$15,000 credit card debt at 21yrs old

[pam4him]

Hello. i never made a reddit post in my life but here goes nothing. i need to vent. i’m 21 yrs old with $200 to my name. yes i am working a job but all of it goes to my debt and car payment. all my debt occurred while i was taking a medical assistant program. the debt isn’t from the actual school. it’s from doing school full time and not being able to have a job. i charged everything on my card. gas, food, everything. this is eating me alive. all i think about it my debt. i’m getting charged so much interest. it’s a revolving door. i’m stuck. i can’t do this anymore. idk what to do guys. please tell me if anyone has been through this so i don’t feel alone. did u try debt consolidation plans?? or take out debt consolidation loans??? how did u do it. i make music. i need to get famous and rich so i can’t never have to worry about debt again. I NEED ADVICE PLEASE

 

[cranberry130]

@pam4him It’s going to require a lifestyle change. People here mentioned getting a second job/stop going out… all great advices also analyze your living expenses. How much of your income are you spending on rent? Where are you food shopping? Do you have subscriptions you don’t need/use? Are you paying any other fees? A holistic look at all of your monthly spending is required. From there make a plan. Start chipping away at the debt, it will take time but you can do it!

 

[rmon18]

@cranberry130 Big lifestyle changes for example don't ear out anymore instead just eat instant rice and beans

 

[pavlosofsalem]

@rmon18 Also beans and rice.

 

[curiousquestionposter]

@pavlosofsalem Well some days it can be just beans and some others just rice, so OP doesn't get bored from eating the same every day.

 

[rmon18]

@curiousquestionposter You know exactly what I'm talking bout the struggle is real out here in these streets

 

[cblyles]

@pavlosofsalem Yeah tbh like this is genuinely the best advice. I’m a 20yr old dude and I can’t stop eating food is so expensive.

I just alternate between home made beans and rice, jambalaya, chicken Alfredo, taco chili, soups, and pot pie. I add extra chicken to most dishes, sometimes I’ll use shrimp or have a steak.

Breakfast I’ll do egg/sausage/biscuit, or oatmeal (be extra with your oatmeal, my fav combo is with applesauce and apple pie spice)

I like to also have some apples and peanut butter, cheddar cheese and crackers, as well as chicken tenders on hand for snacks.

Those big batch dinners save so much money it’s stupid plus it’s better than eating out most anywhere as well as healthier.

A simple multi vitamin, caffeine and l theanine capsules to avoid energy drinks, bone broth protein for added collagen in the dinners, and kefir to supplement my gut.

Overall it isn’t too bad. Most of those dinner end up 3-5/large serving, (for example the pie including store bought crusts cost me 10$ to make. I ate it in thirds at around 65g protein/serving). I’ll eat around 2lbs of nuts per week which is ~12$, I splurge on dried fruits around 18$/week for me to eat 20oz of dried mangos. I spend probably 10$/week on dairy between cheese, milk, and a quart of kefir. 5-10$ for fresh fruits and another 15 on miscellaneous.

I try to stay almost exactly 100/week on food, this is also like a super dense diet calorically and nutritionally. Helps me bulk white well when lifting, if my portions weren’t so absurd and if I weren’t actively trying to gain weight I reckon I’d be closer to 70/week.

Overall my health seems perfect on all metrics so far, and it’s cheaper than any of my friends since I try to cook every single meal. Lidil and their app has also been a huge help, sometimes I order meat off of wildfork since they have a fantastic deal on cubed beef.

Op you don’t have to be famous and rich to not worry about debt, you must however be strategic. I definitely am lucky in many ways but getting my food/sleep/health down has been the best. Without those in order I’m a wreck entirely.

 

[mishka333]

@pam4him you have to make one big life change to cut spending now.. "no more alcohol/going out for 6 months" sort of thing.. get a second job and start paying balance down

 

[charle]

@mishka333 Austerity is indeed called for here however, too extream of austerity won't happen. In 3mo you'll have a "f-it" moment and lose all the gains. Find the deals, and return cans or whatever you need for "fun" money. Make it a game.

 

[resjudicata]

@charle They are 21, they can easily-enough go hard for 6-12 months

 

[charle]

@resjudicata I agree that they can and should. I don't agree that they will, and while telling them that's what they should do in the future is correct, reality is often says different.

People are human, and you're planning a perfect world. It's simply not realistic.

Good financial planning accounts for the human aspect of life. Why do we plan emergency funds?

Financially speaking that money would make more money for us if it was invested. But becasue we plan for reality - we keep it in a more accessible lower interst bearing account. Why? For life's inevitable reality.

Being 21 and telling someone they must sit in their dumpy ass apartment for a year and not going out with friends is like telling a puppy not to play. Eventually that tension will likely build to a F-it moment.

So you're not wrong, I just don't think it'll happen.

 

[resjudicata]

@charle I’m in the same boat (albeit less in cc debt) & at the same age group as OP. I’d like to disagree with the sentiment that a 21 year old wouldn’t be able to do this.

 

[charle]

@resjudicata Never said not able. Just said not realistic. If you gave me odds in Vegas on a 21 year old kid 15k in debt not spending $1 on anything beyond credit card debt and essentials for a year, I'd take that bet every day of the week.

 

[seelah]

@charle He can chill with friends, play games, hang out in parks. He doesn't have to be a hermit. He can go out to bars with them and drink water. There are plenty of things he can do. He just needs to stop spending money.

 

[lawofderp]

@seelah Don't you know? Anything fun cost at least $10

 

[cblyles]

@charle Without any specifics one of the most useful things for me (20) was getting smart about my vices/bad habits. Buying a small amount of anything in life is always bad value, that should apply almost everywhere possible.

I also put away a few dollars per day to my concert/festival fund to try and prepare for it even when I’m not sure if I’m going to one.

Also finding people that like to also do free shit is fun. My friends and I will go to museums, parks, and local events as well as concerts and bars. We just try to do the less expensive ones a bit more and pregame if necessary

 

[resjudicata]

That’s what I’m doing currently @ 22 years. It is hard though, making huge lifestyle changes - I see my friends going out all the time but I get to save money.

Yeah I’m missing out, and it’s hard. If I can do it, OP can too.

 

[iamhereftw]

@charle If you're motivated, the f-it moment won't come. And seeing how quickly you are reaching your debt elimination goals can become the fun. It all depends on the person.

 

[charle]

@iamhereftw I agree 100% - however, I believe you can plan this without a "100% never go out again for a year". To many people that's dread.

To some it's not, and it's a good way to build a healthy habit either way.

 

[smooman]

@charle Have you looked at the 0% balance transfer credit cards? They charge 3% flat fee on the transfer then usually give 14-24 months of 0%.
If you are working and have decent credit they are pretty easy to get. If at the end of the 0% term you still have a balance apply for another 0% card and transfer the balance to that. Start applying for the next card about 3 months before the term runs out on the first.