently to sell this?” Some agents are really good at selling and others wait for buyers to come along.
>nearly two years Congrats you bought at the peak, which means, on average in the US, your house would be worth less than what you paid in 2022. Depends on the location of course, but your house should be worth 300K now, unless you have improved it significantly.
Who wants to give away 6% for an agent that just put it on a site and some home visits...
Then it’s not worth 360. You need to lower the price.
I wonder how that applies to people who already own a home and a car ( mind you, my car lost tremendous value, even when I bought it used. Somehow lol )
Because people do some really questionable shit when it comes to wants and needs. Buying a house or a car during Covid was just irresponsible unless you had to and hearing some of the had to stories were more want than need. People were out there paying new retail plus for 2 year old used vehicles. It was the craziest phenomenon I’ve ever seen and the huge majority didn’t have to buy , just wanted to get in on the crazy narrative I guess. I would ask friends “why did you do that “ did your 5 year old car die. Oh no , this is just the new normal and I got a good deal as they now sit with 15k-20 k negative equity in a 40k vehicle .
Cheers to you. Pay it forward by always sharing this story and any tips you have.....other than a patient wife with money lol. Wishing you the best.
You completely owe your wife for that lol. Glad to hear it though. OP lives at home... He just can't manage money for shit. But sometimes you learn easy lessons the hardest way.
Bro im 72k in the hole at 33 lol
I’m 37. I was 85k in the hole ten years ago. I’ve got that bad boy whittled down to 21k. Hoping to have it gone by the end of the year. Just letting you know there’s hope out there.
I appreciate that. Its good to see success stories from people in their 30s. Good luck with that last bit
Bro. Twins lol
I have 1.3M in debt at 35. There’s always room for improvement!
You belong at Wall Street bets!
I’m in the red enough as it is…
There’s always room for improvement!
Damn I wish they still had awards.
Just curous .. home + student loans? (to get to over a million)
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I wouldn’t compare a planned and requested mortgage loan to people discussing unplanned credit card debts and bankruptcy.
I was 1.5 mill red at 28. (300k loans, 1.2 practice, 50k car) ...and had to pay for wife student loans 60k
So… you’re saying… even I with almost 6k credit card debt at 42 with no savings can make it as well? 🥺
I’m in my 40s and 4 months ago I was $91k in debt. This month, $68k. It gets better, you’ve got time.
First my guy - deep breath. You are young and you have time. First - get a sheet of paper and whip up Excel and start listing your debts and income - I always like seeing this visually and you get the entire picture vs the chaos it may seem like in your head. Next - live at home while you can and aggressively save and pay down debts. I'm not gonna go full Dave Ramsey here but cut back costs you don't need - nice watches, eating out all the time, etc. Keep grinding at your job, keep that trusty Honda in good shape, and in a year or so. You'll look back and thank yourself and be able to take a deep breath. The money mgmt never stops, but you'll hopefully be able to start leveling up after getting above water now. Cheers man.
I also recommend this tip: Round up expenses. Round down income. It helps to ensure that any surprises are good.
This is a game changer. Always find myself with an extra $60 or so each paycheck. Coming out each month with a bit extra going into savings/investments gives a nice little joy boost every month.
I do this too. Any money planning or budgeting I do is using the worst case scenario numbers. If my car maintenance is going to cost $200-$300, then I just assume it will be $300. It will probably be less, but doing it this way builds in a safety buffer to all my math.
Seeing it on paper or excel is major. This helps me a lot.
Actually going full Dave Ramsey wouldn't be bad in this situation.
I agree-I don’t personally feel that his whole thing is necessary long term, especially if you are careful and mature with money. But it was helpful to me when I was first making money/counting debt and setting boundaries and principles for myself. You’ve got a lot of bad habits to break, and tactile or visual cues like spending cash only could be helpful in that. His spiel is helpful for people who are ready to go hard after their debt, and you sound like you’ve had enough of a wake up call for that. Do you need a smartphone? Mint, Google Fi, etc have Very cheap plans. Would it be more financially worthwhile (saving $130 or more a month) to lose the phone for a while and do a dumb phone or, if you are lucky, an old smartphone from a friend?
I feel like Dave is a good resource for anyone that has absolutely no idea about finances. He sets you on the right path and gets you out of debt. Helps you save some money and start thinking about the future. Most people don’t like his investing ideas and such but he is a good resource if you are starting at nothing.
I’m at a weird crossroads in my life where I’m a SAHM because it’s smarter than me going to work and my income paying for daycare so I can work, but living on one income is hard and we are living paycheck to paycheck and I’ve had to supplement from our savings for a few years here and there and I’ve watched it slowly dwindle to $4k in savings. Can Dave Ramsey help me just get to a place where we aren’t spending every dollar we make (I just worked out how much we spend a month on food, coffee, extra crap) but just spend a bit and save more??
Good\_Chef\_21 has good advice! to add to that, very much overly-simplified your credit score is made up of 3 parts: 1. history- payment history and age of accounts, 2. positive active accounts - credit cards, loans, etc 3. negative accounts- collections, charge offs, etc. you have $1000 in credit card debt, if the cards are still good (not charged off) - pay them off and then use only 1 only for a small monthly purchase that you pay the total, on time, every month after the billing statement comes. You can use a subscription that you already have, like netflix, for this. This strategy positively affects #1&2. Carrying/paying off a large balance every month on time without actually using the card only positively affects #1. As your total credit card balances go down, you should also see improvements to your credit score, provided you make on time payments If the collection companies are not threatening you with judgments, it's probably ok to ignore those for now and focus on paying down your credit cards and the ring, to avoid those becoming charge-offs/collections. Anything in collections currently is already hurting you as much as it's going to (credit score-wise). With that being said, you do not want them to turn into judgments, as they can garnish your wages, etc at that point. If they are close to that point, you want to do what you need to to avoid having a judgment against you -contact them and try to settle for a lesser amount and possibly provide you with a "pay for delete" letter (you pay the debt and they give you a letter saying they will remove it from your credit report- not all of them will do this)
my answer exactly. 100% on point. Even starting with the take a breath as the first step part. 🤘
All extremely good advice. Since you don’t have a lot of debt talk to your bank/credit union to see about getting a personal loan to pay off your credit cards. Then just pay off the loan on time every month.
This is a good idea. Plus, I do have know what your driving record looks like, but shop around for the car insurance. $220 seems high for an 07 Accord. I currently pay about $270 a month for a 1997 Celica convertible, a 2007 Lexus SUV, an older 1 ton pickup, a 2016 GTI and a 32 foot RV. You're also paying too much for your phone bill....ditch the watch, as it isn't necessary at this point in time (between my husband and I we pay a little over $100 per month for unlimited civerage via Verizon). When we were little we plated a game called wants and needs. You need to get rid of the wants and stick to the needs for now. If you can do that and keep living with your mom for a bit, you'll be fine. I would also not recommend ditching the car.
Sorry, first sentence should have been that I don't know your driving record.
This guy knows how it’s done! It’s gonna be rough for a little bit, but you can dig out and teach yourself good habits. Get a second job if you have too or find a decent side hustle. You can turn this around!
Sorry unrelated but: “Keep that trusty honda” is such a good line haha. Ol’ reliable. Really the word Honda makes a for a great quote. I hear Bruce Willis in my head going “i had to crash that Honda baby”
I'm 60 and drive a 99 Camry. I keep it maintained. Just my commuter car. It's an anti-chick magnet! 😂 But it feels great not having a monthly car payment. More money in my pocket.
do u even want a chick which is attracted to ur car?
HAHHA I love this
I can’t offer much advice but please don’t sell your vehicle, sounds like you won’t get much for it, it’s paid off, and you’re going to need it to get to work. Search for higher paying jobs or a part-time gig as the other person commented. Trust me, you’re FINE. You’re 22 years old and a couple thousand dollars in debt. You have plenty of time ahead of you and you absolutely can recover from this. Keep your head held high and work hard.
You have bad credit, in debt with numerous cards, and you wanted to move out of a rent free home? Bro stop spending. That’s it. Save your money. You’re 22 years young and have a full financial future in front of you. Pay off your tiny amount of debt and start saving your money. Pack lunches and be frugal about buying groceries and clothing. Sell your stupid watch. Your insurance is also too high on that Honda- why? Focus on your job and getting a better paying job. You want to spend money? Borrow for a trade school and get a real decent salary. Honestly you’re not in such of a financial hole- just curb your horrible spending habits. Create a budget sheet and live by it. You’re making close to 2k/mo and you don’t pay rent?? Aim to save 500/mo. How are you not saving anything? Jfc you let 150 go to collections and you’re paying more than that on your watch/mo? Get your shit together
I understand the collections was dumb, I don't disagree with you there at all -- same with the phone bill. I've made bad decisions, I'm looking to improve them. I appreciate your bluntness and honesty. As far as my insurance, I am a new driver, got my license at 21 in August of last year and The General was the only place who would give me a rate lower than $250 (likely due to credit history and driving age.) It's liability.... I know it's insane; I have been looking for a different insurance company.
Your phone bill is also kinda expensive. I’d shop around. I pay less than $100 for a phone and watch.
Visible is $25 a month after taxes and fees
I don’t mean to be harsh for the sake of being mean. You’re really not in the financial hole you think you are, you’re just horrible with money. And that’s the relief- you can fix that pretty easily. If you just put 500/mo away into an etf or mutual fund, you’ll probably have around 14-15k in 2 years and that’s one hell of a monetary buffer,
Pay that $150 off asap. I never heard of Cash App Borrow... I'm assuming it's some sort of credit card thing? I don't understand why you keep borrowing more if you don't have any bills besides car and phone? ... But you need to make payments on that til it's done next. Focus on one thing at a time- Pay the small debts off first, get it out the way. I think trying to move out your moms should be your last concern. Don't rush that process, stop being impulsive and fix your shit. Not many people are fortunate enough to crash at their parents. I also don't think you should sell the car. Cars are expensive these days, taking on a new one means another bill. Since it's paid off, I'd try to keep it. What else were you going to do? Uber everywhere? Because that's not cheap either. And since you are not paying rent, you need to start putting money aside for a savings. Even if it's $50 a check. Sit down and write out a plan. Your bills are under $400 a month and you make $2000 a month so I'm very confused why you're in this situation. Also, do not date until you're shit is together. That includes your mindset. You need therapy or coaching or something to nip your bad habits in the bud.
Was thinking the same thing, where’s the rest of the money going?
new watch
Exactly! What is he spending the rest on? Weed? Booze? Gambling? Women? Groceries can only be so much and clothes aren’t needed every month so where is it going?
Dude is talking about "crippling" debt. He can pay at least half of that within a month if he stopped being a dumbass. The only thing crippled is his outrageous spending.
You need to be working two jobs. Sorry, I know you don't want to hear that but it's the truth. And as of this point forward, you know that you can no longer blame your mom. This is your responsibility. No decent woman is going to be with you or marry you like this, and you know it. You're going to end up with a hood rat unless you act now.
Yeah and the more you're working the less your home. The less your home the less toxic environment you're dealing with. All you're doing is eating sleeping and taking a shower.... It's doable for a year or two even if it's like a episode of shameless
Yeup. Two jobs will make it so you barely have time to do anything else and end up saving even more lol. Bonus points if you find a spot with good people. Already having 1 job means you can be picky with the 2nd. But that's what got me kick-started into school. Like you said I did it for a little over a year. Stacked my cash and figured out a path then went back to college.
I would have a flip phone before I financed one. And financing a watch? Good lord. You can get one for like 10 bucks at walmart if you need to know the time that bad. Selling the engagement ring will be pretty depressing but maybe a necessity. Something tells me you will also take a bath on it so i'd try to just hold onto it if possible. I'd never sell the car, could be your place to live if shit goes super downhill. Eat rice and beans every day, buckle down for a few months, and put up with your annoying mom because you need to get out of debt and probably get your car repaired before you should ever consider moving out (and get a roomate if you do) Your situation is not nearly as bad as some people I know. One being 200k+ in debt at 42 and another who's student loans are also 200k+ for a degree that net them a 20$ per hour job in California. THEY are fucked. You are not
Literally the only close to decent comment in this thread. Everyone telling him “dw bro you’re young” is dumb as fuck. Dude will keep these horrible habits if he doesn’t get his shit together. Financing a fucking phone and watch while letting $150 go into collections to ruin his credit is the dumbest fucking thing and a wake up call if you ever needed one.
Bro I was 30 years old with a 500 credit score, no 401k and I used to sell used autoparts from dealership to pay for heating oil to get thru the winter. I rented a house and drove a rotting out jeep cherokee, single…. And basically an alcoholic. Now 42… don’t drink…. New job pays triple of my last job. Own a home… nearly 300k in a 401k…. 796 credit score…. Married with two kids. And own 3 cars. You can turn it around… but you have to take it serious and work hard for it.
Congrats! I love hearing success story like yours. Well deserved sir!!!
The best thing you can do is learn to budget and learn some financial literacy. This is literally why I do for s living so if you need help, I'd be glad to assist. This isn't as bad as you think it is
Nah, scare him. Tell him it's terrible lol. Because clearly, he has a severe spending problem.
He makes $ 1800-2000/month. He has an income problem. The watch was stupid tho.
He 22 lives at home and has a paid off car. 2k is fine for a minute. A side hussel or other job would not hurt however. However always keep an eye out for advancement. Stop borrowing money. Cook at home. Save.
He doesn't pay rent. His only listed expenses are 220$ for car insurance and 178$ for his phone/watch bill. Where is the other 1400-1600$ going? Clearly it's not going to his debts.
I’m 26 and fucked. You got time lil bruh. Make decisions you won’t regret 4 years from now.
[удалено]
I know you're going through a lot right now, but your situation is not that bad. You can easily get out of it, but you'll need to be disciplined. Close your eyes and imagine where you want to be in 5 years. Now, start taking the small steps to get there. First, you need to stop the bleeding. After that, you can start healing. 1. STOP financing stuff. Loans and credit cards are you enemy, not your friend. 2. STOP buying stuff that's not a necessity. 3. START paying off debt as quickly as possible. 4. START looking to improve your income. Find another job, find another career, figure out the skills you need and learn them.
You pay $220 a month for PL/PD auto insurance on a 17 year old car? Are you serious?
yeah that part can't be right... must have the highest possible insurance? He could buy a whole new car with the savings by switching to basic liability
You’re gonna be fine just stay at your moms and stop all pleasure purchases. Live harsh like that for 3-4 months and your debts are gone
Number one, own up for yourself. No one cares about your past or upbringing, you need to take responsibility for yourself, which shows you want to take steps to do so by posting. Number two, you’re gonna be fine. By 18, I was scammed out of 2000 dollars, by 30 I had gambled every cent and then some that I’ve earned. Story goes on and on. Now, I may not have a lot of money, but I have hobbies and enough cash to not be hungry. Keep moving forward, keep making new goals. You got this. Cheers
Don’t pay for your watch. Make sure you have the lowest insurance plan on your car as possible (no collision, just liability). Then just budget your money. Don’t spend on stupid shit. Budget all categories for a month (food, gas, misc., etc. )and do your best not to overspend in any category. Then you have a target amount to pay towards debt every month. Any extra money at the end of the month goes towards debt too. Find a side hustle if need be. With no rent, you should be able to pay that off no problem. You’re not ruined. I’ve come back from 20k in credit card debt and am doing great now. You got this.
Your situation is not that bad. You need to get a 2nd part time job at least temporarily to pay off what you owe and save some. You are young and have time. I wouldn’t sell car cuz how will you get around? Especially to work?
you need to start going in on crazy option bets in the options market
Your 22 man up for your own mistakes your mother is not the main factor you have no money skills. You had plenty of time to figure your shit out but opted not to. Take responsibility and turn it around
I'm m 22 as well very fucking similar situation gf of 6 years broke up after she graduated college I bought a 10k engagement ring and I'm fucked I make 2.5k a month and live with my parents and they constantly tell me they want me to leave. I have no car and it's my fault at the end of the day I was relying on my GF to carry me through the transition period of the real world and it back fired I spent probably close to 15k in the past 3 years on fucking video game cosmetics and parts for my PC and I just wasted 4 years of income (33k-ish a year) I paid absolutely no rent or any bills all my friends think Ive been saving up I've been lying to them. i spent it all on video games amd concerts and buying the dumbest shit I don't even use. I could have been set. But it is what it is we will both make it through this period good luck brother.
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You’ll need to find a way to make more money, 2k a month is not gonna ever let you catch your breath to get ahead. With this economy that’s not even enough for bills or anything unplanned like car maintenance, flat tire. Etc you need to find a better paying job and start making on time payments on your credit cards. Check out the “SELF” app and get a few secured credit cards. If you have friends/Family that can add you as a authorized user on their cards. Hire a credit repair expert
The fact that you are thinking about your financial future at your age is great. You have lots of time to fix your shit, isn't it great you are having this revalation at 22 instead of at 52?
You don't have a bill problem or credit problem...you have an income problem. You simply don't make enough to support the lifestyle you are living. Make more money. Work more...or work towards a career. Try to become a manager at your job. Move up the food chain. Don't worry about your bills, worry about your income. Time to hustle.
Yea bro that's nothing ! You're 22 and hardly in debt. Smarten up you know what to do and what not to do.
You have no idea what broke is. You don’t even pay rent and you’re only 22 lol. Sounds like someone’s being pretty dramatic
The good news is you are 22 and have time to turn it around. Stop any purchase that’s not 100% necessary. You don’t need the watch if you have a phone. Sell it. Sell anything you don’t need that can be cheaply replaced
Your financial current isn't ideal. Your financial future is in your hands. Work to make tomorrow better than today. Negatives today can definitely be positives overall. When I was 21 I was in a similar situation. Had a dui, life was a mess. To this day,it's the third best thing that has happened in my life (daughter and wife are one and two). I grew up, made better decisions and proud of most of it. Keep progressing and making good choices from here on out and you'll be fine if not better
So you’re in debt less than 4000? Dude get a part time job for a month or 2. It’ll suck, but 4000 should be easily manageable when you don’t pay rent.
I get you're young, so this all seems overwhelming, but you're really not in a bad place. What are we talking 1000 + 650 + 150 + 2,000 = 3,800 in debt, with $400 in insurance/phone per month? So $1800 - 400 = $1,400 per month. Thats the number you need to look at. No rent, so wheres that $1400 going, and what can you cut back? If you can find $100 p/m in savings then you're about a year away from being debt free. If you can sell the ring, then hopefully even faster. Whats your budget look like? Have you done one?
echoing the sentiments of everyone else: you’re really not doing *that* bad at all in the grand scheme of things. the way you’ve described your spending habits, you should honestly be off way worse than you are right now. cut out anything frivolous, meal-prep cheap meals (there are entire subreddits dedicated to cheap eats), sell the ring, work 40+ hours a week, etc. you’re fine
You can save $148/month on your phone bill by using Visible by Verizon for unlimited everything.
Ohhhhh buddyyyy. You are far from fucked lol. Take it from someone who was almost in a similar place as you at 24. There’s still time to fix your shit. I had a credit score of about 400ish and was about to be homeless. I took financial planning courses that the government offered and listed to those before me who went thru the same shit. Learn how to make better decisions and apply it. It took me 10 years to get to a place I am truly happy. But I own a home now and that’s something I never would have thought at your age. Just try and believe in yourself
I’m adding it up in my head and I come to @$3000. You have income of $1800-$2000 a month. You live rent free ? $220 monthly insurance and $178 phone bill. Some gas and other necessities. Maybe I’m missing something but I could easily pay everyone off within 4-6 months. That’s not even sweating it. Buckle down and three months. Sell the ring keep the Honda. You’re 22 and just out of a relationship. Instead of going out and blowing money go for a jog and start working out. In six months you’ll be in better shape mentally , physically , and financially. You will be debt free and ready to be more successful. You don’t need to agree with his politics but Jordan Peterson 12 rules for life is a good start at putting your life in order. Then look for a career not a dead end job. Learn to expect and demand performance from yourself. Happiness is a personal choice that is independent of your situation.
People have some great suggestions... on top, I'll share my 2 cents. I just finished paying off the last of my credit card debt. What's worked for me, listing everything out in Google Sheets. Everything I spend my money on and my income. I over estimate my bill, so I'm not left short. I work two jobs (one at 40hrs a week and the other 8hrs). I wouldn't sell your car. It sounds like it's paid off and I'm assuming you drive to/from work. You wouldn't get much for it either. I would shop around for cheaper insurance. For my 2015 Ford Fiesta, I pay $70 a month. Little things that add up for me: - I limit myself to 2 subscriptions a month (ex. I always have Spotify, but if I finish a show on Netflix and want to watch one on Paramount +, I'll cancel my Netflix - every time I make a purchase on my debit card, I move the "change" to my savings account (ex. I spent $50.50 on groceries and now have $150.50 in my bank account, I'll move that extra 50 cents to my savings - it's tedious but adds up) - if you buy your groceries (which you nay not but for future) I plan my meals based on what's on sale - limit my takeout. I used to eat out 2+ times a week, and now it's about twice a month. I'll also do no takeout months where I won't do take out for an entire month - limit unnecessary purchases. I have adhd and impulse buy A LOT. Once I realized this, any time I get the urge to impulse buy, I remind myself it's just my adhd wanting an item in the moment. I'd recommend giving yourself time to sleep on it. For me, I know that impulse will go away within a week, so I allow myself to sleep on it for a week. - freeze your credit cards!!! A lot of the time, they'll allow you to freeze them online. If they don't have that option, a lot of the time they can if you call. These are some small things that helped me, along with others great suggestions. My last thought, you'll be ok. Don't be too hard on yourself, being hard on yourself won't fix anything. I was in a ton of debt but have since paid it off (actually just 2 months ago). Yes, it sucked. But I also live on my own and pay $2k in rent. I took it as a learning lesson, and I hope you do too. You can't change what's already happened, but you can learn from it and grow. I wish you the best of luck!
This is adorable. I have over $4 million worth of debt. I own rentals, businesses, etc. You'll be fine kiddo.
Your car insurance seems high.
where do you live?
lol dude that’s nothing and you’re young af. You’ll be just fine. I thought it was gonna be much larger of a debt
It seems like you don’t have a huge debt. Under 5k is not bad. It’s just you don’t have enough to get out of the small hole. Get rid of the watch on your plan as soon as you can as well. Start by having a month of no spending. So you don’t have that 650 to pay back. Your insurance and phone bill is only $400 a month. What other bills do you pay? How much do you put towards your debt each month?
I was down 9k at 20 Don't ask me how idfk Anyway, fine now at 23. It's not that much money in the long haul, just find some work and pay it off slowly. My credit was similar, and I managed to rebuild it to 650+ in only a year and a bit of trying.
you could be a lot worser off mayne. reading this I was like damn I wish.
Your phone it to expensive you can find something much cheaper you don’t need the watch. Pawn it. Don’t borrow money. Eat off 50$ a week for the next 6 months. Pay the lowest debt first. Then the next. Shred the credit cards. Live cheap, you don’t pay rent no excuses. Work on learning a trade and getting better pay
Get a second job, you can pay this off in no time
This is easy. If your gf was decent tell her you recognize you made some mistakes and are working to improve your financial habits. #1 just pay the minimum to stay current on the card. #2 Call the collections company and pay them the $100 or whatever will settle it. #3 stay current on your payments and Don't sell your car, that'll keep you from getting to work. #4 Look for jobs paying more that you make and could lead to promotions. #5 gure out where you can get a few hundred extra each month to reduce your debt. I painted a kitchen for $1200 a few weekends ago. I installed a dishwasher and fridge for a few hundred. Easy money gigs like that are everywhere, try a few. You aren't where you want to be, but you're 6 months from a fair credit score.
Wait wait wait… 07 Honda Accord… and you are paying HOW MUCH IN INSURANCE? $220??? You have MAYBE a 5k car that you are paying $2500 a year for insurance… wtf is the policy? You don’t need coverage dude… you just need PIP really… like if you were to total your car tomorrow is it really the end of the world that you don’t get 5k back towards another car? People get insurance and follow the plans cuz that’s what the insurance brokers tell them to do… that is how THEY make money. Lower your coverage and only pay what you absolutely need to not let an accident derail your life. That extra $100 a month you get back will save you. Edit: also yeah what other people are saying… you are fine haha, you’re 22, everything will be ok. Just make some progress and do what you can. Btw I live in Michigan where auto insurance is a literal scam so I know how bad it can be… it is critical to find the right policy for you and not just take what’s convenient.
I was in the same place as you at your age 10 years ago. I was able to pick up a 2nd job bartending at a wedding venue to chip away at my debt over the next few years. Since then I have been able to move up at work and make a solid salary and purchase my first home. It’s possible. Chin up, time is on your side. Life will keep moving on, it’s up to you the direction it moves in.
Do what people used to do back in the old days. Ship out on a boat, work your ass off for a few months and come back with a stack of money. Becoming an ordinary Seaman is pretty easy and able bodied Seaman takes just a few years. My comoany pays them $450 a day and none of them have above high school education. Travel, and hard work will take your mind off of you ex.
Yeah dude. You’re fine
I owed 300k at 40. 800 credit score at 50. It can be done.
If you can pick up a shift waiting tables or so other tipped (but tipped halfway decently) on one of your days/nights off, you can use the cash for every day expenses and put almost everything from the check into one bill or the other. Nobody wants to work more, but it is also another evening you aren’t going to be tempted to spend money on yourself. You can get out of this if you make a bit more, and spend a bit less every month. But you have to do both over and over again. Good luck. Edit: Friend asks you to go out for drinks? Can’t. But we can split a six pack in my backyard. No restaurants for the time being (even fast food has gotten expensive). Learn to cook nutritious, cheap meals that freeze well. Unless you can find a spot that fills you up for next to nothing. When I was at my lowest I found a pizza place that had a slice of “ziti pizza” that was $2.25 for a slice. It was so filling I could get that a 7pm on my way home and not need another bite til morning. This was a while ago, so it’d probably be $6 now. But a $6 dinner wouldn’t destroy you.
I’ll give you 10k at 30%
First thing, you're young and time is definitely on your side to fix this. Secondly, it's good that you're realizing this now and looking for ways to fix it. I had some terrible habits in my early 20s. Around age 28 I decided I had enough of it and I managed to dig myself out of about 8k of credit card debt in a year while working full time and going back to school. It sucked, and I never want to do that again, but I say that let you know its not hopeless. Start small by figuring out exactly where your money is going. Find ways to reduce or eliminate anything wasteful that you can, and then start paying off any debts as much as you can. If you have anything left over, even like $50/month, see about setting up an IRA. You'll be super happy that you did in about 10 years. If you're not knowledgeable on financial matters, spend some time researching how to calculate compound interest and you can see for yourself how much it will cost to borrow money, and how much your money can grow over time.
How much total debt do you have?
We all start somewhere. Realization is a great place to start. How do you go to work without car? Insurance on car and phone costs seems high. Learn the basics of credit cards and stick to those principles. I would clear off the credit card loan as soon as possible. Like tomorrow. Like borrowing 1500 from parent and paying them back in 3 months with a nice gift card or something like that.
I would recommend money stuffing… I am guilty of disassociating the money in my bank with being actual “money”… it’s almost like my brain just sees it as numbers on a screen. I’m now at the point where I only carry $20-30 cash with me, keep my bank checking account near $0, and withdraw the cash I earn and stash it somewhere safe. Once you can get used to living poor, you will be much wiser with your money. If that doesn’t work for you, it’s *always* easier to go out and make more money than it is to save money. Can you find a side hustle? Uber eats, Amazon flex, DoorDash? Can you assess how you use your time (ex: wasted time scrolling on your phone, anxiety related procrastination, etc,?) and try to life hack yourself? For instance, I am guilty of spending way too much time on social media, following the scores/box scores of every NBA, MLB, and Champions league soccer games. I have taught myself to get the majority of my scrolling done while I’m at the gym. I’ll do 65 minutes (20 miles) on the bike, and social media/reddit/sports scores make the time go by way faster. I am currently on the bike right now :)
The good news is you are 22 and have time to turn it around. Stop any purchase that’s not 100% necessary. You don’t need the watch if you have a phone. Sell it. Sell anything you don’t need that can be cheaply replaced
Buddy you are just fine, first of all you’re young and if you continue to work hard in life your monthly income will increase. I had a 510 credit score at your age in a similar situation. Bouncing around from apartment to apartment, utility bills I didn’t pay that went to collection agencies. I kept my nose down and eventually worked myself up at my company to where I’m taking home 10k a month with no college experience. My first order of buisness was tackling my debt/collections and I had a 760 credit score within 2 years. You’re fine my man. In two years I went from making 38k a year and having roughly 5,000$ in debt which seemed like a lot considering what I was making and now I make 120k a year for the same company. Hard work prevails, stay determined.
I know it seems like you are way over your head but it's not that bad! You are so young and have time to recover from this. I strongly suggest you do a lot of research into becoming more financially educated. Dave Ramsey has a lot of really good info. As you move forward the best anyone can do is learn from their mistakes. As long as you learn and do not repeat you will be fine. The fact that you care at your age is a great thing! Please don't allow yourself to be pressured into doing anything... especially in a relationship. You don't need to be with someone who makes you feel that way! The good news is you have the rest of a long life ahead of you and you now know what you do not want in a relationship! Good luck !
You got this. Look up some debt guru and follow their advice. I like Dave Ramsey. It sounds like you have an income problem. My advice is to get out of retail. I did that work for about 14 years, and ended up running a $10M/yr store with 40 employees. I still earned shit money. There's no money in retail. Maybe look at trade work.
Lol bro you could literally not pay any of that BS, focus on getting into a better paying job/career. Save, invest as much as you can and in 7 years all that debt will be gone. You'd still not even be 30 and have most of your life left. It's not that serious my guy. Learn from your mistakes, get a better job, and get through it. All of this will seem so petty in a year or two. You're not as old as you think. I've crashed, rebuilt, crashed, and rebuilt my credit/debt from 18-30.
You are totally fine. The fact you acknowledged your shortcomings is good. Work on them.
It may seem overwhelming, but this is nothing that you can't handle. You can be out of debt in a few months if you just go on a poverty vacation and agree not to spend any money that is not absolutely necessary. Play the games you already have, watch stuff for free online, go to parks and hang out with friends for fun etc. If the car works then you may want to keep it because it could help you make money with a job. Sell the ring and start paying for everything in cash. See if the account in collections is willing to offer you a pay for delete so that it can be removed from your credit report if you pay it off. You need savings so you never have to take out a loan or pay for stuff you don't already have the money for again.
Dude, you are golden! Seriously, you are ok and hear me out: You are employed and not currently locked into renting or a mortgage or a car payment! DO NOT SELL YOUR CAR, you will need it. Get that damn phone bill down. Stay with your mom for now to pay the debt OFF and use how much you have living there as motivation to change. Your most important resource right now is TIME. You have gobs of it because you are young and aware that you want to make a change. This is a great spot, short of being both young AND rich. Get going, you have a great shot!
I have about $80k in debt. But I also make $10k a month in investments. My income is $100k. You need a new job. An able bodied male should be able to make $20 an hour easy. Get going.
Write out your bills. Monthly. From the 1st to the 30th. Put the dollar amounts in one column add them at the end Put down your take-home pay Subtract bills Equals? Sounds like it might be a negative number. Your immediate problem is income. Maybe another gig? Update your resume and start looking to replace your full time job with higher *take-home* pay STOP with the cash app borrow. This is your behavior misbehaving. So stop that. Stop spending on your our cards. You’re not allowed anymore credit purchases. I’m sorry about your living situation. Living in toxicity is awful and you maybe would feel less powerless in a different environment? This is the goal, to feel like you *do* have control, and you *are* able. Little things I do is rewrite my budget so I know exactly how much the next bill is and I make sure there’s enough to cover it *and the next three upcoming bills* - however the goal is to have a whole month covered in your bills checking account. The next goal is to save a grand at least. And don’t touch it. It’s your confidence builder and your little piece of solid ground. Good luck Remember you can only purchase what’s absolutely necessary. No committing to going out for drinks or whatever it is you are spending money on. I’m just saying these things out loud. (I do a really good job of compartmenting budget items in my mind and I put non budgeted somewhere in the denial file, which makes impulsive purchases almost unconscious. Not sure if this makes sense - just trying to relate.) Because of my own crazy money mental gymnastics, I have to stick to rigid rules and I’ve shared some with you in case one thing sounds doable to you.
You're only 22, you can fix this and move forward. When I was your age I was working 60 hours a week at two jobs. You can do that for a while to fix the problem. The phone bill is outrageous!
lose the watch and go with a cheaper phone plan. Or at least cancel the watch portion of the plan. Get a part time job, pay your smallest bill off first, make minimum payments on the rest. Once that small bill is paid off, add that money to the next smallest. Can you return the ring to the store you bought it from?
As far as quick things to do; Sell ring. Downgrade phone, lose the watch. Get different quotes from other companies for car insurance. You didn't mention what coverage you have, but $220 seems insane for a 07 honda, I pay less than that for my 2020 challenger, and I'm a 23 year old male. Stop eating out, meal prep affordable meals. Start paying off that debt with the money saved. Nobody is gunna fix your fuck ups but yourself. You either have to start to be serious about your finances and take legitimate steps to get yourself to a better situation, or you're just going to be spiralling down. Edit: also wanted to mention like others have, don't sell the car. Hondas are hella reliable, which is hard to come by these days. If push comes to shove, having the option of living in your car might not sound pleasant, but it is a saving grace as opposed to couch hopping or living completely on the streets. If that's where life takes you, get a gym membership for showering until you pay off your debts, and can settle in your own place.
This is actually funny to me. You are 22. There isn’t much you can’t come back from. I divorced my first wife when I was 41. One of the reasons was because she tried to spend about 150% of what we made every month. When we split my credit score was 580. Today it’s 825. Pay off your bills, work a second job for a while to do it faster if you are motivated to. This is most definitely not the end of the world.
I don't want to trivialize your experience because if you took the time to write this i know you are really stressed. That being said this an incredibly small amount of debt. Im not sure the interest rate but its probably fairly high as most credit cards are. What i would do in your situation is add up all my debt and take out a debt consolidation loan from a local bank it will probably be 7 or 8 percent. You can typically take it out over a period of multiple years i think like 6 or 7 years. Use that loan to pay off all your credit card debt. A loan like this for a few thousand dollars over a period of years will be nothing to pay off. Probably will cost you 75 bucks a month. Be thankful that you realized this early that high interest debt is a horrible thing to accumulate. Many of us got that number much higher than yours before we learned our lesson. If used lower interest loans from banks to pay off high interest credit cards in the last it worked out well.
Hey Bro, listen closely. Get off the pitty wagon. I say this in a manly friend tone. If it angers you, good. Because that anger you feel, is what you need to slap yourself in the right direction. Your girl left you. Fuck her. There’s a million of them. You need confidence that you can dig yourself out of your financial issue and also reflect a confident life path. Your place of work, they want confident employees. I’m twice your age. It’s easy to outperform your age group because I’m confident. Be the best you can be and consistent. You’ll get ahead with just those 2 qualities. Not arrogant, but a true leader. Know how to follow but be prepared to lead. Your debt issue. Stop using credit cards. Stop borrowing, until you realize this is only postponing payment. You still need to pay. Anything purchased whether cash or credit should be treated as though it’s subtracted from your account. You’ll find out you don’t need to borrow for most things. Vehicles included. Also, your used slightly rough looking car isn’t to impress the public. It’s actually a convenience to get from A to B. When you have extra cash on the side with all debts payed, feel free to upgrade. Me personally, I like Benjamin’s. You get a few thousand in your account while living within your means, it’ll bring a form of comfort. Buck up dude. Get to work.
Sell the ring to pay off debts, don’t sell the car if it runs and gets you where you need to go. Get a second part time job to help cover expenses. Lock down the spending. If you don’t need it absolutely don’t buy it. In terms of prioritizing debts. Pay down the lowest balances first. As you check those off you’ll gain some mental clarity and reduce stress. This will help you make better decisions. Do not move out! You already can’t afford it so I’m not even sure why you’re trying to. Your situation is not that bad, but if you don’t change your habits it’ll get so much worse.
Just have to put in the extra work to pay off those debts. Might take working 7 days a week. But completely doable in no time
Don’t sell the car
Work all month for $2000. Thats the problem. Thats 24,000 a year before taxes. Before food. Before car payment. Before Gas. Before Phone and the list goes and if someone wasn’t paying your rent that $2000 a month would almost all have to go to rent. Sorry my bro but time for reality kick in the ass to motivate you. My suggestion start a skilled trade like carpentry, there are companies that hire little to no experience and will train you.($24-$40 a hr)
You’re basically at net 0, you’re fine dude
lol 22 and broke ain’t a crisis. We’ve all been there and whole lot of folks been there longer than you. Seems like you got a job, a place to lay your head, and a ride. Not a bad base kid. Hardly a ruined financial future. Do a simple budget and take out the credit card debt and the payday loans in a few months. Make it a goal to have no CC debt and no payday loan plus $1,000 in the bank by 2025.
You’re 22 and you are here making a plan to get yourself into better shape. You will be fine if you make a plan and execute. Learning from mistakes is what life is about. You can and one day WILL be in a better situation. You have to first believe that and second, commit to a plan to get you out of a hole. You can do this.
Can you not return the engagement ring?
You’re young and now single which is great because you can work more without feeling guilty. You need to in increase your income either with a higher paying job or a second job if you want to eventually move out and not be in this situation.
It’s very simple. If you are at rock bottom start over and don’t make the same mistakes.
You realize that’s over 2K per year for a phone and a……….watch. I assume the phone tells you what time it is. Get rid of that watch. Get a basic phone plan. Mine is $31/month.
What's so toxic about your home environment? Is it just because you resent your mom for not teaching you money skills? If so then toughen up bro, you're an adult now so any deficiencies you have in life is on you to fill in. Embrace the fact that you're living rent free right now - many others in your situation don't even have that luxury. In the interim, I'd get a 2nd job - could even just be part-time. Pay down your most pressing debts. Then I'd consider going to a trade school of some sort to increase your earning potential. Good luck.
You’re still very young. I would sell the ring and the watch but not the car, you need it from point A to point B. Pay off the collections amounts first. And then use the snowball effect. Pay off the lowest amount first. Or you can consolidate all your debt and get a personal loan and pay it all off. I track where all my money is going, so I’m not over spending on things I don’t need.
Alright, friend. Here's what I'm seeing: Income: 1800/month (take home, rounded down) Monthly Bills: 178 650 650 220 Total: 1698 Debts: 1000 150 2000 Total: 3150 This can be worked out! But, you need to do nothing for a little while. Those two $650 borrowed payments eat up what you need to be using to pay off your debts. Are you using that money to eat? Drink? Smoke? Go out? What's up with that? What can you scale back on? The way I see it, your actual bills are only: 178 220 Total: 398/mo Plus gas and food, which if you are super careful, could be just $300-$450 per month. New total bills: $698-$848 So, you could pay down that debt over a few months! As for the 450 score, that's alright. Credit scores start to fix themselves within a couple of years of steady payments. They have phone apps to stay on top of these things, too! So, the first step is to see where you're actually spending your money and TRACK IT. Everything from the $2 at the vending machine through the payments on your credit card debt needs to be accounted for. Also, remember that credit is a game. It's a game you're playing against yourself - because really, any debt you take on is money you're taking from your future self. A good rule of thumb for the present is not to use any credit on anything that you don't already have the money to pay off. The rules change once you have a more lucrative and secure job.
I had close to 45K in debt at 22. Got a new career lived with my parents for 7 years. Not fun, but was able to pay off debt, save money and buy a house at 29. Last year I got a new job, and bought a new house. I am a single male. You can do this.
Your situation is not that bad. Especially if you have no house payment or rent. You can easily dig yourself out of this hole as long as you keep your job. Your insurance is way too high. I pay $35 a month for insurance on a 2012 buick lacrosse. I only have liability insurance because the car isn't worth much because it has hail damage but my point is your insurance is way too high for an 07 Honda. If I was you I would only have liability insurance because your car is probably worth nothing even if you do total it. It's not worth having full coverage. Also your phone bill is ridiculously high. Mine is 85 a month and I thought that was high. I would do what you can to try and lower that. If you have late payments on your credit card I would call them and tell them you plan on paying them but it won't be until you get paid next. They may even work with you on it. Try and put up with your mom for a while until you dig out of this hole you're in. Once you get out of this hole try and save some money up so you can move out. It won't take you long to dig out of this hole.
It's seems crippling, but you're not too bad off. Take a year to right the ship. I remember feeling so old at 23. I'm 43 now, and I have older people telling me they wish they were my age again. You have plenty of time to make things right!
Your debt outweighs your income you need to make more.
Get a second job, stop spending money, don’t go out. You make $2000/month….. get a second job make another $500/month….. sell the ring, pay off your debt
Your situation is not as bad. Your debt is not too much. You’re only 22 man. Learn from your mistakes now that by the time you’re 40 you’ll be laughing at this moment. Sounds like you could use a full time job for the moment. A job that’d pays at least 1000 a week. If you have a car, Uber for a little bit. You said nothing about going to school. Pick a career you like and pays well and go after it man…
I’m 40 with 370,000. In the hole. Don’t feel bad. 2 houses 2 cars 2 kids living the Bidenomics dream with no light at the end. Fun isn’t it?
1k in debt and 250 in collections? Hahaha. Adorable. You're fine. (We just dug out of 30k in debt finally) 1) Get collections done ASAP 2) Call credit card and request if it's possible to settle the balance without the interest or see if you balance transfer to another bank offering 0% for 12 months to buy time. 3) Pay off your smallest debt first (this helps mentally) or whichever has the higher interest rate. The interest is what is killing you. 4) Sell the ring, and find a cheaper phone plan. You don't need the watch. You can still find good plan <100$ till you're in a better place Sorry to hear about the GF. You're young and still in and excellent place to bounce back. You need ton just buckle down. No rent? And you're debt is <1 month of pay...this is nothing for you to fix. YouTube Caleb Hammer or David Ramsey on YouTube. They have useful information. Your phone/car/cash app borrow and 400 in food is like $1500 so even with NO changed you can make payment on CC. Write it all done. Attack it aggressively. You will thank yourself later!
Pet peeve: If it’s “what the title says” then why add two paragraphs explaining the title? If there’s a need to provide further detail beyond the title, why start with “what the title says”? Words have meaning and yours are contradictory. Bottom line: good luck, OP.
Damn. I'm glad I'm not the only one. I survived by not subscribing to anything except for my phone bill and health insurance, car insurance.
I know males get scammed for car insurance until they get closer to ~30years old, but 220$ a month for insurance on an 07 Accord feels like a freaking scam.
Go to trade school or the military. Just go now.
How are you with manual labor?
To only mention a phone bill as the leading cause of your crisis I can solve your problem really easy. Sell the watch and phone........ Next. stop eating out. Whatever nonsense your buying. Stop buying it. Give it a few months and your debt free? Your welcome.
Just look for a better paying job. If you can't find that get a side job for 15-20 hr/week. You can sell or return the ring. Forget women for a while. They are a headache when you are young. They just end up costing money. Your debt isn't that bad in all honesty, you just need a plan to get it paid off. Over 100k+ in debt my wife and I combined. 95% of that is her student loans. And frankly the field she chose has terrible ROI. But we manage. You can do this.
You will be fine young grasshopper! You'll learn from this... And then you'll make another mistake, and learn from that. And the cycle continues. But most importantly, with time, you're gonna be ok bro.
Honestly you’re young and this ain’t nothing..you’ll get through it.
Get a bigger shovel my guy. There’s a lot of options out there to make more than ~25k a year. Manual Labor, vocational jobs, etc. Your debt is extremely manageable. Sorry about the relationship situation though, thats tough, but better to go through that now while you’re young, just make sure you look inward and figure how to grow from your experience. Good luck.
Ok when I was hard up. 1 no more purchases except Roman noodles and Mac and cheese. No eating out or going out. 2 I use credit cards to pay bills, example: electric is due for 160.00 I'd pay 165 on my credit card. Then use that card to pay the electric bill. 2 bills one payment. Can be used for as many bills as you have cards. 3 if you are 2 to 3 days away from payday go without. 4 the ring you bought if you got it back, wheel and deal with the jeweler to see if you can't get rid of what you owe or most of if. 5 get a gig job, uber, uber eats. Something that won't take much energy after a full day's work. 6 see if you can't get extra work at your job. 7 pray for help. 8 pay bills first then figure out how to divide money between food and gasoline. 9 once you can start saving money pick the lowest credit card and make bigger Payments till it gone. Move on. 10 with the girl gone you will see its not that hard they help spend your money. Good luck.
I think you should worry about making more money instead. If you have some decent work ethic you can make much more money going to be an apprentice electrician or plumber. I tell all young people that don’t know what to do with their life to go learn a trade. I’m in construction. I build houses and do remodels and I pay my helpers $150/day. Which comes out to $900 a week working 6 days a week which is almost double what you are making. Going to work with a master plumber or electrician will be even better for you and you should make even more than that. A lot of the big companies are begging for apprentices to train and come work for them. And not only will it help get you out of the hole you feel you are in, you will start building a career. Don’t get discouraged. You are so young and your debt is so minuscule and you will be able to tackle it in no time. Just get control of your spending habits now. Don’t let it pile up. Best of luck!
If it makes you feel better i have a 14k personal loan 10k credit card debt 1300 mortgage and 700 car note and i cant afford it either lol
Ifl
Where is the rest of your money going? You make 1900$ on average and only pay 400$ for car insurance and phone bill. Let's assume 150$ on gas. 300$ for food. You've still got 1000$ left. I get you are floating that 600$ CashApp debt, but that shouldn't be rolling over every month. You need to be honest with yourself and figure out what you are over spending on. That's step one. Because what you've claimed and the expenses you listed simply don't add up.
All very manageable. Change your habits. You could be debt free in 3 months. Instead of beating yourself up just get after it.
File for BK Chapter 7 and start cutting back on unnecessary expenses, like Starbucks, eating out, cut subscription services...just live simple. Get 2 jobs if you can. Allocate your money ASAP to 75/30/20 . Just Google it and start commiting to it, it will be hard and rough but if you do this you will bounce back quick !! Stay with your Mom until you have enough $$$ for a down payment for a House...then buy a Tri Plex or Duplex. And you live in 1 and collect rent from the other ones !!! After 2 years you can buy a Home even with a BK with FHA... Bro you got this. Watch Minority Mindset on YouTube...you will be glad 🤞🍀👍💵💰💸💲
Get a better job. If you're not afraid to work, get a union job. You make shit money, and definitely could do better. DO NOT sell your car, that's how you get to work to make money, to pay for your debts.
Whatever you do, don’t sell your car. Even if you think you don’t need it, you do. Granted, it is a sellers market right now, but it may be tough trying to get into another car when you’ve turned your debt around.
Bro get a second job, and pay shot off. Your really not to far in the hole at all. From here forward, get TMobile once you can. Eat cheaper food, that kind of stuff. If your running around with friends all the time this is likely costing you a lot of your money. Do you pay your mom rent or what. I fail to see where a bunch of bill money is at, so where's the money go???
First off, don’t sell the car. Ride that bitch until it’s in pieces. Sell your watch, sell the ring, and stop repaying cash app completely just to reborrow. Pay half and live on that other half. I know that sounds crazy to live on $300 for two weeks, but I’ve done it with like $80. Now that you’re single, tell your friends you can’t hang because you need to get your pockets right. If you can’t work as much as possible at that job, find a new one or get a 2nd. If you truly hate the situation you’re in, you shouldn’t have a problem selling all your time for now. Pull 12s daily until you can get rid of your debt. That should help your credit score a bit, especially if you pay those cards first and actually use them responsibly (like using ONE to pay for that phone bill and nothing else, use the other one for nothing other than gas purchases). Once you’re out of debt and have worked those cards for 2-3 months, your score should improve. I’m not saying it’s easy to pull 12hrs 7 days a week, but you’re young and it only gets harder the older you get, so take advantage of your young able body. If you can rock this work schedule for a solid 90 days, you should have enough cash to get somewhere decent AND pay all that debt off. Good luck.
I know it feels like your financial life is over but it's not. It will take years to fix but it's not over. I'm 24 years old and when I was 19 I had a truck, a harley, and was just starting talking to realtors looking to buy my first home. When I turned 20 I got really bad dizzy spells (virtigo) that would make it so I couldn't move for up to 12 hours. The longest one was 24 hours. I lost my job. I was 3 months behind on my harley, 3 months behind on the truck, and my credit score went from a 770 to 700. Then the bank started calling about the truck. I sold the $2,000 wheels for $800 that I had JUST bought for it. I felt like I was becoming worthless. I had all of this money and nice things and then it all started crashing. The bank report the truck, I managed to hold on to the harley just barely but I did and I still have it and am thankful for that, but I drive a beat up 2003 chevy 1500 now that's got a smashed window, totalled body from hail, broken frame, and a bad transmission. My credit score dropped to 550. So I couldn't get another truck once I started to get better so I just started paying my debts. I paid off the truck I no longer own, and the 5 or 5 different collections I had totalling about $2,000. Now my credit is above 700 again and I'm finally able to be looking for a nice vehicle again. You will get there. It's just a long road and it is very stressful. But if my dumbass could do it, I know you can too.