Problem/Goal: I am a 23-year-old account manager, and I have about PHP 500,000+ in debt to multiple creditors. My goal is to be debt-free by 2027, but with my current income and financial situation, it's proving to be difficult.
Context: In 2022-2023, I was a working student in Sydney, and I was sufficiently self-supporting to some degree. Because of my multiple hospitalizations there, due to my Bipolar 2 and BPD diagnoses, as well as the living expenses incurred during my time overseas, I've now amassed a debt that I took home with me to the Philippines in 2024.
Once I was back in the PH after finishing my college program, I was struggling to look for work. I then took to loans and lenders, multiple at that, to help alleviate the financial burden while looking for work.
I now have a job which pays for most of my debts, but alas, not enough to cover my medical expenses.
I also haven't told my parents (again), hence I have been suffering in silence for the past 2 years.
Previous Attempts: I once told my mom about my financial struggles and she, understandably, lashed out at me and was disappointed, to the point where I thought I would be kicked out of the house.
How do I tell my parents that I'm drowning in debt? And how do I get out of this debt sooner than later?
byu/chilimansid inpersonalfinance
Posted by chilimansid