help to understand debt?

Question

I am 21 years old and in 3500 in credit card debt. I have it under control. I live pay check to pay check. My parents and my sister in law are driving me crazy!! They want to know who i got myself in this situation. How do I make them understand I am not the only one who is in debt at my age!! please help...stressed out!!

Answer 1

They need to check the statistics -- in 2001 100,000 people under the age of 25 filed for bankruptcy. You are not alone. They should just be grateful that you are acting responsibly.

Answer 2

Well I think we need to start off and say that not everyone at your age is in debt, I am 24 and I made it through 21 and on without going through debt. The majority of my friends have done the same. The only friends that I know who are in debt are the ones who have huge loans from school. So I think that your age is no excuse for being in debt. So first off take responsibility for over spending and don't blame it on your age. You spent more money than you had. From your debt it was not spending on a house like normal people get in debt for.

However, you sound like you really have it under control. Try to make the most of your payments that you can so you won't be killed in interest payments. I loved what someone else wrote about maybe talking with your parents. If they are not the type of people who would want to help you write up a payment plan, maybe since you want to get them off your back you could write one up your self and show them that you have it all figured out. I would also recomend that you not put any more money on your credit cards until they are payed off. This way your will not be having to pay any more interest charges. Try paying cash for stuff. This is a good way to keep track of what you have money for.

Seems like you are really on track and it is great that you caught your spending before it went out of control. Just show them that you can be responsible and maybe they will back off, Good luck!!

Answer 3

Well, I think you do have some explaining to do, my friend. Because 3500 is a lot of money, and just because a lot of people that age are in debt doesn't make it OK.

Please try your best to just explain to them in a polite way what happened, and then reassure them that you will keep it in control. Try to clear off this debt as soon as possible - if you have to, sell something on eBay or work a little overtime, because being in debt can really make your life hard.

I've been in a similar situation myself, luckily I got a loan from a family member... but I still have experienced similar credit card troubles. If you'd like to email me, I'm adel_bball @ yahoo.com - good luck.

Answer 4

I am a little younger than you and I have 3 credit cards that all have balances and I live check to check comfortably. Everyone starts off in debt when they are starting out on their own, you just kinda have to get yourself out of it. And when you buy a house you are going to be in debt then too, its a vicious circle, but you can get them paid down little by little, just make sure you are giving a little more than the minimum payment every month

Answer 5

If you are living paycheck to paycheck, then you really don't have it (your personal finances) under control. That being said, your parents and sister should mind their own business; unless of course, they are helping to pay off your debt. Then it's fair game. Feel free to email me if you would like some tips on how to get out of debt and start a personal budget.

Answer 6

Tell them it's none of their business! You are an adult.

If you want to go further, just tell them you were carless with your spending, but have wised up now, and to leave you alone about it. Then ask them to pass the turkey and gravy.

Answer 7

ask them if they are really concerned enough to sit down and try to help you, or if they just want to complain and criticize

if they offer to help: ask them to help you create a spending plan (with your input) that will allow you to pay it off over the course of a year or so

if you do create a plan like that, I suggest:

figure out one solid way to cut expenses
figure out one solid way to increase income
figure out one solid way to sell something to generate money, like clothes you don't reall wear, etc.

then actually get started, and you will feel 100% better

Answer 8

yea im 20 and in pretty much the same situation.....just tell them u bought things that you wanted but maybe couldnt afford and just tell them not to worry about if u really do have it under control..try not to talk to them about it to much....they`ll let it go...:)goodluck and happy thanxgiving!