{ "media_type": "text", "post_content": "This is about to be the first month in my life where I'm unable to pay off my credit card statement balance (about 2.5k leftover) and I'm feeling like such a failure. Any tips on how to mitigate the impact of this and get out of the hole asap?", "post_id": "616ddf7f3f094f002dae5d19", "reply_count": 15, "vote_count": 1, "bowl_id": "5b3f7377ab53db00136f7b4c", "bowl_name": "FIRE Financial Independence Retire Early" }

This is about to be the first month in my life where I'm unable to pay off my credit card statement balance (about 2.5k leftover) and I'm feeling like such a failure. Any tips on how to mitigate the impact of this and get out of the hole asap?

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I'd sign up for a new card with free balance transfer and 0% APR for the first year or something. It'll allow you to catch back up.

likesmarthelpful

This!

Is this due to an unexpected event like medical or other expenses? If not you’ll need to sort out your income vs living expenses asap. A couple months of interest on 2.5k is no big deal but you need a plan to stop digging.

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D1: You’ll be okay. Hopefully a lesson learned about spending money in advance of receiving it.

The fact that you're upset about this kind of tells us that your head is in the right place. One time not paying off your entire balance isn't going to make a difference in the long run. All the best! Also follow Ac1's advice.

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Did you recently start working? If you’ve been working at Deloitte (or similar paying job) for over a year, you should have an emergency fund set up that can cover 3-6 months of expenses and this unexpected shortfall of $2.5k wouldn’t have been an issue. If you find yourself living paycheck to paycheck (without excruciating circumstances like some medical emergency), then you need to find a way to either 1) budget and spend less money (move to a cheaper place, get rid of expensive car, eat out less often, and/or don’t buy unnecessary items) or 2) make more money (longer term strategy). If you just recently started having a steady income, then work to build yourself the emergency fund (after paying off the cc debt). A good step is to track your past few months of income and expenses (either on a spreadsheet or an app like Mint/YNAB) to see if you’re spending more than you make and where. Then you can see where the low hanging fruit is in terms of being able to save some money. If you want to provide more details I’m sure we can provide more specific advice.

likesmart

Thanks so much! I'm having trouble deciding whether that amount is something worth opening a whole other credit card for.

Never use a credit card untill u hv some discount etc n if u did pay on time, I was stuck before n when I looked I found it's interest rates are very very high, enough to make one bonded labour for banks

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No emergency fund or savings other places?

Both were almost depleted to sustain myself up until now.

Maybe pick up a temp side hustle or side gig too?

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