I’m feeling lost and worried about my future. At 20, I’m dealing with a lot of money problems. I’ve got student loans, car troubles, and credit issues.
Here’s what’s going on:
I’m in college, getting my associate’s degree
I’ll have over $20,000 in student loans soon
I want to get my bachelor’s degree next year
I had a car that got repossessed
I got another car, but it was taken away too
My credit score is really low now (579)
I’m in a small town and need a car to get around
I’m not sure what to do next. Should I try to get the car back? Is it better to let it go? I’m worried this will mess up my life for years.
Does anyone have advice on how to fix this? Is there a way to improve my situation? I feel like I’m in way over my head and could use some guidance.
Forget the car for now. Public transport, bike, or bum rides until you’re on solid financial ground. Focus on finishing that associate’s degree - it’s an asset nobody can repo.
Your credit’s shot, so work on income first. Pick up side gigs - delivery, TaskRabbit, whatever pays cash. Build an emergency fund before worrying about credit repair.
For the bachelor’s, look into employer tuition assistance programs. Many companies offer this benefit, even for part-time workers. It’s slower, but you’ll graduate with less debt and work experience.
Long-term, target jobs with loan forgiveness. Government, non-profit, or certain teaching positions can wipe out federal loans after 10 years of payments.
It’s a hole, but not an endless one. Prioritize income, minimize expenses, and chip away at it. You’ve got time to turn this around.
Hey there, I can relate to feeling overwhelmed with money stuff at your age. It’s tough.
I’m not a financial expert, but from what I’ve seen, getting the car back might not be the best move. Those repo fees can be brutal, and it sounds like you’re already stretched thin.
Have you looked into public transportation or carpooling options in your area? It’s not ideal, but it could help you save some cash while you sort things out. Maybe there’s a local Facebook group for rideshares?
As for the credit score, I’ve heard it can take time to rebuild, but making small on-time payments consistently can help. Maybe focus on your smallest debts first?
For school, have you talked to your college’s financial aid office? They might know about scholarships or work-study programs that could ease the loan burden a bit.
It’s a rough situation, but you’re young and there’s definitely still hope. Plenty of people bounce back from stuff like this. Hang in there, and don’t be afraid to reach out for help when you need it.
Hey there, I feel for you. The auto finance world can be pretty unforgiving, especially for young folks just starting out.
From what I’ve seen in the market lately, getting that car back might be an uphill battle. Repo rates are climbing, and lenders are getting stricter with their policies. It might be best to cut your losses and focus on rebuilding.
Have you looked into secured credit cards? They can be a good way to start repairing your credit without taking on more risk. Just make sure you read the fine print on fees.
For your education, maybe consider spreading out your bachelor’s degree over a longer period? Taking fewer classes per semester while working could help manage the debt load. Some employers even offer tuition assistance for part-time students.
Don’t lose hope. The lending landscape is always changing, and there might be new options on the horizon. Keep an eye on fintech startups - they’re shaking things up in the personal loan space.
Hang in there and keep pushing forward. Financial setbacks at 20 don’t define your whole future.
