23F drowning in debt. I need advice on how to get out of this.
Hi everyone. I'm a 23F working in Manila and I badly need advice on how I can repay my debts.
Here are all of my current debts:
- SLoan (including SPayLater): ₱87,945
- GLoan: ₱22,944
- Grab: ₱11,898
- BillEase: ₱9,602
- JuanHand: ₱13,630
Total debt: ₱146,019
My monthly salary is around ₱24,000 (around ₱11k per cutoff after deductions). I also have to pay for rent, utilities, food, and transportation since I live and work in Manila. My family is in Mindanao, and I'm the only one working here.
I'm considering using the debt snowball method because I honestly can't keep up with all the monthly payments anymore. I've been doing the "tapal system" for months, taking loans from Grab, BillEase, and JuanHand just to pay my other loans and I know that was a huge mistake. Now I'm stuck in a cycle that I don't know how to escape.
For context, my debts came from:
- College tuition that I'm still paying off
- Borrowing money for my dorm down payment
- Sending money to my family
- Medical expenses when I got sick
I feel really overwhelmed and disappointed in myself. I know I made bad financial decisions, but I genuinely want to fix them and stop relying on new loans.
If you were in my situation, what would you prioritize first? Should I use the snowball method, avalanche method, or is there another strategy that worked for you? Any advice would really mean a lot.
Thank you.