Am I the only fool who is in over $80,000 of debt @ the age of 23?

Question

I feel very alone in this situation.

Debt trying to replace my valuables during Hurricane Katrina, financing a car, & student loans.

Answer 1

No you are not alone, it is common among many students who borrow money to live on and go to college. They tend to borrow to met a standard of life, and more than than could get by on. I have seen them spend the money on fancy clothes, cars, eating out, and apartments while going to school. As someone who has recently sat on the Board of Directors of a private college, I see this situation quite often in college students.
Some physicians have a debt over twice that amount when they finish up their formal education--of course they are a lot older by that time.

Answer 2

No you are not. You are not a fool because at least you don't have credit card debt (I hope not). As long as your debt is at 5-6% or something like that, don't attempt on paying it down as fast as possible. Lets say that after all your expenses and emergency savings, you have an extra $800 every month. You should use part of it to pay your debt down, but this is very important: YOU SHOULD PUT PART OF IT IN STOCKS OR MUTUAL FUNDS. The reason is because as an investor, you can probably make 10-20% in the long run. That 10-20% is greater than the 5-6% debt. Therefore, you would be more rewarding to you if you pay down only part of what you can pay down at a time and put the other part in investments. Now bear in mind, it is not as simple as that, make sure you know what you are investing in. You should first learn how to invest. Try to watch CNBC. Another thing you should do is cut down on your expenses. And you will find a LOT of useless expenses, trust me. Stop eating out, buying coffee, buying bottled water. Buy the cheapest clothes and shoes you can buy. Don't spend too much money on makeup, nails, etc. Live with your parents or siblings if possible. Good luck and don't worry, its not the end of the world, you'll be rich one day as long as you are smart with your finances.

Answer 3

OMG! That's terrible! I wish you the best in getting back on your feet. No, you are not alone. I have a friend in that much debt but it's because of drug use. She went and got help and is still clean for a year now but she's still in debt. Good luck!

Answer 4

you're totally not alone, with all these college students borrowing ridicolus amounts of money some of them owe well over 80,000 after college, just talk to a financial advisor, they will be able to give you valuable tips and strategies to help you lower or completely eliminate your dept.
GOOD LUCK!

Answer 5

I don't even owed that much on my house!!

I hope that the lion share of that isn't those replacement valuables. Cause it sure seems those could wait till a better financial day.

Answer 6

I dont have an answer for ya but just wanted to say sorry and hope u get out of debt.

Answer 7

No you are not alone, there are many in that situation as America is now the Credit Capitol of the world.

Sorry to hear about your loss.

Answer 8

Probably not, especially with with college loans, trying to survive with the high cost of living,etc.!

Answer 9

no your not. I know it seems overwhelming at times but keep your head up and work at it! you can check out my blog at www.exterminatingdebt.blogspot.com also www.froggyfunds.com is a way to earn some extra money. Hope everything works out for you!

Answer 10

no I went bankrupt