Those who are in a lot of debt, what is your story?

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ChelseaVork

Age: 2021
Total Posts: 0
Points: 10

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I've noticed some people find it hard to empathise with people who have been
or are currently in a situation where they are drowning in debt. Maybe
because a lot of people on this sub are doing well financially... but
there is that underlying judgment that being in debt is all a matter of
wrong behaviour, lack of self-control, or lack of motivation. While that
may be true, I'm sure it's not always the case.
So for those who are or have been in a lot of debt, I would like to know
what your real story is, how did you get in that situation and what are
your plans to get out of it? If you are finally debt free, how did you
do it?
Posted 23 Apr 2022

PeteMoouse says
Payday loans are useful if you make the cash to pay it off the next pay cycle and not have to borrow just to make it to the next check again. For it to work, you have to be able to consider the principal "early pay" from your paycheck, and be able to afford the interest and processing fees (usually comes out to 10% for a 2-week payday loan). So for say $300, you need to be able to afford $330 without incurring the need to borrow again. Just try https://usnetloan.com/title-loans/virginia
Posted 23 Apr 2022

Astora says
I don't think anyone in this sub hates productive debt. I, for one, hate debt that isn't necessary, or that is frivolous. A house is equity, it is a roof of my head, it is security. A 35k car instead of a 10k car, when I can only afford the latter is frivolous. Debt that is unsustainable is bad. Debt that you have no way of paying off is bad. My honest opinion is that when it comes to frivolous items, if you don't have the money to pay for it now, you really shouldn't buy it. This is exactly how people get into trouble. They underestimate how many things they need to pay off, interest kicks in and now they're barely keep their head afloat. Plus, you end up paying for the item 2, 3, 4, 5 ... 25 times over.
Posted 23 Apr 2022

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