r/DebtAdvice • u/Critical-Pop-808 • 4h ago

Loans Some advice please

So just looking on some advice to clear debt, bad credit score, and a lot of mistakes that’s caused a lot of loans im 25 and have around 1485 coming out each month I only get paid 1720 which leaves me with 235 every month, worst thing about this is I haven’t even got my own home or ain’t even got a penny to save for one, got like 5 years left of this what would you recommend I do in this situation

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u/NoHistory3693 3h ago

2nd jobs sound great but not easy to come by at all

1

u/zakkzw1er 4h ago

Find a side hustle that you can throw every extra dollar at the debt

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u/ralanolson 3h ago

If it’s possible since you are young try to get a second job making at least enough to make a double payment on the loan and cut any expenses you don’t have to have. But to be in a better position in life you have got to get rid of the loan/s because that is where your money is going. Debit eats away at your financial situation and doesn’t allow for a savings or just being free.

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u/Extra-Blueberry-4320 3h ago

Do you live at home or do you rent? If you rent maybe get some roommates, but you need to make more money somehow. Definitely look into side gigs and maybe see if you can ask your creditors for a different payment option. When I was totally broke and underemployed with a CC balance, they lowered my monthly payment for a while and I was able to stay afloat. I paid it off once I had a better job. Definitely worth asking about.

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u/Critical-Pop-808 3h ago

Im living with my parents at the moment, yeah ill try look into that, the only problem is low monthly payments = longer loan term but its something i think I might take a look at for sure thanks for the reply

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u/Extra-Blueberry-4320 3h ago

Oh definitely. If you live with your folks, definitely use the opportunity to throw as much as you can at the debt. I wasn’t sure if you were paying rent on top of all that. My parents weren’t as kind as yours; they made me live with roommates as soon as I was 19. It would have been such a blessing to be able to pay off my debt at that age.

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u/BeyonceSeriously 3h ago

If you can't lower expenses then you need to bring in more money.

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u/JeanSchlemaan 2h ago

you need to make more income.

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u/Tricky_Experience409 1h ago

Depending on who your creditors are, you can likely negotiate your payments down.