Anyone here amassed a lot of debt?

[gustavofring]

I have.

It scares me to even think how much it is, and how I will have to pay this off. For years I didn't work and had a student loan, thanks to anxiety, fatigue and depression. Not having parents, or much guidance or help from family also quite ruined me financially, nobody really watched me or gave me financial help and advice. I had jobs but often not for long. Add to that the enormous costs of school, delayed study, rent each month... It's crazy.

I'm still young, but I hate the thought that I must pay X amount of hard earned money each month that I would rather spend on fun things. I wish I had been wiser with money and not so paralysed by my fear and anxiety. Sigh.

I feel like I finally wisened up and also feel like I can work fulltime now, but it's too late, the damage has been done. It would probably be smart to consult with some wellfare work agency, to make some sort of plan to pay this off once I have a job. I hate myself for this, I feel like I've let myself be made into a debt slave.

 

[Section_31]

im in the exact same boat. its one of the reasons im almost 30 and still living in dads baserment.

It'll be at least another 5 to 6 yrs before i get mine dealt with, though id like to be out before then.

Your not alone!

 

[Hoppy]

The day I've paid of the last of my debts was a great day, and removed a load of worries from my shoulders.

Good luck with the quest, try to reschedule the repayments and then do a debt snowball.

Google the term, and you will find a lot of personal finance blogs that will give excellent advice.

 

[laure15]

Yeah, I wish I had consulted somebody before borrowing student loans. I was the first person in my family to attend college so I had no help from family members. But I was lucky to drop out of uni and attend community college. After I moved back home, school was more affordable for me.

Anyways, I saved my little sister from having the same fate as me. She asked me for financial advice and I was able to tell her about the horrors of borrowing student loans.

 

[Section_31]

Unfortunately ive learned my dad, bless his heart, has absolutely horrible money management skills. Im jsut glad im learning and clawing my way out now.

im determined i wont be the same way once im out of this whole.

 

[gustavofring]

Yeah people should really be saved from this. I was really naive.

However, I'm determined to not let it ruin my life or get to me. I will have to pay off each month, yes, and be a bit more concious with spending money, but does that have to ruin a persons life?

 

[laure15]

However, I'm determined to not let it ruin my life or get to me. I will have to pay off each month, yes, and be a bit more concious with spending money, but does that have to ruin a persons life?

Keep up the good work! I hope you pay off your student loans soon. There are people who are in worse situations. They have to postpone marriage, buying a house, having kids, etc all because of their loan debts. I know a friend who barely got accepted by the Peace Corps because of her debt.

 

[Section_31]

Keep up the good work! I hope you pay off your student loans soon. There are people who are in worse situations. They have to postpone marriage, buying a house, having kids, etc all because of their loan debts. I know a friend who barely got accepted by the Peace Corps because of her debt.

This is me and my situation to a tee. Wont have kids or be in my own place at LEAST untill im 35. Kids are still unlikely even then.

 

[gustavofring]

Keep up the good work! I hope you pay off your student loans soon. There are people who are in worse situations. They have to postpone marriage, buying a house, having kids, etc all because of their loan debts. I know a friend who barely got accepted by the Peace Corps because of her debt.

Soon...hah...I will probably spend at least 15 years paying it. I hope I can get some sort of pardon by then. I loaned via the government (study finance of my country), not with some commercial bank, so that's atleast a little less bad.

But yeah, buying a house etc. will probably not be available for me anytime soon sadly. I do hope to just be able to rent an apartment.

 

[vj288]

I have huge loans I will have to pay off once I finish school, I am still attending but I already feel like what I can do with my life is limited because of it. It's not like if I wanted I could move to a small cabin in the woods and live off the land, or travel the country doing odd jobs for money to survive. Not that I would really want to do those things specifically, just examples. Once I get out of school, I have to work, I will always have to give a chunk of my paycheck to them, and if I don't get half-decent job I'll never have money to do anything. I'll just always be in a financial hole it feels like for my whole life.

I had this idea that money didn't matter at all, while romantic totally wrong.

 

[PhantomPod]

I have student loans, a car loan, credit card debt, and a mortgage. Blah. I was pretty lucky with my student loans actually, because my parents were gracious enough to help me w/ paying for school and I finished my degree in 3 years instead of 4, so I am at least glad that I don't have as much student loan debt as others typically have.

But, I have a full time job and I'm working on paying everything off. I cannot wait til I finish paying off my car loan, credit card debt, and student loans. My mortgage payment will be very manageable once I get those all paid off finally, so I'm definitely working to pay them down as fast as I possibly can.

 

[Kat]

I feel like a teen still when it comes to this stuff I’m still not really living realistically because I’m still at home and pay some rent but it will probably hit me hard when I move oversees and do it on my own. I have student loans to pay off but I still haven’t finished all my schooling.

 

[this_portrait]

Uh-huh. I've got plenty of student loan debt from the past four years that I have yet to even start paying on. Sometimes I think I should feel bothered by it, but I really don't, at least not much. Stressing out over it is just too exhausting.

 

[bcsr]

I don't have much debt, other than my house. I use a credit card, but I rarely carry a balance on it. Usually pay it off monthly.

 

[dottie]

credit is not an initiation into adulthood. america needs to teach its children to stay away from credit. borrower is SLAVE to the lender. what a trap. and america falls for it!

dave ramsey <- highly suggest reading his books.

 

[Flanscho]

Hmmm, no. I never spent much money. The flat I lived in for the last decade I shared with roommates, resulting in a rent of about 180$ per month (and that in one of the most popular cities of Germany). Studying is also for free in Germany. I also do neither use a car or public transportation, but a bike. Combine all that, and I never spent enough that I could have been in the situation to make debts. Now I moved into my own flat, so I got to spend some more on rent and stuff.

 

[BlueDays]

I am actually happier when I am saving money, so no I have never been in debt. Have never even owned a credit card. I think being in debt would put me in a constant state of anxiety :/

 

[mikebird]

There are only two people in my life who have done this, which includes me.

A girlfriend which I met very soon after the most important life-changing moment my previous girl left me because I got our first mortgage; carving our way forward in life - it was tooo small for her. She didn't get the investment idea.

The next relationship I made was found online and we met instantly in a new Italian restaurant in town. She made an impression. We drank plenty, which is always the best way to do anything. She wanted me straight back to her place after. It was at the time I was suspended from work long-term, with regular income!

She revealed that she had ~£25k debt on card. This put me off, just a bit, as everyone else in my life would never get into that - we all mind our money.

She asked me to let her move in with me, forgetting her rented place behind. That was exactly what I wanted of my ex-girlfriend!! My reaction was to say no, due to that debt! What a mistake. She was and has been doing better than me!

When it was Xmas, I met all her family at her house. Bigger family than mine, because a few of mine had died. She was the person who bought me more presents than anyone else. All the house stuff - gadgets - she knew exactly what I'd like, and helped me get presents for my family! So I can see the reason for debt - not those items that year - probably all the past. I guess this is a heartwarming, outgoing, social gesture, as natural. I was brought up by the most prudential, key principle of life of my Dad. Only ever spend what you can afford. She was intent on paying off her debt. I'll never know the result. I still have the kit she bought me, today - including the car I drive. She moved to Dubai and now America forever.

The one only debt I've ever created, which still needs paying now, was £3,500 spent on training with Microsoft - intentions to further my career, which didn't work out, which surprised me.

Amassing loads of credit was always my principle goal in life, and the key to building a new family. I'd never have children until I was turning a good profit, meeting all my family's success. ::

 

[cosmosis]

Debts, esepcially student loans makes horrible life slaves of us all. I can't believe most parents don't educate their kids on the dangers, in fact they usually encourage it. My parents never said a word against it. It's one thing I would do different.

 

[Steppen-Wolf]

It's weird to see all these stories about massive debt when being from the "3rd world" middle class I have none while going to college, having my own small apartment and not having worked ever. And not even being from a truly rich family.

I guess everything is much cheaper here and we don't have such a "spend till' you drop dead" culture (but don't get me wrong, our culture is pretty ****ty in almost every other way).