I recently moved to another province in May and incurred moving expenses and then found out my credit card expenses will be going up this month (they have separate credit card rules, it’s 5% of the balance each month).
On the credit card I have a balance of $6600 which means $330 a month for the minimum payment.
Then I have another credit card with $11,100 balance but it has a lower interest rate (however they also don’t know I moved so I’m afraid it might come under the 5% rule in the new year). I pay about $110 a month into it.
I then have $28k in student debt left which I pay $480 a month. This I can reduce to $260 temporarily to adjust but I feel like I’m so close (5 years left to pay it off).
I also have a line of credit with my parents that’s almost paid off with 3k that we each put $50 in a month (total $100).
I’m 28 and I know I’m more fortunate than others since I have a government job (4K a month after taxes but that will decrease next year with the new province when I do my taxes). I’m the only one in my family with a graduate degree and I feel I’ve done everything right (outside of the debt, but there were circumstances where I didn’t have a choice). And I increasingly feel like I’m falling behind relative to my peers.
My parents don’t really have money so can’t help, it’s looking increasingly difficult to build savings for a house or any at all and I feel like giving up at times.
I’m not sure if I should secure a second job or change the terms of my student payment temporarily to tackle my credit card. I just want to try and save but some of these debts were incurred due to my student years and limited financial support.
After all expenses are incurred I’m left with about $230 a week for any disposable income (that would also be for groceries). Has anyone been in such a shit situation and had success or should I give up on home ownership?
EDIT: I also have $6k in investments at the moment as well but I would prefer not to sell them.
And technically I’m deducted from my paycheques for my pension so I don’t need to hyper-focus on retirement savings.
Submitted July 22, 2021 at 10:36AM by dereck145 https://ift.tt/3xZFiVU
