Move home to pay off debt? I'm 26.

LepperJoe

Due to a change in my work situation I am now in a situation that I don't know how to handle.

I have $25,000 in debt..

With my current job, I make enough to pay for for everything (rent, car, loan payment - which is 5 years), but it leaves me with about $40/week to cover everything else that could happen (either a repair or just personal spending).

My mom has agreed to let me move back home rent free until the loan is paid off. At home, I could clear the debt in about 1.5 years.

So the question is, is it worth while to move home? I enjoy being on my own, but I don't know if learning how to tough it out for an additional 3.5 years is worth it.

There is another problem as well... In a few months I might have a job opportunity that will require 3 months of unpaid training. This means $6000 that I would need to cover, and if I'm on my own, it simply would not be possible.

Thoughts?

watna

If I were you, I'd move home, no questions asked. If you get on ok with your mum and will still hae some freedom, why not? It's very generous of her to offer to let you live there rent free.

I have friend in a similar situation and I said the same thing to her, as long as it's not going to drive you insane, move home, pay off your debts and get on with things. Maybe set a timescale on it, like tell yourself I will only be home for 18 months and then I have to move out in case you get too comfortable and end up living there forever!

brendansmith

Move home with yore ma!!

Top Dog

If I was single right now, I'd move home to my parents in the morning and clear my debts asap. Sucks being in debt, so if there's an alternative that will shrink the timeframe till you're debt free, then I'd definitely jump at it.

Plug

At home is the best. I get dinners cooked, bed made, cloths washed etc. Go back to YORE MA.

SimpleSam06

LepperJoe wrote: »

but it leaves me with about $40/week to cover everything else that could happen (either a repair or just personal spending).

You're living right on the edge of bankruptcy coming into what could be the worst recession in living memory. That 40 a week won't go very far if you have an accident, and just how safe is your job anyway? I'm not sure which country you are living in (you use dollars as currency), but in Ireland, bankruptcy is a harsh and antiquated piece of legislation - you really don't want to go there.

LepperJoe wrote: »

My mom has agreed to let me move back home rent free until the loan is paid off. At home, I could clear the debt in about 1.5 years.

It would be both wise and prudent to take that offer. Clear your debts as fast as possible is the rule in bad economic times, and then move on. If anyone feels the need to look down on you for that decision, well their opinion probably wasn't worth much in the first place.

tallus

I'd move back to my mothers just for the food.

helimachoptor

LepperJoe wrote: »

Due to a change in my work situation I am now in a situation that I don't know how to handle.

I have $25,000 in debt..

Firstly how are you so much in debt at such a young age?

Roadend

helimachoptor wrote: »

Firstly how are you so much in debt at such a young age?

He got himself a fancy car to impress the girls

helimachoptor

Roadend wrote: »

He got himself a fancy car to impress the girls

could he not let the girls use the car as a mobile brothel to recoup some fo the money..

Run_to_da_hills

There will be a lot more like you wanting to move home.

Hopefully these greedy jeep driving landlords who cashed in on several houses at the expense of first time buyers will suffer.

funk-you

Run_to_da_hills wrote: »

There will be a lot more like you wanting to move home.

Hopefully these greedy jeep driving landlords who cashed in on several houses at the expense of first time buyers will suffer.

Dear god man, we can nearly predict every post.

OP: Move back in with your ma but don't treat her like a skivvy. Live almost like you're in your own place and remember you're a guest.

-Funk

Roadend

helimachoptor wrote: »

could he not let the girls use the car as a mobile brothel to recoup some fo the money..

The shaggin' wagon

tech77

helimachoptor wrote: »

could he not let the girls use the car as a mobile brothel to recoup some fo the money..

Now that's proper AH advice.
This man knows what he's talking about OP.

PI might be a better bet tbh.

Hail 2 Da Chimp

Live on the streets and sell your body for money... you mightn't make much but it's all profit!

Smart Bug

Clearly you need to fale your own death. Liquidise all your assets. Leave your shoes & socks on a beach somewhere, along with a note - "I can't take it any more etc" and flee to Mexico until this recession thingy blows over.

Try shoot a few people on the way, y'know, spice things up a little.

Dord

LepperJoe wrote: »

I have $25,000 in debt..

With my current job, I make enough to pay for for everything

Obviously not if you're $25K in debt! :rolleyes:

thelordofcheese

funk-you wrote: »

Dear god man, we can nearly predict every post.

I'm thinking Runny isn't a real person, but a complex python script designed to react to certain key words with a stream of banal nonsense

Run_to_da_hills

thelordofcheese wrote: »

I'm thinking Runny isn't a real person, but a complex python script designed to react to certain key words with a stream of banal nonsense

You must be another one of them. :rolleyes:

http://www.boards.ie/vbulletin/showthread.php?t=2055385901&highlight=greedy

Princess Consuela Bananahammock

thelordofcheese wrote: »

I'm thinking Runny isn't a real person, but a complex python script designed to react to certain key words with a stream of banal nonsense

You mean he's a journalist?

thelordofcheese

Ikky Poo2 wrote: »

You mean he's a journalist?

Well, I think calling him an ill informed delusional buffon would be an insult to the ill informed delusional buffon community.

gaz wac

OP do you have a gun? would you be interested in participating in some moose hunting? Moose collisions in Maine, USA, accounted for 3,600 car crashes from 1997 to 2001, 11 deaths, hundreds of injuries, and $81 million in damage, im sure the insurance companies would be happy to pay you to kill the moose to help you get rid of your $25k debt.. or just become a mechanic?

4zn76tysfajdxp

Move in to fukk. You'll have a lovely time if you give each other space and her the respect she deserves.

Failing that, kill her and claim the inheritance.

Quazzie

Bryce Careful Chessboard wrote: »

Move in to fukk. You'll have a lovely time if you give each other space and her the respect she deserves.

Failing that, kill her and claim the inheritance.

+1 Murder is always the best option

Honey-ec

Dord wrote: »

Obviously not if you're $25K in debt! :rolleyes:

I was just about to say that...

OP, seriously, move home. I have a friend the same age as you in the same debt and she refuses to acknowledge that she's in serious trouble. She literally has debt collectors calling to her door in person at least once a week. Her dad gave her €15k last year to clear her debt and she spent it on clothes, pretty much.

AARRRGH

LepperJoe wrote: »

My mom has agreed to let me move back home rent free until the loan is paid off

Yore ma said the same thing to me, but she made me do things if I wanted to stay rent free.

norrie rugger

thelordofcheese wrote: »

Well, I think calling him an ill informed delusional buffon would be an insult to the ill informed delusional buffon community.

Good old Firefly quote there

OP
move home pay your debts, keep your credit rating and buy yore ma something nice

00112984

I'm almost your age, married with a mortgage but no other debt and a pretty nice life but would love to move back in with my mother.

Do it!

MCMLXXXIII

6 months after graduating college my lease was up. I decided to move home, as I had debt (only about $8K) from school and my parents live less than 3 miles from where I work.
Also, when I started work the company was going through National contract Negotiations, and I was working about 100 hours per week...sometimes spending the night at work.
Between living at home, Mom and Dad paying for food, and working all the overtime, my debt was paid off in well under a year's time.

Now, I have my feet planted firmly on the ground, and am thinking about buying a foreclosed home. Yes, my timing is perfect, and yours timing could be good as well.

Move home, pay off your debt, and then buy stocks/homes/etc. for cheap.

Hail 2 Da Chimp

Because you can't go wrong buying lots of stock and houses!

Mossy Monk

Become a whore.

marti101

You got yourself in to debt get yourself out.Its not up to yore ma to get you off the hook.Dont move home tough it out and the next time youo are looking for a loan think back to now and dont gp for it.Its not down to your parents to bale you out. Rant over.

Frisbee

I'd move home. Not planning on moving out of the nest for many a year after I've finished college

Sleepy

OP, what's the car worth?

Might it be worth looking into down-grading to something cheaper / cheaper to run?

biko

[X] Move home
[ ] Do not move home.
[ ] Atariiiiiiiiiii!!!

norrie rugger

marti101 wrote: »

You got yourself in to debt get yourself out.Its not up to yore ma to get you off the hook.Dont move home tough it out and the next time youo are looking for a loan think back to now and dont gp for it.Its not down to your parents to bale you out. Rant over.

Don't be silly.
The OP is not looking at backing away from his debts, he is going to cut back on his main expense (rent).
The fact that his mother is offering this is besides the point, it makes great financial sense to take advantage of this.

Varkov

Jeez Louise, why the hell did you let yourself get into a debt of €25,000 wing wangs?

This kind of mentality really isn't a good one to go through life on. "Ah its grand, I'll just move back home and try it again" You'r 26 years old OP, not 18/19. You're a full blown adult now. I can't imagine it being easy to rack up €25K debt! :eek:

Firstly how are you so much in debt at such a young age?

I think a lot of people forget that education isn't free for most of the world. I'm nearly 16,000 euro in debt from my four years in college - my sister is at Cambridge and she has to pay 3 grand tuition every year on top of living costs. I get annoyed with people acting like I'm irresponsible for having this debt at my age (23) - not all of us have grants or Mammy and Daddy subbing us and can take a college education for granted. In NI where I grew up it's the norm to take out student loans before college as almost everyone is forced to leave home, everyone does it. In America it's even worse. This may or may not be the case for the OP but I can tell you that racking up a lot of debt is very, very easy. I don't have a car, can't afford driving lessons and I've never had a real credit card that I've used and I'm still making loan payments every month. If I wanted to have the quality of life a lot of people here take for granted, I'd be up to my eyeballs in debt.

LepperJoe

My debt is from two places:

First, I have a 2002 Saturn SC2. I bought it in 2006 (after graduating university and paying of my student loans). I owe just over $9000 on it. It's worth about $6000 and I need it to get to work.

I got a new job that paid well enough to move out. Eventually I realized I hated my job more than anything else in the world and quit before I got another job (REALLY STUPID decision). I was unemployed for 6 months and racked up over $15000.

I do have another job now which is actually quite enjoyable and I can see myself working there for at least a couple of years.

brendansmith

LepperJoe wrote: »

My debt is from two places:

First, I have a 2002 Saturn SC2. I bought it in 2006 (after graduating university and paying of my student loans). I owe just over $9000 on it. It's worth about $6000 and I need it to get to work.

I got a new job that paid well enough to move out. Eventually I realized I hated my job more than anything else in the world and quit before I got another job (REALLY STUPID decision). I was unemployed for 6 months and racked up over $15000.

I do have another job now which is actually quite enjoyable and I can see myself working there for at least a couple of years.

Joe, please tell me you are joking!!!

:eek::eek::eek::eek::eek::eek::eek::eek::eek::eek::eek::eek::eek::eek:


You owe 9000 on a 6000 car, lol

As for the quit job and unemployment thing. What????

I think you should definitely move home, give all your wages to your mammy and accept an allowance. Continue this for ever as you are not capable of looking after yourself man!

Quazzie

I think everyone lost interest in this when it was confirmed he was from the states and its blatantly obvious that he cannot handle money at all. I honestly think he is using this thread as some kind of financial advice centre.

Silenceisbliss

HA....ur american....

and ur broke!

did you REALLY think the irish were nice friendly people???...

were not.

well im not anyway.

haha, ur poor

Princess Consuela Bananahammock

Run that car thing by me again. What was the sticker price on it when you bought it? How much have you paid so far? Or is there a zero missing from one of those figures?

I'm of the opinoin you need to clear debt asap in these times, so move back if you have to and possibly trade the car in for something cheaper.

sleepingbliss - We Irish can hardly lecture someone else on bad financial management! It happens. Trick is to learn from it and not let it happen again.

Quazzie

Who is sleepingbliss?

P.S this is AH serious answers should not always be expected;

Cuddlesworth

LepperJoe wrote: »

My debt is from two places:

First, I have a 2002 Saturn SC2. I bought it in 2006 (after graduating university and paying of my student loans). I owe just over $9000 on it. It's worth about $6000 and I need it to get to work.

I got a new job that paid well enough to move out. Eventually I realized I hated my job more than anything else in the world and quit before I got another job (REALLY STUPID decision). I was unemployed for 6 months and racked up over $15000.

I do have another job now which is actually quite enjoyable and I can see myself working there for at least a couple of years.

Here's what I would do, take up a gambling addiction.

You bought a car you can't afford, you blew money for 6 months without bothering to work. Is McDonalds too good for you? I think you would do great at Blackjack.

LepperJoe

Ikky Poo2 wrote: »

Run that car thing by me again. What was the sticker price on it when you bought it? How much have you paid so far? Or is there a zero missing from one of those figures?

I'm of the opinoin you need to clear debt asap in these times, so move back if you have to and possibly trade the car in for something cheaper.

sleepingbliss - We Irish can hardly lecture someone else on bad financial management! It happens. Trick is to learn from it and not let it happen again.

The car was worth about $11,000 when I bought it and paid about $12,000 at a dealership, paid another $2500 for a 3 year warranty. Add in taxes ($1500) and interest at 8.49% over 5 years ($3300), the total loan was $18,000.

LepperJoe

I'm Canadian, btw.

Caliden

Canadian ehh?

reggiethefirst

An 18 grand loan for a 12 grand car??? That's mega retarded. A cheap $1000 car wasn't good enough to get you to work? And the quitting before securing a new job, also mega retarded. I keep telling a friend of mine not to do this, but bam, she does it repeatedly.

Now, moving on from where you went wrong, MOVE HOME!

nyarlothothep

that's nice, kicking people when they're down

Princess Consuela Bananahammock

Right, OP, what it boils down to is this.

You made a few bad investments and a few bad decisions. Everyone's human. Do what you have to do to clear debts, bear it, LEARN THE LESSONS and move on. Enjoy your life.