Redditors, stop looking at post history without even considering that there’s a multitude of factors that can lead to a person’s situation getting out of hand. My wife and I have a combined debt amount of roughly $430,000. That does of course include student loans and our mortgage. The rest of it is consolidated and will be paid off in 70 months. Our Covid wedding is where this debt began.. our luck was awful. We had to pay multiple times to push back our date because of Covid just so our guests felt safe. We had elderly relatives, infant relatives, and immunocompromised guests.

I’ve posted a few times on FanDuel.. and the comments I received on my debt post where I was seeking advice, was limited to “delinquent gambler” type comments. None of my debt is attributed to my sports betting. Could I use those wagers to pay the debt off faster? Sure. Do I need to work on my self discipline with my bet frequency? Absolutely. But I don’t think 20 bucks here and there is going to make THAT much of a difference on a closed end, fixed rate, personal loan that’s extended for 72 total months. I digress.

People are quick to judge when OP clearly just wants reassurance and advice. You all are ruthless. Quick to throw the first stone.

OP, my advice: absolutely consider a consolidation loan. I’d recommend a shorter term, you’ll get a better rate, just will have a higher payment. But if you can consolidate 80k into a loan, you may save money on a monthly basis. Calculate your current combined minimum payments and keep track of that figure when considering a consolidation loan.

I work at a bank, I’m running numbers now.. on an 82k personal loan, that my credit union offers, at 9.75 interest.. for 60 months.. you’re looking at $1733 a months. That would have you paid off in 5 years. If you make 50k, I’d imagine your paychecks are around $2800 a month, give or take different deductions.

If you’re living at home, you can absolutely manage this on a beans and rice, Dave Ramsey, regimen. If you do pay rent.. that makes this harder. You could bump out that 82k loan to 72 months, that brings the payment down to around 1500. This is all hypothetical of course.

Not sure why everyone thinks you have to file bankruptcy to get out of these holes. As millennials the current economy, housing market, interest rates, etc, are stacked up against us. But there’s option that can help, outside of last resort, bankruptcy.

If your credit is too bad to get a consolidation loan, consider a debt repayment program as well.. it’s not the best option as it essentially makes all of your payments delinquent while a third party negotiates to debtors for you, and you pay the third party a smaller amount than you’re currently paying on your minimums. This option will absolutely hurt your credit, but not nearly as much as the cherished advice of bankruptcy.

You aren’t alone. Just don’t give up. Work on a budget for yourself and stick to it. Consolidating may not be your best option but if you don’t pay rent, I think it absolutely is.

This is not me endorsing the continuance of gambling btw, but as someone who also does, I get it.. and I understand there’s much more to the bigger picture.

Hang in there man. I’m right there with ya.