Hellooo! I feel like I’m stuck in a hole and never getting out of my young adult debts. I feel like I’m trying but I look and it feels like there’s no progress. I’m a 25 y/o male with roughly about 20k-ish in debt spread between CC and personal loans. I don’t have a car payment, it started to have issues and I got out of it and cashed a car out, I pay about 350-420 for rent and utilities currently staying with my family member and I spend about 60-100 on eating out split between my girlfriend and I because sometimes I will buy her lunch at work. I’m working on cutting back on that and making food at home and taking it to work. Generally eating out less overall to cut costs.
I just started doing the snowball method with my debt and it feels like its working but also at the same time not working.
Between everything, I have 4.5k one a card, 3.8k on one and I did have 800 on one but I just paid it down to about 300-ish. Personal loans I have one at 5.5 and one at 6.5k.
I make about 750-1100 a every two weeks. depending on how much I work. I feel like I get a pretty decent pay but I’m only part-time and am considering picking up a second job, but I have the opportunity to pick up full time hours which is what I try to do when I can. My payment dates are all sporadic nothing is higher than 250 for my debt outside of rent and I was wondering if I should just move them all to the same date to know how much money I have or keep them as is. I feel like there are weeks where I pay out my bills and I have barely 100 bucks left to spend within two weeks.
I’m currently doing the snowball method and working on my lowest card which has currently 380-ish balance on it and then will tackle the next lowest. I feel like maybe I’m budgeting wrong? I totaled up everything and how much in total a month for bills and debt that I have to pay and how many hours minimum I have to work to afford the minimum amount of my bills and debt within a months span because being part time I can see a big cut in hours sometimes, but right now we are in a busy season so the hours are pretty consistent with being around 30-35 hours a week.
I feel like maybe just putting everything at the end of the month will help with knowing how much I can spend and not spend. Also what I can throw more at and when I can throw more at these mountains of debt. I understand I made a mistake by being young and dumb and I am paying the price. I froze all my CC so if I tried to use them it wouldn’t go through and only carry my debit card and venmo card as I occasionally do photography and video on the side and that’s how most clients pay me, but it’s VERY slow.
I don’t know. I feel like I make just enough to tackle everything and it’s not really that bad, but at the same time I feel like I’m struggling. I just want to know if it’s truly possible to consolidate this within a shorter time span other than trying to do it over the next 5/6 years and getting eaten alive by interest. I’m probably leaving out info but it’s late and mentally I have been struggling on this topic.