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760 thou is NOT "nearly a million". And I spotted that headline, last night, in my YouTube suggestions. I'm not about to click on a video from that creepy jackass.
The credit card debt and personal loans are bad. The mortgage is GOOD. The student loans CAN be good (positioned them to make a lot of money, it seems). The car loans are good, assuming they got decent rates. Their debt is not out of line, considering they're just starting out, and that it's roughly triple their income. The home is apparently a basic 'starter home', and the cars must be modestly-priced, too.
How much do they have SAVED, and in investments (retirement account or otherwise)?
Knowing that would add another nuance to their financial picture.
Does the YouTube site say what they do for a living, what are their professions?
BTW, a mortgage of 210K in the DC area is nothing. And the car loans of 35K aren't bad either.
But the student loans and credit card debt that's something that for me is mindboggling.
760 thou is NOT "nearly a million". And I spotted that headline, last night, in my YouTube suggestions. I'm not about to click on a video from that creepy jackass.
The credit card debt and personal loans are bad. The mortgage is GOOD. The student loans CAN be good (positioned them to make a lot of money, it seems). The car loans are good, assuming they got decent rates. Their debt is not out of line, considering they're just starting out, and that it's roughly triple their income. The home is apparently a basic 'starter home', and the cars must be modestly-priced, too.
I'm not going to call any of it (other than the modest mortgage) "Good."
But they do make a lot of money, and don't have tons of housing cost, so, its something they could lean into over a few years and make a dent in. The CC debt says that they have issues budgeting or reigning in the lifestyle, though...
I don't think the ratios "work" the same way when income exceeds a certain point. For example, a social worker with $120K in Student Loans with $40K salary is different than a Doctor with $360K earning $120K, simply because almost anywhere in this country, the doctor can make choices to cut his lifestyle back. That's a lot harder for a social worker.
Student loans could probably get discharged after 10 years. Everyone has mortgage debt, yes, it's debt, but they probably have asset and equity.
So it's really credit card, car loans and personal loans.
I would cut a lot of expenses, and focus on high interest credit cards, then attack personal loans, also get cheaper cars if they can sell their current cars.
They can easily find a bank or lender in the country that will work a payment plan for them
If not, file for banktrucy and start over. Again, they make $230K. I’ll reserve my sympathy for the burger flippers and ditch diggers who hardly have any income after housing.
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