I feel like I am never going to be out of debt.

@maezee (41988)
United States
April 16, 2016 9:45am CST
I am burdened with about $5,500 in credit card debt right now. It accumulated as a result of my tuition from the last semesters classes, a vacation and some other odds and ends. Now while I have been putting some money aside into savings... I have not even 20% of my debt in savings. Beyond that I dont want to use my rainy day fund to pay off debt. This debt is looming over me. And it is depressing me! Its hard to see the light at the end of the tunnel.
7 people like this
8 responses
weird_oh_me
@LdeL0318 (6400)
• Philippines
16 Apr 16
We're on the same boat.
1 person likes this
maezee
@maezee (41988)
• United States
16 Apr 16
Its a frustrating place to be!
weird_oh_me
@LdeL0318 (6400)
• Philippines
17 Apr 16
@maezee Yeah. My earnings all go to my bills. Even short sometimes.
Marlina
@marlina (154130)
• Canada
16 Apr 16
Do you mind telling us what is your interest rate on the debt?
1 person likes this
maezee
@maezee (41988)
• United States
16 Apr 16
Not at all. Its actually 0% on the one card with $4.5K on it but it increases in June to I dont know what.
Dominique
@dodo19 (47336)
• Beaconsfield, Quebec
16 Apr 16
I can understand how you feel. My husband and I still have student debt, and no savings. It's not what we like.
maezee
@maezee (41988)
• United States
16 Apr 16
No not at all. Hopefully you have good interest rates on the student loan?
scheng1
@scheng1 (24649)
• Singapore
17 Apr 16
I think going on a vacation with borrowed money is a stupid idea. Once you have paid off this debt, you have to learn a lesson from this. Never use borrowed fund to fund expenses that are not necessary.
maezee
@maezee (41988)
• United States
17 Apr 16
It felt necessary at the time. It had been so long since I went anywhere!
1 person likes this
scheng1
@scheng1 (24649)
• Singapore
17 Apr 16
@maezee There are people who never go out of their hometown, and will never go out of their hometown. So a few years without vacation will not kill us!
DianneN
@DianneN (247184)
• United States
16 Apr 16
You would be wise to forgo vacations and such and pay off that debt ASAP. The interest alone will keep you in debt for a very long time!
maezee
@maezee (41988)
• United States
16 Apr 16
Actually one of the cards is 0% until June so at least theres that.
1 person likes this
DianneN
@DianneN (247184)
• United States
16 Apr 16
@maezee That's good. Try to pay it off when that 0% sky rockets, or see if you can find another low fee and do a balance transfer.
maezee
@maezee (41988)
• United States
16 Apr 16
@DianneN Thanks for the advice! Do you know if balance transfers negatiively impactsyour credit?
1 person likes this
Angel_15
@Angel_15 (670)
• Manila, Philippines
17 Apr 16
I'm in the same situation. Mine is actually worse. Aside from credit card debts, I also have bank loans to pay off. That's why I'm trying to earn money online. My goal is to be debt free this year. I'm hoping that I can really do it, and I will do my best to make it happen.
Rheint
@PapaBits (622)
• Philippines
17 Apr 16
Debt sure is stressing to look at. I wish you can pay if off. Dont go on a vacation when your borrowing money. Its not really a good idea.
Pranav Dhonde
@pranavdhonde (37)
•
17 Apr 16
That's sad and unfortunate. But there's always a way. You will get out of your debt I am sure, will have to take some extra measures though. Cut off your unnecessary expenses. Only buy what you need and not what you want. Save a lot. As the amount is huge you need to save as much as possible to fully pay the amount. Work part time somewhere to cope up for the expense. Derive a plan that how would you manage the money so that you could pay off your debt as soon as possible. After it is payed off be careful and spend wisely. Hope you find this helpful! All the best.