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Friday, October 7, 2022
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GUY $10K IN DEBT WITH SALARY OF $1.5K, GONNA TAKE YEARS TO PAY IT OFF

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

  1. You’re really not doing to bad. Work your way up in your job / career path. Make good decisions, you’ll be fine.
  2. 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.
  3. 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.
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