I am drowning in cc debt please help me

Overcoming Credit Card Debt: A Personal Journey and Plan for Financial Recovery

Introduction

Navigating the tumultuous waters of credit card debt can be an overwhelming experience, especially when unforeseen circumstances and personal challenges arise. At 24, finding oneself burdened with financial obligations can feel isolating and surmountable. Yet, there is a path forward with dedication, perseverance, and the right strategy. In this blog, I’ll share my personal experience with credit card debt and outline the steps I’m taking to regain financial stability.

My Initial Struggle

Last year, I made the ambitious decision to relocate to Quebec. However, my lack of proficiency in French made securing employment exceedingly difficult. Consequently, I found myself relying heavily on credit cards to cover basic living expenses. Compounding this situation was my personal struggle with borderline personality disorder, which manifested in impulsive shopping habits. However, with ongoing therapy and medication, I’ve successfully curbed this impulsive behavior.

Current Situation

Today, I’m back in my hometown, working diligently to rebuild my finances. I hold two positions: a full-time role at Starbucks and a part-time job at Walmart, earning $15.75 and $16 per hour, respectively. Despite these efforts, I am confronted with significant credit card debt, approximately $23,000 on my Chase card and $7,000 on my Wells Fargo card. The challenge I’m facing is that minimum payments barely make a dent due to accumulating interest, and my credit score has dwindled to 670.

Creating a Plan of Action

Without debt counseling services available locally, I had to develop a plan independently. Here’s my approach to tackling the debt effectively:

1. Budgeting: Creating a detailed budget is essential in understanding and controlling my spending habits. Prioritizing needs over wants ensures every dollar is maximized towards debt repayment.

2. Snowball Method: I’ve decided to adopt the snowball method, focusing on paying off the card with the smallest balance first (my Wells Fargo card). This approach provides a psychological boost each time a debt is fully paid off.

3. Seeking Professional Guidance Online: While in-person counseling isn’t an option, exploring reputable online financial counseling services can offer virtual advice and strategies tailored to my situation.

4. Increasing Income Streams: Exploring side hustles or freelance opportunities during my available hours might accelerate debt repayment.

5. Emergency Fund: Establishing a small emergency fund will help avoid unexpected expenses from