Should I get a DRO at 23? Currently feel like I'm drowning.
Hi firstly I would like to just say I already know this sounds extreme position to be in at 23, I already know that and I am already disappointed in myself, however what's done is done. Also please excuse any punctuation or spelling... I've been trying to climb out of this hole for a while now it first started when I was 18 and got a credit card I come from a very low income family and one that has never been good with money I was told by my parents to get one and it will build my credit, I knew exactly what a credit card was and that it had to be paid back. Ive always been the "smart one/ one that has their head screwed on" so I was persuaded that id be responsible enough. it started with a £500 limit and at the time it seemed like a lot. and I bought a garden shed with it so that I could have a little art studio to make my arts and crafts in. however from there I got a limit increase and was going smoothly until my mum fell ill and all of a sudden I had a lot more financial stuff I had to take care of like groceries and looking after my little brothers and gas and electric as my dad and older brother wasn't very responsible / it was just assumed by everyone id do it all. At the time I was minimum wage getting about 700 a month so my credit card came in handy and I thought I could handle it as minimum payments were low and then they shot up and I felt I was drowning. I manage to take out a debt consolidation loan of £3k to pay my credit card off which I will have completed next July. However this is were I went deeply wrong I used my card still and then went a slippery slope I had bills racking up and now I was paying a loan and minimum payments. Until this year I got an offer to transfer my balance to a lower interest card to which I took. I thought it would give me time to breathe a little without worrying and be a normal 23 yr old with spare income. Before I know it I have a lot of debt and my minimum payments are crazy and majority of my pay check goes on paying everything off, granted my salary is higher but still not that much. ive researched help and everything is leaning towards bankruptcy or a debt relief order. I really want to avoid bankruptcy and I understand that a d.r.o will still affect my credit score for 6 years but at the moment that's the least of my worries I just want a fresh start and breathing room. Most likely I'll stay living with my parents for a good good few years I have no intention of moving out till I'm at least 30. so being able to rent or mortgage isn't in my worries at the moment and Im aware of the risk of it being difficult to do when I do eventually want to move out. my credit score is over 700 so its not like ill be throwing away an excellent score. Honestly I just want to be able to breathe again I wish I never got that first credit score and just stuck to my normal monthly wage without being greedy but I guess you play stupid games you get stupid prizes. I was meant to be the good one out of my siblings and now Im drowning. my parents are aware of my minimum payments, granted I haven't told them the balance as they wouldn't be able to help either. My question is do you think its worth me getting a d.r.o I cannot see my getting any better salary anytime soon. I'm due to be promoted as an assistant manager at my job it's just timings but even then the salary Ive heard that is is still not enough to live comfortably with this amount of debt. Please no judgment I already know everything anyone could ever say to me to. I'm just looking to see if I'm making the smart decision
Posted Dec 8, 2025, 3:30 AM UTC