A netizen shared how he is in debt of about $10,000 and earning a monthly salary of $1,500, and given the current rate of his repayment, it would take about 1 or 2 years to repay his debt.
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He broke down his salary and monthly expenses of about $800 for his rental, leaving him with $700 for food and utilities.
The rest of his salary (presumably goes to his debt repayment).
Here is what he said
$10’000 debt with a $1500 monthly salary
+ Has no Diploma
+ Has no Degree
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+ Lives on a rent with $800/month (including utilities, thank god.)
Never had I been so thankful that I’m not a big spender.
But still, this debt will most likely take 1 to 2 years of my life to pay off. (Im 25 years old, no kids; No sickly parents (thank god again. :’) )
Truly, Wish me luck.
Netizens’ comments
- You’re really not doing to bad. Work your way up in your job / career path. Make good decisions, you’ll be fine.
- In the grand scheme, you’re doing great! My advice is to make a plan so that your timeline is not “1-2 years”. You should know exactly when you’ll make that last payment. It’ll help keep you motivated.
- What are the types, totals, and minimum payments on each debt?
Aside from rent, and above minimums, what are you monthly expenses?
Is that full-time (what state if so?), or do you have the option of a side hustle?
Sorry for all the questions, but I spent the last 4 years paying off a mountain of debt, and answering all the above was how I got started.
Little jealous of that rent.