MAN USED HIS CREDIT CARD TO PAY FOR HIS DAY-TRADING LOSSES, NOW IN $60K DEBT

In debt and feeling lost

Male, mid twenties. Screwed up really big time. Used credit card to pay for day-trading losses, amounting to 60k~, interest accruing every month.

Full time job taking home 3-4k/month. Washed my hands off any form of trading. It is eating into me really bad, it’s all I think about day and night. I really need some sound advice, what are my options to clear this debt?

Netizens’ comments

1. Bro, I’ve been there a few years back. Similarly lost bout 70k which basically wiped my savings. It was a dark period for sure.
   Stop and don’t look back anymore is the right first step which I did too. Woke myself up from the depressing state and worked harder to cover back.
   Approach family to help tide over hopefully at least a portion of the amount first, reducing quantum by however much possible. Take on additional jobs for more income, note down your spending habits and cut any non-necessity spending.
   Credit card interest is no joke. Focus yourself to clear within the next few months/years if possible. It’ll be tough but you most definitely can recover from it. Hang in there.
2. Oh dear – I hope you’re feeling ok. Debt doesn’t define you but it can eat you up if you let the interest balloon! Try to consolidate the debt by paying it off with a lower interest balance transfer loan or get debt counselling? Could see if you can turn to trusted friends or family for a loan and a promise to return the amount with a small interest after x time – terrifying but this might be better than letting the interest roll you.. keep your chin up!
3. Hello, male in my early mid-twenties going through a similar situation as you. I began delving into trading about six months before the 2020 pandemic struck. Made a huge fortune shorting the market and riding the subsequent bull market, accumulating around 700k SGD at my peak. At the time, I was in my early twenties and lacked the foresight to know when to stop.
   Despite my girlfriend’s (now ex) advice to allocate funds for university, travel, and a future home, I confidently asserted that in less than 3 years time, we’d be living in our own landed property. But well, the faster you make money, the quicker you lose them. Long story short, I ended up losing all my money, accumulating a 100k debt, and my girlfriend left me. Nevertheless, life goes on, and I am grateful for the support of my family, who, despite not being wealthy, helped me overcome most of my debts. The conversation about my financial situation was challenging, but it brought us closer, and I now have a deeper appreciation for them.
   Presently, I’m engaged in a conventional 9-5 corporate job, earning a steady monthly income of around 3-4k. I am gradually repaying the debts to my family and banks (mainly school loan) and hoping that you’ll navigate through your challenges as well. Cheers mate. You got this.