One financially overwhelmed borrower sparked a heated discussion online after revealing they were drowning in nearly $89,000 in credit card debt despite cutting what they described as every non-essential expense from their life.
Posting in the r/debtfree subreddit recently, the person said they currently have eight credit cards across multiple banks and are now reaching a point where they may no longer be able to make minimum payments.
Debt Spiral Leaves Them Feeling Overwhelmed
“I lost my job two years ago, and after I got back to work, my income dropped significantly to the point where I could only afford making minimum payments,” they wrote.
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The poster said their debt was originally around $40,000, but said another roughly $40,000 had been added over the past two years because of interest charges while they struggled to stay current.
“At this point, I’m really no longer able to keep up,” they said. “Starting this month, I may not even be able to make the minimum payments anymore.”
The poster also said they were worried about the possibility of lawsuits and wage garnishment in California.
As the conversation continued, they described a life stripped down to essentials.
“Most of my expenses are basic living costs at this point: mortgage, utilities, gas, insurance, groceries, and work-related expenses,” they wrote. “I’ve already cut almost everything nonessential. No vacations, no luxury spending, no expensive hobbies, and I canceled pretty much every subscription I had.”
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They added that work travel makes transportation and food costs difficult to control and said they can no longer afford daycare for their child.
The poster also said their situation could improve in about a year once their cars are paid off and an expected raise kicks in.
“For now, my disposable income is 0, but it’ll be better in one year from now,” they wrote.
Commenters Question The Numbers
What surprised many commenters, however, was the poster’s income.
After several people asked for a clearer breakdown of finances, they revealed they bring in around $10,000 per month while expenses run about the same amount.
“Income $10,000 Expenses $10,100 sometimes $10,000,” the person said.
That revelation immediately shifted the tone of the discussion. While many commenters sympathized with the stress of carrying such large balances, others questioned how someone earning roughly $120,000 annually could still be unable to gain traction.
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Some argued that the math around the debt growth didn’t fully add up. Others pointed out that minimum payments …
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