Current Events > 29 y/o Woman's story of being nearly $1M in debt goes viral: 'Absolutely Insane'

(+) Yeah! (+)

https://nypost.com/2023/04/14/dave-ramsey-show-clip-of-young-couple-with-1m-debt-goes-viral/

https://twitter.com/sportynory/status/1645918001651421184

How much medical debt?

Holy shit...

Dat_Cracka_Jax posted...

How much medical debt?

It is mainly mortgage, credit card bills and student loans.

I feel horrible for laughing at the comments.

https://twitter.com/gotdamnocles/status/1646574335048515590

Student loans suck but c'mon a household income of 230k and a mortgage of 210k? They really fucked up with those personal and credit card loans. They could have had it easy.

Mortgage has to be most of it. Ain't no way student loans exceed more than 200k even in like Ivy League, esp at 29 when you would've absolutely needed to be paying it off for 5-6 years. Not sure how much you can exceed 50k in credit card debt without some insane card. So like at least 800k needs to be mortgage, which is probably happening the moment you take out a loan to buy a house near a big city

EDIT: ok lol nvm they also took personal loans. They're just idiots

legendarylemur posted...

Mortgage has to be most of it. Ain't no way student loans exceed more than 200k even in like Ivy League, esp at 29 when you would've absolutely needed to be paying it off for 5-6 years. Not sure how much you can exceed 50k in credit card debt without some insane card. So like at least 800k needs to be mortgage, which is probably happening the moment you take out a loan to buy a house near a big city

It's two of them so she's combining numbers with her partner.

Mortgage - 210k
Student Loans - 335k
Car Loan - 35k
Credit Cards - 136k
Personal Loans - 44k

Combined Annual Income - 230k

I'm betting a large chunk of those personal/student loans and credit cards was spent on lavish things like vacations, worthless goods, and eating out.

Prismsblade posted...

I'm betting a large chunk of those personal/student loans and credit cards was spent on lavish things like vacations, worthless goods, and eating out.

Interest has probably been escalating for quite a while on those personal loans and credit cards too.

Perhaps even all of them if they're thinking about bankruptcy.

https://www.youtube.com/watch?v=rMk7CKwJ8OM

Full video.

Punished_Blinx posted...

Mortgage - 210k
Student Loans - 335k
Car Loan - 35k
Credit Cards - 136k
Personal Loans - 44k

Combined Annual Income - 230k

I really want to understand the thought process in accruing the credit card debt. At least the saving's grace is the high household income.

Punished_Blinx posted...

It's two of them so she's combining numbers with her partner.

Mortgage - 210k
Student Loans - 335k
Car Loan - 35k
Credit Cards - 136k
Personal Loans - 44k

Combined Annual Income - 230k

They can pay off the car and personal loan in a year easily and a good chunk of the credit card debt. All depends on if theyre gonna start acting right and start budgeting though

Living way beyond their means. 230k income is enough to live comfortably. Them amassing a debt of just below $1m is insane.

Punished_Blinx posted...

It's two of them so she's combining numbers with her partner.

Mortgage - 210k
Student Loans - 335k
Car Loan - 35k
Credit Cards - 136k
Personal Loans - 44k

Combined Annual Income - 230k

Wtf are they using those cards for when they got super affordable housing and spent a suoer reasonable amount on cars apparently?

CommonStar posted...

Living way beyond their means. 230k income is enough to live comfortably. Them amassing a debt of just below $1m is insane.

But I need to know what they spent it on...

Like the two things that could explain it they have a super reasonable and not remotely excessive amount tied up in... but they have 180k in credit card debt and loans for what exactly?

CanuckCowboy posted...

Wtf are they using those cards for when they got super affordable housing and spent a suoer reasonable amount on cars apparently?

Their cocaine dealer takes credit now.

Revelation34 posted...

Their cocaine dealer takes credit now.

It pretty much has to be unless they're constantly going out for 500 dollar a night meals and bar tabs and buying insanely overpriced designer clothes and shit.

CanuckCowboy posted...

It pretty much has to be unless they're constantly going out for 500 dollar a night meals and bar tabs and buying insanely overpriced designer clothes and shit.

That's very possible.

I know quite a few people who make good money (a lot more than me) but absolutely blow it on stupid shit, a lot of drinking out, gambling and racking up debt. They act like they're poorer than I am because of it.

They should just declare bankruptcy. Not being able to use a credit card or get a personal loan for 11 years would do them some good and they'll save a million dollars on the process.

Shes an idiot.

Thats what you get for trying to live like an influencer without the budget

Tyranthraxus posted...

They should just declare bankruptcy. Not being able to use a credit card or get a personal loan for 11 years would do them some good and they'll save a million dollars on the process.

They're not going to drop the student loan debt among other things

I mean... They don't really sound like they're doing that bad. Their monthly take home is 5 figures. They can pay that down in a few years, so long as they don't spend unnecessarily.

Sexypwnstar posted...

They're not going to drop the student loan debt among other things

Okay so they save 700,000 instead of a million.

I'm confused how that's such a big problem with that income. Seems like a year of prioritizing the highest interest accounts would take care of pretty much everything weighing down on them and make the rest manageable. Probably too stupid to stop spending on a social lifestyle they cannot afford, I guess.

Nemu posted...

I'm confused how that's such a big problem with that income. Seems like a year of prioritizing the highest interest accounts would take care of pretty much everything weighing down on them and make the rest manageable. Probably too stupid to stop spending on a social lifestyle they cannot afford, I guess.

The problem seems to be that they're spending more than they make even with a 230,000 combined income.

Most of their monthly expenses are probably interest on their insane debt.

[LFAQs-redacted-quote]

I think he's saying that they have a relatively high income and low mortgage. As such, they could have had it easy if they didn't do all other loans. At least that's my assumption since the mortgage is pretty low given their income

CanuckCowboy posted...

It pretty much has to be unless they're constantly going out for 500 dollar a night meals and bar tabs and buying insanely overpriced designer clothes and shit.

Most people who make that kind of money are like that. I wouldn't have that kind of issue since I have no interest in shit like that. My biggest expense that's not including a house would be a dedicated entertainment center room.

Communism is the correct way

Dat_Cracka_Jax posted...

I think he's saying that they have a relatively high income and low mortgage. As such, they could have had it easy if they didn't do all other loans. At least that's my assumption since the mortgage is pretty low given their income

Yep that's exactly what I'm saying.

They must be wasting so much of their wealth on interest they didn't need to pay. Just constant bad financial decisions made over a long period.

Even now there's surely gotta be ways to consolidate that debt. At least move off those credit cards damn!

Holy crap! My only problematic debt is the credit card at 9k and we're already frustrated and not using the card anymore trying to pay it down which we do. Theres a problem in this country with getting approved for absurd quantities of money. A credit card limit should be a single digit % of what you make annually, but of course banks prey on those most vulnerable.