I’m 30F and moved back in with my parents to focus on paying off my debt, but I feel like I’m falling further behind. I make about $3,000-$3,300 a month, and over $700 of that goes just to interest on my credit cards. I recently paid off my Amazon card, but here’s what I still owe:
Chase: $9,200 (APR 27.24%)
Citi: $14,000 (APR 27.24%)
Two balance transfer cards: $600 (0% APR, paying down before the promo ends)
I have less than $700 in savings. I pour most of my paycheck into the cards but end up using them again before the next paycheck. In reality, I’m paying around $200 monthly towards the principal on my Chase and Citi cards, but it’s hard to get ahead.
I’ve tried asking Chase to lower my APR, but they refused. Is there anything else I can do to lower these interest rates? I hate this cycle and can’t wait to be free of credit card debt.
Have you tried asking Citi and Chase about hardship programs? Sometimes they’ll lower your APR or help with a payoff plan. If not, you could look into debt relief programs, but check their fees and timelines first. Some companies like Freedom Debt Relief and NDR work with major banks, so they might be worth exploring.
@Cairo
Chase won’t work with you on hardship programs. I tried when I had unexpected expenses, and they wouldn’t budge. Instead, they pushed me toward a debt relief program, which took hours on the phone and wasn’t helpful. You can still call and ask, but don’t get your hopes up.
If you’re living with your parents and not paying rent, where’s the $3,000 going each month? Cut down your spending as much as possible and throw everything extra at your debt. You could aim to live on $1,000 a month and put $2,000 towards paying off your cards.
@Kerr
I pay over $1,000 a month for my car payment and insurances. On top of that, I buy groceries for the household, gas ($200/month), internet, and other expenses. I’ve also had frequent doctor visits lately, which have cost me hundreds in out-of-pocket expenses.
You’re on the right track by tackling this directly. Maybe consider consolidating, checking out balance transfer offers, or trying a snowball method. Small changes in your spending can make a big difference over time. You got this!
If you have valuable stuff to sell, that could help you get a jumpstart. Staying with your parents gives you a real chance to cut unnecessary expenses—cook at home, skip coffee runs, and stop buying things you don’t need. Every little bit helps.
Nile said: @Quinlan
You’re right. I need to sit down and figure out exactly where my money is going. It’s so overwhelming to look at my accounts.
I’ve been in your shoes. Once you get past the overwhelm and see some progress, it starts to feel less impossible. Try setting up auto-transfers to savings, even if it’s just $50 per paycheck. You’ve got this!