I’m 28 and stuck with $60-70k of credit card debt across 5 cards with high-interest rates (20-25%). A pay cut left me relying heavily on credit, and now I’m drowning. Most of it went to helping my family, not shopping sprees or anything like that.
I’ve been considering debt consolidation, but I’ve heard bad things—especially about skipping payments while they negotiate, which could lead to lawsuits. It’s overwhelming, and I feel like there’s no way out. I earn $85k annually, so I know I can manage this with the right plan, but I don’t know where to start.
I was in your shoes once with about $80k in debt. I started my own business and slowly climbed out of it. It takes time and effort, but it’s possible. Don’t lose hope!
Cruz said:
I was in your shoes once with about $80k in debt. I started my own business and slowly climbed out of it. It takes time and effort, but it’s possible. Don’t lose hope!
Thank you, that’s really encouraging. Did you get help from anyone, or was it all on your own?
Helping your family is admirable, but if it’s pushing you into debt, you’re not going to be able to help them or yourself for long. Start by cutting back where you can.
Kai said:
Helping your family is admirable, but if it’s pushing you into debt, you’re not going to be able to help them or yourself for long. Start by cutting back where you can.
You’re right. I need to set some boundaries. Thanks for pointing that out.
I’ve been there. Bankruptcy saved me, honestly. A year and a half later, I was rebuilding my credit and even bought a house. It’s not the end of the world if it comes to that.
Indy said:
I’ve been there. Bankruptcy saved me, honestly. A year and a half later, I was rebuilding my credit and even bought a house. It’s not the end of the world if it comes to that.
How long did the whole process take? And what did you pay for a lawyer? I feel like I’m heading that way too.
@Greer
Find a lawyer with good reviews who offers free consultations. If you qualify for Chapter 7, it’s faster and less expensive. Just make sure to adjust your habits so you don’t end up back here again.
I had $75k in credit card debt, maxed out. I sold my car, drove a beater, stopped going on vacations, and just threw every paycheck at it one card at a time. It took a while, but I did it.
Dallas said:
I had $75k in credit card debt, maxed out. I sold my car, drove a beater, stopped going on vacations, and just threw every paycheck at it one card at a time. It took a while, but I did it.
How much were you making at the time? Did you manage to negotiate lower interest rates?
Try the Avalanche or Snowball method for paying off debt. YouTube has great videos on these. Also, stop eating out and prep meals at home. Put all extra income toward your debt. Once you’re out, you’ll have room to save and invest.
If you consolidate, you’ll likely end up with a high monthly payment, but at least you’ll see progress. Call your bank and see if they have any options for you.
Dru said:
Debt consolidation worked for me—I’m paying 9% interest instead of 20%+. Definitely worth looking into.
Just to clarify, there’s a difference between debt consolidation and debt relief. Debt relief companies can be predatory, while consolidating through a reputable lender can save you money.
Debt can feel overwhelming, but you’re not alone. I’m 23, $30k in debt, and just taking it one day at a time. You’ll get through this. Can’t wait to see your update when you’re debt-free!
I found the Debt Planner app super helpful. It costs $6 a month but lays out a strategy for paying off debt using methods like Avalanche or Snowball. Seeing everything organized really helps.