As the title says, I'm in 16k of debt at 22. So the reason for my debt is needing tools for the job. It isn't cheap, and cannot afford it outright. As time goes by, I figure out what I need and continue to grow my collection of tools needed to get the job done. Although my debt is for work related, I still feel guilty. Is 16k a lot for a 22 yr old? I still live at home paying $100 a week, I spend $30 a week on food shopping and $30 on petrol and the rest I try save. I make around $1.5k fortnightly and $150 of that goes towards my tool debt each fortnight. Now that's explained, I've decided to get a bank loan out for $16k to pay my tool debt as the interests rates are better with my bank compared to where I was originally paying my tool debt. I have my payments set as $300 a month for my loan with the bank over 7 years (I do plan on paying big amounts here and there to get it done way before 4-5 years). So all I'm asking is for some handy financial advice I may not know of that can help me through this. I wanna hear your stories too!
Submitted January 25, 2021 at 06:33PM by Shiba-Magii https://ift.tt/3qPDOt7
