$126,000 in Credit Card Debt?
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- Опубліковано 26 вер 2024
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I'm $1200 in credit card debt and feel like that's high as hell. 125k would probably have me fleeing the country.
You'd flee the country and become a migrant to another country. Lol.
😂😂
$1200 is nothing. That’s monthly
@@LiquiProductionsnot a flex
Worse than the Mafia. Dude is paying 3500 a month vig basically.
This reminds me of my best friend's wife. She's always about to start looking for a job. Somehow the perfect arrangement never comes around and she's been "looking" since about 1998.
It sounds like an excuse on her end. She just doesn’t want to work. She can get a part time job at Starbucks in the meantime and also Starbucks pays decently and she can work part time too.
Reminds me of Eddie from Christmas Vacation. “He’s holding out for a management position”.
Narly… $3500 a month in credit card bills, on $100k is brutal
That’s easily half of his monthly post tax income
@@ImGairBair I make 101k and I take home 2600ish every 2 weeks. That amount of debt payments would be unbearable
@@ImGairBairyup
126k on credit card is just wild man
over 20 k interest per year.
@@franziskani Unless this guy is a big earner, and it definitely doesn't sound like he is, he will NEVER get out of this kind of debt! This is unsecured debt, the banks are gouging people for 20%+ in interest. No shame in pulling the plug and declaring bankruptcy if you are in a hopeless situation like this. This is what bankruptcy laws are for.
@@norwegianblue2017 100% correct. That $3500 a month is 42% of this man's gross salary. If that was a mortgage no underwriter would approve it, unless he was earning an amazing a salary like $400k. I agree he has no real choice but to declare bankruptcy.
😂 😆 $126K is nothing
Try multiplying that amount by 10
I know people who owe must more than that amount to banks 🏦
I thought I was bad owing 16000
This was painful to listen to. These people are clueless.
Completely, totally. Will they listen??
@@machutson5493 probably not. They’ll most likely file for bankruptcy.
@@butlerbees6639 Yep
@@butlerbees6639yup and heap the responsibility on those of us who aren’t irresponsible
Yup
I click on any Ramsey video with Jade; she seems so relatable to the “average” person.
She's a cutie
She's my favorite!!!
Whats with all these stay at home moms with kids in school? whats the point of that? Husband makes 100K and is literally about to drown in debt. get a job and HELP HIM!
The housewives of today are too busy having affairs while the husbands are hard at work
They think 100k is enough to have a family AND stay home.
$100k is enough to have your wife stay home, depending on your lifestyle. But 3 kids on $100k? Nah she gotta go to work.
Unless he insists that she stays home which would be dumb, she has to make some money.
@@bigshotadventur18 the whole concept of housewife is crazy to me. why are we ok with women just sitting at home not doing anything? stay at home moms with young children is one thing, but what is that lady doing all day if her kids are in school and husband is at work? it makes no sense lol
@@tonytoni1150 depends where you live. where I’m at and honestly most of the country, 100K would be enough. the problem here is their income to debt ratio is TERRIBLE. even tho they make 6 figures, they’re broke af. if your family is broke and struggling, why would she be sitting at home being a “housewife” and not help the family? we got a real problem on our hands man
Sorry, but that woman needs to work since all their kids are in school at this point. She does not have the luxury to stay at home with that much debt
Looking for just the right job… the job you need is to save you , your husband , and family from drowning Ma’am! My son’s gf since I have known her goes to school and has had 3 jobs. ALL of them were MOREthan willing to work around her school and studying schedule. The same will be done , can be done for you to be there for your children after school. Wishing your family the absolute best!!
People live beyond their means to impress others, plain and simple.
Umm no, sometimes people just want things, because they want things.
You talk like those that live above your means to impress others, but find excuse to sugarcoat that
100k (before taxes) is not that much in the state of N.Y. he was jobless for a year - and the wife was not bringing in income either.
He was unemployed while she wasn’t working. Exactly what “means” did they have? 😂
@@janelleg597any example? Stanley cup? 4Runner?
Wife goes “i’m trying to make smart choices…”
Oh well then, keep doing what you are doing because it has been working swimmingly well so far
Not sure why stay at home moms don't take in a couple of children that need daycare, you don't have to leave the house, can earn money and help another family out with the high cost of daycare. I took my kids to a friends for "daycare" and couldn't ask for better care and she earned money, it was a win-win for both.
Insurance.
liability...one kid has a accident which kids are prone to regularly or someone accuses you of womething and sues....not worth it .. .at all.
i wasnt allowed to babysit as a teen for same reasons and nobody babysat us as kids
I mean that is huge where I live. There also may be places close enough for her to walk to work.
I don’t know about every state but growing up in California people had to be licensed to have an at home daycare. I went to one for after school care for a while and the lady had to log everything she gave me to eat. She also had rules about the ages of the kids and number of each age group she could keep.
@@anndeecosita3586I'm pretty sure as long as you're only babysitting 3 kids or less then you don't need to be licensed or anything. She could watch 3 kids part time every week and earn some cash
My vehicle got totaled a couple weeks ago (other driver rear ended me at about 40-50). Insurance paid me $34k for it. I only had about 16k left to pay on it. I took the other 18k and paid off my 5k in credit card debt, made my 1k emergency fund, and put 10k down on my next car. I feel much better about my situation now. I was upset about my vehicle at first but it turned out to be a blessing as weird as it sounds.
So how do you get from place to place while you save up for a new car?
@@wewhoareabouttodiesaluteyo9303.
He used $10k as a down payment
I can’t ever see myself buying a $34,000 vehicle. Too much for me.
10K *down* on your next car? You could have bought a used car outright for 10k....
@@TheFlyingZulu More like buy a used car and check for maintenance issues under a budget of $10k.
He's struggling so badly he still thinks he has two cars.
You got me laughing bro😂😂😂
😂😂😂😂 oh man 🤣
Don't know how people rack up all this credit card debt. Soon as my credit balance starts to rover near $500 I start having nightmare of Dave Ramsey and I have to pay it off
Yeah, I start to stress if it goes over $100. I did the whole thousands of credit card debt thing. It scared me for life. After paying them off 7 years ago I promised myself I would never let it get that bad again and now I always pay the balance off before the end of the month.
Omg you and me both, usually if I can’t buy it on my debit card I can’t afford it, I’ve taken my cc off all the buying apps lol, Amazon, ebay, Mercari all of them lol, Dave Ramsey has really put the fear of god in me over using credit cards and debt, I’m alittle late but better late than never I suppose!!
I’ll tell you: get promised a job and compensation for moving to another state, have all your belongings stolen and then when you arrive to the state realize the job was a lie and no compensation is happening. Use credit cards to live, look for a job and then get hit with the COVID pandemic with no possibility unemployment benefits. That’s how you get into 140k in debt.
@@weldinggirl Always use it like a debit card. I keep plenty of cash in the bank. In the past month, half of my charges I consider essential or have sinking funds for (power, ISP, phone, health insurance, groceries, & car-related). I don't really have options to cut those expenses by much if at all. Maybe I could have put off the minor car repair (
@ryanthrives5152 The old adage, if it sounds too good to be true, then it's probably not true.
In my life, I'm fairly sure that I've missed out a few times because I was too cautious but I'm also confident that I avoided more pitfalls!!
$3,500 MINIMUM payment for credit cards is sickening 😳🤢 Omg! That’s more than what most make a month
This is just me being ignorant about their whole situation:
I think the wife needs to see the kids starving before she stops making excuses to not working.
This is very sad to hear. You definitely hear how stressed he is.
What is sad is you can hear the weight on him and she is making excuses why she can't work.
I mean he brought this to himself. If he couldn’t see thru her laziness, then divorce her but instead he still stays with her.
@Chad-qe6yv he made excuses about why they are in a mess. They both need to stop excusing their behavior
my parents immigranted from Vietnam 45 years ago (escaping the Vietnam war) to Canada. my dad knew very little english and managed to get a job at the oil rank in Newfoundland in the early 80's. He worked his ass off learning new skills and the english language. they have 3 kids and my mom worked part-time as a seamstress and then full time when we were school aged kids. they never went on welfare or took 1 cent from the government. they had one old buick which my dad used to drive to work. my mom caught public transport to work (she did a variety of shifts and would work morning and mid night shift whatever was available) she hussled. she took 2 buses to get to work in snow, rain, storm, etc. no excuse. unless mental health issues or disability.
love that you said unless mental health issues.
Tell them. The immigrant struggle is real. First car was $800 it was a shit bucket BUT it ran. they hustled hustled hustled for about 10 years then finally could relax.
Im a stay at home mom with 4 kids. We've never made 100k/yr and we only have like 1k in credit card debt. How can people not live off of 100k a year? It may not be a super comfortable fun time but you can do it without racking up 126k in credit card debt. Bonkers.
I mean technically it's debt until you pay the balance off - but if you are not paying your CC off every month it's time to do something THIS month.
He wasn't working for a year.
New York
Doesn't matter how much you make if you're bad with money you'll always be bad with money and vice versa
@@inthebooks3947everywhere in ny ain’t expensive but 100k ain’t a lot of money nowadays
I have no idea how you could amass $120k in cc debt. Youd think they'd be cut off at $30k.
Said he took a year off work. Sounds like he tried to start his own business for awhile and it failed.
I have over a million dollars in assets and I can't get a credit card because I don't have enough revolving credit but have a friend that has nothing but debt, no assets and constantly is approved for refinancing loans and credit cards
You can accumulate about $60,000 worth a credit card debt on your own individual name so with two people I could see them having over 100,000 in credit card debt between the two of them
>I have no idea how you could amass $120k in cc debt
It takes a little finesse, some technique, but you can do it. if you wish, I can give you some pointers. I'm a bit of a credit card debt amasser myself . . . ( o.o)
If wife has a BA degree she can substitute at any school district. At least here in Portland, OR.
He will never pay the credit cards off with just the minimum payments.
Mastercard are Visa appreciate it.
I would declare bankruptcy. They may never get out of this and they are completely broke. Then get them to go through Financial Peace university.
Ever
They can take his assets in bankruptcy...
You would in 500 years perhaps. My statement tells how long it takes to pay off on minimum payments. At 5k it's longer than my expected lifespan.
He's getting killed with 20-30% interest on those credit cards
That’s what I was thinking. Seems almost impossible.
But she said interest rates don't matter!
Yes😊😊😊
This is an out of control lifestyle and lack of budgeting problem.
6,8 and 11. All in school. It's a morning and night routine. Both work and it's slow cooker simple meals for years. Debt consolidation with the same income usually won't work. Debt consolidation with additional income works better because it's easier to absorb unexpected expenses.
She can get a work from home job.
$100K, roughly $85K after taxes. Credit card minimum payments should be roughly $3200/mo (based on a 18% APR). They're suffocating but I don't hear them fully committed to changing. She needs to get a job. Even fast food for $15 to $20/hr will be a much bigger shovel to dig out. Preferably something career-related for her for $50K+/year. If they have enough equity in the vehicles, sell 'em and buy cheaper used cars. Debt consolidation might be a good option to drop the interest rates, but will dig them into a deeper hole if they don't cut up the cards and change the behaviors that got them into this much debt. For the house, unless it's too big and they have a lot of equity, I wouldn't consider selling it. Having a low mortgage payment (presumably they bought pre-COVID) is basically all of the stability they can have in the situation.
I would suggest a HELOC to consolidate debt, then look at 0% balance transfers to try to lower the interest rates on the $125k in credit card debt. They will never get through this when the credit cards are hitting them for 25% interest.
@@barnabusdoyle4930 sure they would, it's just a longer road. If they have the equity and qualify for a good HELOC rate it's worth considering. 126% debt is almost insurmountable otherwise. I'd love to see the exact breakdown though.
@@barnabusdoyle4930 you're assuming they own a home
@@barnabusdoyle4930 Sure, and lose the house in the bargain. Heloc just moves the poison to a different shelf. Paying it off is the only solution
1:20 _"Wow, $126k in credit card debt. What was the reason for that?"_
_"I was out of work for a year, to figure out some things..."_
_"So, what did you figure out in the end?"_
_"Arithmetic. If you only subtract, and do not add, you end up a big deep hole!"_
As a SAHM with littles still at home you just can't have ALL the things. You choose to sacrifice. I was just telling my hubby we need some new countertops, because I have wiped the pattern off the laminate!😂 We are 8 months away from living in a paid for house so I will keep wiping it and wear it like a badge of honor! Although we bought our house before things went crazy so I feel for working Moms today.
Yes! Eventually, things can be upgraded....or not. Good job choosing what is of important value for your family's future. People feel like that need to have it all, now. No, you don't.
I’ve been a working woman for 38 years while raising 2 wonderful humans, finished my degree part time and worked 2 jobs. Husband did the same thing. I don’t have much sympathy for SAHMs in this kind of situation. If you can afford it, great. But to let things get this out of control - good grief! Marriage is a partnership, step it up!
Not everybody wants "stuff" badly enough to become a workaholic, and not everyone considers that an admirable trait. :)
@@mistiinseattleSounding like a typical lazy person not willing to help the family
@@mistiinseattle I see I hit a nerve, and you are assuming I work for stuff? I worked to put food on the table, help my kids through university and pay a mortgage on a modest bungalow. I work to change my family tree, I came from nothing. I would never sit home while my husband struggled to pay the bills. If we could afford it, I might choose to stay home and that would be ok.
@@mistiinseattle oh I forgot :)
Good luck with 3, u raised 2 and 2 jobs and a degree, like u have any spare time for them unless u have 48 hours a day
She’s not a stay at home mom. She’s unemployed. The kids are in school. She’s at home watching soaps all day.
I guess your home cleans itself, laundries cleans itself and food cooked itself, and groceries just happens to be in the fridge, such stupid comment
😂😂😂
I know someone like that only they have no kids. She really just doesn't want to work at all and would rather stay home all day every day. I think once you get into that lifestyle of not having to actually be anywhere at any time during the day, you get too used to it. Sounds like this woman is too young to be like that. The woman I know like that, her husband is now working 7 days a week. But at least she cleans the kitchen for him when he's home. I guess there's that.
Some women don't want to work, and will fight there husband every step of the way on it. They do not care how much debt they are in. The fill it is the husband's job, to paid for everything, that's why.
Nothing wrong with watching soaps all day. I do. But I also work of a night.
Wife needs to get a job asap. At the local nursing home, Uber, grocery store or mall. She can do night shifts 3 twelve hours shifts at a nursing home
Transportation might be an issue with only one vehicle. Unless they can use public transportation or drop the other person off or carpool.
@@anndeecosita3586 She can work at the school problem closed. She can apply at the husbands job. Do something for christs sake. Get a job near the husbands job and they can commute together
Wife needs to go do UberEATS while kids are at school. She can easily make $100 a day. That would change their situation dramatically
She doesn't have a car
@@xfhnhhgjbvcfg she can drop him off and work
@@xfhnhhgjbvcfg No, she said he could take the bus, then she would have the car. The great thing about delivery is you can usually start in a few days.
@@suen5006 she could do Only Fans
@xfhnhhgjbvcfg With Doordash or Ubereats you make your own schedule. She could work nights when her husband doesn't work and is home with the kids.
Why doesn’t the wife get a job while the kids are at school? Help your family out!
Lazy people that think 2 hours of house work a day is a full time job if she can speak spanish home depot pay her 20$ a hour with no other skills
She's looking! Nothing is a good fit. 😂
I'd get on the bus and see what jobs are out there available on the bus line. Start there.
@@jasonleatherwood2172you think 3 kids is 2 hrs of work a day? Delusional.
Women should stay home a care for the kids. No woman should work.
He was out of work but kept the lifestyle up and now getting eaten alive by the interest. Why you need 6 months plus of living expenses saved up or more and to get back to work ASAP. He dug himself into financial insecurity and a neveretirment.
No job for a year? Sounds pretty irresponsible to me. Momma wants the perfect job, instead of earning money.
Exactly. And apparently during that year-long vacation he was only open to the perfect job, too. And how exactly does it cost $126,000 (credit card debt) to live for one year? That's living pretty high on the hog for 2 unemployed people.
Pretty quick to judge with virtually no information or insight into these people whatsoever. Not a great way of going about things.
@Aki_Lesbrinco huh?
@@Aki_LesbrincoI can’t think of any possible explanation for having $125K in CC debt after a year out of work, can you?
She doesn't have a car. See how this works? 😍
We needed Dave Ramsey for this one
And the wife just sat there didn't think to work and help chip in. Crazy I'm sure she's looking for a back door out.
70% of the time a man loses a job and is inactive a divorce is coming. 40% of the time he finds a job the divorce still comes. When the wife is in active the divorce rate decreases by 10%.
She had her excuses ready to go.
$126k in credit cards. I wouldn't be be able to breathe. I had to put $326 on a credit card once for a car tire when the bank turned off my debit card cause they thought there was fraud and I had anxiety about that.
How do you even acquire $126,000 worth in credit? Their credit score must be terrible and banks keep extending them loans?
Jobless for a year and still has “subscriptions”.
Three kids and he didn't work for a year?
This is why I like Jade so much. She was one of us and now is hosting this show! If that doesn't say something to ya, nothing will. Well done Jade, keep it up for all of us. Btw, I did it too, debt free and loving it.
True Story
2018
I made $2300 a month take home
I had $11k cc debt
I was Paying $400 rent
I had no savings
2024
I make $4100 a month take home
I have $0 debt at all
I have no mortgage payment
I have $50k in savings
You're killing it!!
@@Aminah6623 I can’t believe it.
2017 I was a financial train wreck.
2024 I’m doing 100% Better.
Thx Dave
I would almost sell the $30,000 car and get 2 $10,000 cars. That way you’re $10,000 less in debt and now you have more options for your wife to work since you have 2 vehicles.
He doesn't have $20K, and at this point it will be very hard to borrow $20K because he's already saturated with debt. If any bank lends him $20K, the interest rate would be so high that the payment would be more than what he's paying on the $30K car.
5:01 Why is it a delicate issue to suggest that a woman get a job?
Cut up my CC in 2014. Never got another one. It's limit was only $300, and I still thought that was too much!
Good for you. Everyone not disciplined with having a credit card. I used a credit card and pay it off every month. Always spend base on my budget. Free points if you know what you doing. Sure it's a risk factor but I can control my emotions in spending
😂, I bet that on one blackjack hand.
@@truegrizzlesfan2292 good for you. I'm only good with budgeting with cash. If I use a card, I always spend too much.
I see people focus on toys vs necessities or savings. They own motorcycles, atv’s, boats, etc. and new flashy vehicles.
Probably banks own it, as they have loans and haven't paid it off yet
It seems like some people view those toys as necessities. In their minds it’s essential to have junk like that.
My credit card deb is 0...!..my credit score 804...!
Do you want a cookie for that? A pat on the back?
Not gonna lie but I love this show, real motivation
Thanks for sharing. It renews my focus in cutting up unused credit cards 💳
What about Bankruptcy?...They sound like a good candidate???
🙄
My entire monthly bill including rent is less than his Credit card monthly bill debt, and I support a family of 3.
0:55 _"... $100k a year"_
_"Does that include your wife?"_
_"I don't know her price"_
( o.o)
The wife can work nights while husband is at home at from work
doesn't make sense for a couple to work opposite shifts, when do they get time together
@@KS-cl8br it makes perfect sense when you’re $126,000 in debt .
@@KS-cl8brIt does if you have to survive. Plus it's not forever, it's just until they get out of debt or close to it
@@KS-cl8br When theyre out of debt
Simple math on those credit cards: $3500 / month minimum payment equates to about $42,000 / year and assuming 29% interest rate, about $36,000 of that is going to interest charges. I agree that the wife needs to go to work and 100% of her income needs to go to paying off those cards. I disagree with Rachel when she says don't worry about trying to get the interest rate down. This is an extreme situation and anything they can do to lower those interest rates will help.
0:40 that wasn’t a laugh. That was a cry
Getting a job at a school can be ideal for this situation, because you have basically the same schedule as the kids. There are often paraprofessional positions available. Either that, or someone might need to work weekends.
The working on weekends isn’t happening, most people are too lazy to actually put forth that much effort to correct the situation.
The wife has many excuses.
Of course. If she can get away with staying at home, why would she not?
They've made the mistake and now it's up to them to get themselves out of it. It can be done!!
clearly, they have a lifestyle problem if they have managed to rack up this much debt.
my personal solution here would be to move the house and cars into a trust owned by an LLC and then declare Chapter 7 bankruptcy.
That gets rid of all the credit card debt while protecting the house and cars.
The downside is this destroys your credit score for the next 10 years. but that is probably a good thing as it gives you time to re-learn how to manage your finances.
Fully agree. Bankruptcy is the only way out in these dire circumstances. They are not going to get anywhere with their income vs all that cc interest.
This show is always one solution (work more!) for every debt problem. Some problems require thinking outside the box.
You have to disclose property (real and personal) transfers as part of the bankruptcy filing. The look back period is 2 years.
It doesn’t seem like his wife is gonna get a job. They both are at fault letting that credit cards debt to build that high. Out of work that long and not doing nothing is crazy to me.
Why not work from home for 4 hours a day? I know many people that work from home! A car won't be an issue then. I would be working while my kids were asleep if I owed that kind of credit card debt. That is scary.
All the Married couples I know are broke or in debt. All the single Women I know are broke or in debt. All the single Men in know are do financially great and are prospering. LOL....
Yeah, she needs a job. Millions of people take a bus of train everyday.
They are going to easy on this woman and how getting a job. But then they go all out and complains when a man say's the same thing.
some people should never own credit cards completely
She should consider a job at her children’s school. She could work as a paraprofessional, nurse’s aide or even substitute teacher.
Or even in a "man's" job
Just let it go to collections then negotiate for ten to 15 cents on the dollar. Then hire a credit repair specialist to get the collections removed from your report
The Annoyance on the face on the yellow every time the other womans interrupted her was GOLDÉÑ
😃😃😂😃😃😄
I miss Dave.....these two Women ....are..... NOWHERE near.... helping them with ANY.. advice.
💯
Your minimum credit card payments are more than my mortgage and you have about a third of our household income?? Good job, bro...
$3500 minimum monthly payments on $126k. Bankers are monsters.
To all the commenters saying $100k isn't a good salary for him because "he's in New York"... he's in Rochester, not NYC. You guys know New York is also a state, right? Average salary in Rochester is $56k a year, and the average overall for the state is $51k. Once you're out of the NYC metro area, and away from touristy areas, New York is fairly modest in terms of salary and COL. For Rochester this guy is doing pretty damn well.
All the SAHM hate needs to stop. Yes the kids are occupied during the school day but there are countless days kids have off school- including summer- and what then?
Nights or weekends. As some have pointed out, Uber or Doordash where you could set your own hours.
You know one thing I've learned and sure this is often stated on motivational videos but it's true.
If you believe you can or believe you can't, you will be right either way. So you can make excuses why you can't make it work or you can figure out how to make it happen and work!
The wife can start working if she wants to - three kids are mature enough to care for themselves
However it’s difficult for people to go back to living simple
Lives once they start enough living extravagant or cushy lives
I will be forever grateful to you, you changed my entire life and I will continue to preach on your behalf for the whole world to hear you saved me from huge financial debt with just a small investment, thanks so much Elizabeth Wesley.
Wow. I'm a bit perplexed seeing her been mentioned here also Didn’t know she has been good to so many people too this is wonderful, I'm in my fifth trade with her and it has been super.
I'm new at this, please how can I reach her?
she's mostly on Telegrams, with the user name.
Wesley215 💯
Remember to refer her after working with her
These are the stories that make you thank only having 4 or 5k in cc debt ... I don't even know how people get that much credit card debt because I can't even get limits that high a quarter of that amount ... I guess that has always been a blessing looking back on it tho.
Could you ever put together a way to do 1 or 2 year follow ups with people who we see calling in and find out where they got to down the road. Would be interesting to hear the successful and the not so successful from their follow up perspective.
Live on 50k for 3 years and it’ll be paid off in 2 and a half years easy 😃
Lol you stop 🛑 working for a year?that’s why it went up could have token any job or do food 🍲 delivery
Taken**
Why have 3 kids if you don’t have the finances to support it
I put more in our 401/403 each month than this guy pays in minimum payments. Man dude, this is brutal to listen to.
Does the Ramsey team not consider bankruptcy on principle, or is takling this debt head on really the best route? Because to me, it seems bankruptcy would be the best bet.
Cant even get through the first 2 mins without them interrupting him geez. We need Dave back 🤦♂️
Interesting perspective on the conversation you have there… more like he needs to get to the point and they are trying to gently tell him that
@@JasonBlaha66agreed I thought they shoudlve interrupted more and asked direct questions with direct answers
Wow $3,500/mo minimum? Ouch.
1 Timothy 5:8
”But if any provide not for his own, and specially for those of his own house, he hath denied the faith, and is worse than an infidel.“
They gonna die in debt. They don't wanna fix this they looking for excuses harder than a way out
Oh well they are suffer for longer then
These videos make me feel better about my terrible debt😂
With that much credit card debt. I would file bankruptcy.
Ugh man this is hard to listen to, this would be super stressful with no kids imagine 3 of them
Not sure how you do not work for a year? I would starve to death and be bored as heck. I guess living on credit cards up 130,000 seems like a years salary.
This is doable. They didn't get to the part about how much his rent/mortgage is. 100k can make it with 3 kids and a wife if the mortgage isn't too much. He needs to try to somehow pay less on these cards every month, maybe 1k but I absolutely agree the wife can help out too.
Inés, I may be off here, but if you are bilingual, you could make a ton of money interpreting and tutoring! Be willing to work and you have so much income potential.
I didn't hear Rachel and Jade ask about the house worth and how much owed. Maybe, if they have enough value in the house, they could sell to pay off credit card debt.
Banks are not your friend. This is a perfect example. They just kept giving him credit!!
Also he can drive Uber or Lyft on the side. Or both can!
Man let’s go get a 30k new car when I have a ton of credit card debt!!
Wife doesn’t work, sitting on $30,000 in car. Not hard to figure out the problem.
Use the equity in the house.
Love the sweater “Go to Therapy” 😂
He was out of work and she stays home ? for 126k in credit card they pay over 20k in interest every year.
The numbers don't make sense. If he's paying 3500 a month towards his debt then he should have this cleared within 4 years. That's assuming he doesn't add any more to the cards. And I'm assuming high interest of 30%. If he's only paying the average of 20% he could clear it even sooner. If he did overtime, lived on rice and beans and she got a part time job then they could clear this even sooner. 100k is a good salary. The only ways this problem makes sense is if all the cards are charging really high interest of 40% or more. Then he's screwed.
She's making excuses for why she doesn't want to work. I bet she's at home spending all their money online shopping or something. No one has that much credit card debt unless they're dumb and irresponsible.
Seriously, I would suggest the wife get a job as a waitress while the kids are at school. Make some cash and work in a business where its more flexible. I am guessing these people are going to end up filing for bankruptcy. That seems to be the go-to solution for most people. I hope they get through it and pay their way out of it and come out the better in the end.