Debt Stress

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    Dec 27, 2009 4:51 AM GMT
    Tis the season for debt issues. Is anyone else really stressed about their debt? I make $50K/year and don't live extravagantly, but I am definitely struggling. My debt is pretty much set in stone, so the only thing I can do is get a better paying job. Given the condition of the economy, I have a feeling that I won't be finding another job for at least 5 years. How is everyone else handling this situation?
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    Dec 27, 2009 8:11 AM GMT
    "Tis the season for debt issues. Is anyone else really stressed about their debt? I make $50K/year and don't live extravagantly, but I am definitely struggling. My debt is pretty much set in stone, so the only thing I can do is get a better paying job. Given the condition of the economy, I have a feeling that I won't be finding another job for at least 5 years. How is everyone else handling this situation?"

    . . . well, first of all, 50K is not what it once was . . . and you will be taxed to death so that halfwits and sob sisters like meninlove can sleep at night . . .

    . . so what do you do? . . . I suggest getting a second job, working your ass off, and establishing multiple income streams . . .

    . . .
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    Dec 28, 2009 2:12 AM GMT
    I live within my means and clip couponsicon_smile.gif

    Check out Suze Orman. She has a lot of advice to offer, whether you're in debt or looking to invest your money.

    Anyway good luck.

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    Dec 28, 2009 2:28 AM GMT
    It's all a matter of perspective. I think $50K in Dallas is much better than $50K in Los Angeles.

    Without knowing some details about your debt, the only thing you can do is reduce your expenses. I live within my means also. But I find that I'm not saving as much as I'd like to. I'm probably going to move to a smaller and cheaper apartment next year. I've got 2 more years on my car payments, but I'm going to try to refinance with a short term loan with a lower APR. Also, I might change my cell phone plan to something cheaper.

    Little things like that help you save money in the long run.
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    Dec 28, 2009 3:35 AM GMT
    hey faceless,
    at least you are aware of the problem and seek to address it before it gets worse. plenty of 20-somethings ignore the problem. icon_eek.gif
    a second income would help you a lot, like a weekend or seasonal job: bartending, retail sales, lifeguard, etc.
    if that's not practicle, reducing expense is good too. suze orman has a lot of good stuff about money and debt management, like she says if you have multiple credit cards, pay off your lowest balance first, then the next and so on. that actually helped me.
    as you get older there are more options because you have more money and 401K equity -- but you can deal with this now and be debt free by 30 -- good luck.
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    Dec 28, 2009 6:11 AM GMT
    Yeah I've been looking at supplementing my income with another job....problem is I work 70 hours a week as it is. Plus most of my expenses are frozen - my student loans are over $2K/month. I do live within my means - when I do have time off I prefer doing outdoor activities which are typically free.
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    Dec 28, 2009 6:21 AM GMT
    have you looked into consolidating or restructuring your student loans? 2K is ridiculously high, especially for having a 50k job unless you were an art major at a private art school or were a professional student without any specific goals.
    Most student loans can be deferred or restructured in "graduated payments" where you pay less now and more later. for what it' worth we all have to learn to juggle finances it's never easy and never fun, but it is great that you are taking a hard look at your situation now and not in ten years.
    You can figure this out, I know you can, it takes some time and effort but is well worth it.