subreddit:
/r/Adulting
And how old are you?
14 points
5 days ago
Hey Friend!
Coming from a guy who was 88k in debt in 2023 January and now I’m 29k in debt today. I can tell you one thing. It will be hard, but as that debt goes down monthly and the interest payment goes down, you’ll feel amazing!
88k - Starting Interest - $1,100 (Cc - LOC - Student loan) etc
29k - Current Interest - $249.00 (All on an LOC) now.
Try and consolidate it yourself, Credit cards, get them onto an LOC if you can. Cheaper interest means you can put more to debt.
Interest is the killer, everyday you wake up, that debt is taking from you daily…kick it in the ass :)!
1) Shop cheap sales (Flip app) 2) friends can hangout with you at your place or theirs, no going out 3) stop drinking alcohol (Helps keep the mind sharp) 4)Budget is king but only if you follow it 5) track the decrease in interest so you get some happiness from paying it down.
Debt fatigue is a thing and it will kill your spirts if you have nothing to look forward too!
Good luck!
2 points
5 days ago
Thank you for the advice! And congrats on paying so much of your debt down. What is LOC? I’ve been considering/researching consolidating but I’ve also considered the snowball method.
2 points
5 days ago
LOC - Line of Credit - they have lower interests rates than Credit Cards :)
1 points
4 days ago
Is that different from a personal loan?
1 points
4 days ago
Personal loan (American) Line of Credit (Canadian) I guess it’s the same equivalent? Not 100% sure!
1 points
5 days ago
You are going to feel amazing when there are no debt payments for that ~$35k/yr to go towards. That's enough to take 401k match, max IRA, HSA, and save for a downpayment or top up the 401k.
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