No. of Recommendations: 1
I am a 23 year old college student who has about $2700 worth of credit card debt, in about a year i will have $20,000 in college loans (paid off in 10 years). I bring in $600 a month and my husband (also a student)brings in $13,000 a year. Our total monthly income is 1500 and we spend 1400 on bills (rent, credit cards, etc..)I am hoping to get a house sometime in the future, but do not feel my credit is very good. Right now I feel like I am drowning in dept. Can anyone who has been in my situation please give me words of encouragement? and advice!

Hi elodieosu!

It's understandable that you're feeling like you're drowning right now, but you need to look at the much bigger picture.

First of all, I think it's very commendable that your credit card debt is that low. It may not seem to you like it's low, but that's a very small amount, and as long as you don't add to the charges, you'll be able to knock that off in a reasonable amount of time and be credit card debt free.

As far as the loans, sure--they seem daunting to you right now. But, you've got to remember that these loans represent a very important investment--an investment in yourselves. These loans will pay you back greatly through increased earning power, power that will greatly enhance your future net worth.

My suggestion to you is to keep working at the debt you have, and do the very best you can in your college career so you can reap the benefits later on. With viable employment after college, you'll be able to pay down the college debt as well as begin saving for the house you seek.

In the meantime, if things seem to get too overwhelming for you in the short term, consider tweaking your budget even more than you have--see where you might save a buck here and there (even avoiding a cup of coffee from a coffee house is money saved), and visit our Living Below Your Means board for money saving ideas.

Remember, what you and your husband are doing right now is fantastic, a wonderful investment for your future. You'll look back on these days gratefully. : )

Good luck!

...but I still am...

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