Tofu Stir Fry,

I’ve been there, it’s tough. Digging out of debt takes discipline, patience, and a little luck.

First off, if you can, consult a professional financial adviser. (They’re not just for rich people!) Go to your local library (assuming you have access to one) and have the people at the research desk help you find one. Just as someone with depression needs a good therapist, you will probably benefit from an expert to come up with a game plan tailored to your situation. Come ready with all your bank and credit card/loan statements. They may want to contact your creditors to try to lower your interest rate/monthly payments (it never hurts to ask!), so be prepared for that…especially if you’re late/behind on payments.

Now if that’s not doable, I hate to say it, but you’re going to need to either get a raise, find a better paying job, or side gig. You can slash your budget to the bone, but the fact of the matter is the cost of living will continue to rise, so any cost cutting will only be a short term cure. Again, I’ve been there, so I don’t say this lightly. I started out working in a call center gig and clawed my way up, switching jobs/companies/careers…it won’t be easy, but it will be worth it. Don’t limit your search to your current role or field, think big…you’d be surprised how many transferable skills you have.

I hope I haven’t overwhelmed you! I wish I could provide more bite-sized action items, but since I’m not an expert in such matters I don’t want to give you bad advice. The only final thing I’ll say is you are not alone in this and if there’s a silver lining to all of this is it may be the “push” you need to get to you to where you are meant to be.

Best of luck to you!

Hi Tofu Stir Fry,

I was in a very similar situation like you.

If you want to keep your current job, I’m going to agree with Miniature Boddhisattva, and suggest for you to pick up a side gig/ weekend job.

I know this does not sound ideal but speaking from experience, it’s very doable.

Also, retail stores are starting to hire for the Christmas season. This should increase your chances of finding a weekend or part-time job to supplement your income.

BTW, not sure if you know this or not but this happened with me when it came to paying my student loans…you can call your lender and ask them to adjust it based on what you are making. I think there is some rule about student loans not being more than 10% or 15% of your income.

That may mean that you pay more interest on your student loans in the long run but it may allow you to direct more of your resources to paying off the higher interest credit card debts and or more resource directed for essentials like food and utilities.

Good luck!