[USER]

Need help! I make about 49k annually, and my yearly expenses are roughly 63k. I have over 350k in unsecured loans.

I only pay about 10k in interest thanks to low introductory rates (~ 3%). I’m afraid what will happen when my rate goes to 7%, the interest alone will cost me half my income.

Any advice?

[Randy]

You need to make more money if you keep taking loans you will just get into worse debt. How the ever living hell did you get to 350k loan debt making 49k

[Andrew]

Fake your own death. Move to a foreign country in the S. Pacific. Learn to forage and hunt. Become the king of the local tribe by marrying the daughter of their current king.

Be remembered as a beloved leader.

[Robert]

Unless they are student loans- it or not dischargeable and bankruptcy typically – I would recommend filing bankruptcy.

[Scott]

You need to get your income up, your expenses down, and sell everything you can.

[LaDee]

We need to know what type of debt this is to offer you advice.

[Zoey]

Always save at least 10% of whatever you make. Make less, spend less. Start from there

[Monika]

Can you do a breakdown of your monthly expenses?

[Cierra]

First file bankruptcy and while you’re doing that, reduce your expenses and get a job that pays more

[Tom]

Get second and third jobs. Sell everything that ain’t nailed. Reduce you expenses as low as you possibly can.

Intentionality is a powerful thing.

[Tazley]

I look at debt resolution offers and am happy to see if I can help. If it’s not a good fit I’d tell you that too but it sounds like you’re a perfect candidate with that info.

[Susan]

I don’t usually recommend this but you’ll need to file bankruptcy… unless you’re capable of making major life changes, there’s no way out of that.

[Eve]

Do you have anything you can sell to lower those debts? What country/state?

[Aimee]

If loan is for property, sell the property and buy something in your price range.

Not only interest rates go up, but property taxes can go up without notice quite significantly depending what location you are in.

Better to live within your means until you’re able to secure more income.

[Kim]

Lower your expenses, increase your income. You need to get where you can invest 10% minimum to ever get to FIRE.

[Natalia]

Do a breakdown of your monthly expenses and cut everything you can. Get a side hustle to create as much income as you can, and start paying this mountain off.

[Dané]

You need to find the root cause WHY you’re spending more money than you make. I honestly don’t think many people on here can help you with that.

[Rhia]

You need a second job or increase income asap. Buy nothing but the absolute bare essentials. Or bankruptcy

[Runnu]

To get 350K in debt while overspending by $14K annually, would take 25 years. I highly doubt you have only been spending $14K extra.

First step is to cut down your expenses to get them within your current salary.

[Debra]

Need to lower your expenses drastically if you cant change jobs.
If you’re in the UK contact step change.

[Rodney]

To change your thinking and climb out of debt, look up and follow Dave Ramsey

[Author]

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