Moving out with debt
Hello! I, 20M, am currently in the process of moving out of my parents house due to unforeseen circumstances. By about September, I’ll be needing to move out and move in with a good, lifetime friend. As per the title, this is where the issue comes in, with little time to save - I have to pay my friend about £550 in rent, and I also have around another £500 in other outgoing like loans and credit cards, to not make the situation any better, I have no savings and am currently in my overdraft by £2000!
I know my amazing financial literacy has gotten me in the situation, and honestly a lot of this debt I accumulated was due to dental payments and paying for operations for my pet cat. Not ideal but I am here now, I get paid about £1.6k after taxes due to being an apprentice right now, even more amazing, but intend on switching jobs as I finish my IT apprenticeship by the end of the month - so hopefully I’ll find a higher paying IT job than £22k a year.
My main question was going to see if anyone had any advice for me while I prepare to move out in 2 months, and if its worth taking out an even bigger loan (face palm here) to pay off my other credit lines and make it one payment instead of 4 or 5 each month.. Sorry if I’ve left anything out or if this is just a stupid post - just curious to see if people had any good ideas or thoughts that may help. Thank you!
Posted Jul 6, 2025, 7:25 PM UTC