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I'm in a similar boat. -$800 in my checking and about ~$1000 left on my CC. Also from Canada. Morgage payment coming up in 5 days will put me in the negative, a
by MarcelOlsz 2y ago
I'm in a similar boat. -$800 in my checking and about ~$1000 left on my CC. Also from Canada. Morgage payment coming up in 5 days will put me in the negative, and another one in January as well. Should not have bought a house. I'm basically screwed, but I figure the wheels of the system or whatever will move slower than me finding work.
- stocknoob 2y agoRent out/airbnb a room in your house?
- deleted 2y ago[deleted]
- Zambyte 2y agoWhat do you mean by "~$1000 left on my CC"? Do you mean like $1k until you max out your CC? $1k left to pay off?
- MarcelOlsz 2y agoYeah $1k until max out, it's blocked from online payments but I can still use it irl.
- justsomehnguy 2y agoSo it's really -$200. And CAD to boot.
- reshlo 2y agoThey have negative $800 in their checking account.
- justsomehnguy 2y agoYikes, totally missed that. That makes it -$1800CAD. Thanks for noticing.
- svnt 2y agoHow are you doing your math? If they have $1k left in available credit, and they were making tech wages, that means on just that one credit card they are probably $9k to $24k at least in the negative already. The $1k of remaining available credit is not yet debt, but the negative bank balance is. It is also likely they have more than one credit card, and maybe also some student loans.
- lionkor 2y agoThey are simply not counting the CC since it's not available money
- reshlo 2y agoThe $1,000 available on the CC is not debt either, so the person does not currently have -$1,800. If the information we have is that the person has an $800 overdraft and a $1,000 line of credit that they’re not using, they’re $800 in debt, not $1,800.
- BehindBlueEyes 2y ago> How are you doing your math? As a european, I also didn't realize what CC stood for and was tripped up by the math same as the person you're replying to. Not everyone lives in a world/country where living on credit is the norm (at least not yet).
- Aeolun 2y agoI don’t think living on credit is the norm even in countries that use a credit card regularly. The limit on my card is fairly high, but if I don’t pay it off every month my provider gets pissy.
- SvenL 2y agoWould it be possible to sell the house? Kind of get rid of the mortgage?
- MarcelOlsz 2y agoHave had it listed for months now, I expect it will sell when rates cool, in which case I'm gravy.
- tomcam 2y agoDamn, brother. But if anyone can pull a rabbit out this hat, it’s you. Your main problem will be getting your giant brain through the door for a job interview.
- MarcelOlsz 2y agoThanks man!
- m00x 2y agoOverspent on the house? Not uncommon in Canada tbh. The country is in a really bad state real-estate wise.
- MarcelOlsz 2y agoA little bit. It was a great idea at the time when I had work. It's been listed for sale for 2 months now which is to be expected with the rate frenzy.
- rendang 2y agoWhy did you buy a house while having such small savings?
- TeMPOraL 2y agoThey probably spent all their savings on the down payment, as approximately everyone on the planet who wants a place to live but can't pay for it all out-of-pocket does? Investment shenanigans excluded, if you have enough savings to pay off your mortgage in case you lose your job, there's no point in getting a mortgage in the first place.
- Ferret7446 2y agoNo emergency fund, I suppose. Sometimes I wonder how people manage to browse the Web without encountering "common" pieces of wisdom. Maybe we should bundle up a bunch of useful YouTube/TikToks as a supplemental education package for students.
- Turskarama 2y agoYou're kind of damned if you do, damned if you don't. If you save up an emergency fund instead of paying a downpayment then you're spending money on rent that you could have in retirement, and it's not like rent is consistently cheaper than mortgage payments anyway so if you can save up when renting you can save up when owning. So the gamble is, do you spend 2 years saving up for 6 months of income as a buffer and send tens of thousands of dollars down the drain in the meantime, or do you roll the dice and hope nothing bad happens in the next 5 or so years? The people who end up in the best position will be those who take the second option, and most of the time it will work out.
- ghaff 2y agoThe short answer is probably everything in moderation if you're reasonably young. Maybe don't put every penny you can get your hands on into a down payment on a house, especially if you're also a bit uncertain about future income streams and life situation. But maybe you also don't really need a year or two comfortable emergency fund. At some point, it probably makes sense to buy a place if you can if only for the stability as you get older.
- venk12 2y agosimilar boat 7 years ago. Luckily, I found a data science job that barely covered by rent and family expenses for 12hrs a day. In addition I had to freelance for a 2 to 3 hours everyday to make ends meet - basically sleep, work, repeat - rough patch - you will get through it. Hold tight, wishing you good luck!
- Tade0 2y agoWhat is going on with the IT sector in Canada? I'm a contractor and last year my agency said there would be layoffs, which caused quite a scare, but in the end only contractors residing in Canada were affected.
- MarcelOlsz 2y agoNobody I know who is good that I know works for Canadian companies if they can be avoided. I'm not sure what happened with your agency, probably costs involved hiring foreigners via services like remote.com or other? Your tagline on your profile made me laugh.
- carlosjobim 2y ago> Should not have bought a house. I'm basically screwed Sell your house. You can't afford it.
- MarcelOlsz 2y agoYeah it's been listed for ages and I've dropped the price significantly. We're all collectively waiting on the coming rate announcements.
- YZF 2y agoWhat experience do you have and what job are you looking for? You might want to reach out to your mortgage provider and see if they can help. Often they will. Where in Canada are you?
- MarcelOlsz 2y agoI'm looking for frontend/fullstack. I have over 10y of experience. I did reach out, and the mortgage payment has been withdrawn, and they haven't gotten back to me in two weeks. I'm in Toronto. My info is on my profile.