Time to come clean... and I am scared
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| Tue, 01-19-2010 - 2:20pm |
Hello... I am new to the board and I am hoping to get some guidance and support. I am 26 years old and currently over $32,000 in credit card debt. I also have a car payment. I am still living with my parents which makes this situation that much more ridiculous. I have made a lot of bad decisions and I am so ashamed that it got this bad. My parents are encouraging me to move out on my own, but they have no idea how much debt I am in. I want to tell them but i am afraid of what their reaction will be. They are both financially stable and brought us up to manage our money... but obviously i didnt take their advice. Has anyone else had experience with this? Should I tell them or is there something I can do on my own. Right now I am basically paying only interest because my rates are so high and if i keep this up i will have this debt the rest of my life.
I am at a loss... and looking for any advice!
Should I tell them... or should I suffer in silence??

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Rockstar, you've got a lot to think about and likely some plans to think through.
Kate
Hey there rockstar,
Just wanted to chime and offer some support. I am now 36 years old, but when I was your age. I was in the same situation, but worse. I also started accumulating debt at the age of 18, and by 30 I was in debt for more than 50K(including a car loan). I stopped counting at 50K and knew it had to change. My parents never knew about the debt.
http://www.TickerFactory.com/savings/
Ok, you conveyed a huge red light to me - you are working 80 hours a week at your job.
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