I don’t know who to turn to, so I’m just putting this out there. I made a huge mistake by consolidating my PayLater and credit card debt into a personal loan, thinking it would help. Now I’m stuck paying $1,000 a month, and my take-home pay is only $2,400.
I owe a total of $23,000, and at this rate, it’ll take me 22 months to clear it. I’m making my payments, but it’s tough, and I feel like a complete failure. I haven’t told anyone because I’m too embarrassed. I do have some savings, but they’re under my mom’s name, so I can’t access them. Knowing the money is there but not being able to use it makes it even more frustrating.
The only positive is that I’ve learned my lesson. I deleted all shopping apps and closed all my credit cards. But I still feel like I’ve wrecked my financial future.
Has anyone else been through this? How did you handle it? I just feel so lost right now.
Once I saw ‘mom,’ I felt relieved for you. You’re still young, and you’ve got plenty of time to fix this. A lot of people don’t learn their lesson until they’re much older. You grinding for 22 months is going to be huge for your future. I see a future millionaire in the making.
@Amory
Thanks, I really needed to hear that. I still feel like I let my mom down though… I never told her about the loan, and she probably wonders why I’m saving so little. I’m just trying to push through until I get this paid off. Dumb choices, but I hope to come out of this wiser and more stable.
@Davi
You’re gonna get through this. If you can, maybe pick up a side hustle for some extra cash. But most importantly, take this as a lesson and never let it happen again.
@Davi
I was in your position in my mid-20s. Lived at home rent-free, made bad financial choices, got myself $80k in debt and a DUI, which wiped out my savings. I’ve been paying off the debt for 2 years now, down to about $30k left.
If I can give you any advice—be honest with your family. Hiding it makes it worse. You’re already on the right track by attacking it head-on. Just grind it out and stay focused. You’ll be alright.
If you can, get a part-time or side gig. I’ve always worked a full-time job plus something on the side. Even something close to home could help bring in some extra cash.
Freddie said:
If you can, get a part-time or side gig. I’ve always worked a full-time job plus something on the side. Even something close to home could help bring in some extra cash.
I’m looking into that, but I’m finishing up my last bit of school right now, so it’s tough. Once I’m done, I’ll be able to focus more on work and paying this off faster.
22 months isn’t that long. Just keep making the payments and stay focused. So many people end up defaulting and ruining their credit forever. You’re doing the right thing.
Lennon said:
22 months isn’t that long. Just keep making the payments and stay focused. So many people end up defaulting and ruining their credit forever. You’re doing the right thing.
I really appreciate that. I’ve been feeling like a failure, but I know I just have to push through. Hopefully, in 22 months, I’ll be able to share a success story.
I’m in my 30s and still run to my mom when I make dumb financial mistakes. That’s what moms are for. She might be able to give you advice or at least help you through the stress.
Ren said:
I’m in my 30s and still run to my mom when I make dumb financial mistakes. That’s what moms are for. She might be able to give you advice or at least help you through the stress.
Haha, yeah, she’d definitely help me—after giving me a long lecture first. But I don’t want to touch those savings because they’re tied to her retirement. I just need to push through this on my own.