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Forum » More General Categories » Misc. » GF has 19k credit card debt
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Thread: GF has 19k credit card debt

post 1441881431 05-13-2016, 07:25 AM
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not unless her job has some serious upward mobility
post 1441881481 05-13-2016, 07:26 AM
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From my limited understanding, the three most acceptable types of debt are:
. Student loans - Very acceptable since they're an investment, as long as it wasn't in a dumb degree (STEM).
. Mortgage - Very acceptable if you plan on living in the same place for a long time
. Car lease - Subjective. I would rather buy a cheap car in cash, but the acceptability of this is dependent on monthly income/ payment ratio. Acceptable if you can pay it off in a few years.

Other forms of debt - credit cards, overdrafts, payday, etc - are bad ideas.

Is this about right?
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post 1441881551 05-13-2016, 07:27 AM
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Don't marry her

That's the only advice i can give you

just don't do it.
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post 1441881591 05-13-2016, 07:27 AM
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we not doing the pic thing anymore misc?

Need pics to decide my answer.
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post 1441881661 05-13-2016, 07:28 AM
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Originally Posted By EssexBrah⏩
Don't marry her

That's the only advice i can give you

just don't do it.
This
post 1441881751 05-13-2016, 07:28 AM
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Ho lee fuk.

Have fun paying her debt.

Why are people so irresponsible?

Your gf is a nightmare.
post 1441881851 05-13-2016, 07:30 AM
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Originally Posted By amenccm⏩
From my limited understanding, the three most acceptable types of debt are:
. Student loans - Very acceptable since they're an investment, as long as it wasn't in a dumb degree (STEM).
. Mortgage - Very acceptable if you plan on living in the same place for a long time
. Car lease - Subjective. I would rather buy a cheap car in cash, but the acceptability of this is dependent on monthly income/ payment ratio. Acceptable if you can pay it off in a few years.

Other forms of debt - credit cards, overdrafts, payday, etc - are bad ideas.

Is this about right?
Car lease is for stupid Americans who want to live above their means and keep up appearances. You should only have a car payment if you have ZERO student loan debt and if you got a REALLY low interest rate (along with putting a significant amount of money down on your new car).

This type of chit is exactly why the housing crisis happened and why car repos have been soaring in the last 10 years.
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post 1441881961 05-13-2016, 07:31 AM
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Originally Posted By beelzebub420⏩
this.

student loans you can pay back at pretty much phuck all till the day you die cant you?

car is understandable but wtf has she spent 19k on with her credit card?i get panicky when it gets close to a grandand i know ive got the money coming in, how can she sleep at night with that looming over her.

thats the problem op, if shes willing to rack up 19k unphased (on top of 90k loans) when will she stop?


if shes controlled her spending it might be do able but also depends on current outgoings. if she hasnt already, get her to swap her credit card a lot will offer 0%apr on current debt for the first year (change each year untill debt is paid off)

this should save her a phuck ton in interest all which can be coming off the overall debt
haha same with me. Hit 1.2k on credit debt this past week (bought drake tickets, paid for some school, plus other things like food and gas) and almost went into depression. I will be out of it in like a month, but still hate seeing that.


OP if you love her and plan on being with her long term/marrying her. If you two live together. Propose that you will pay rent and ish, but that 100% of her paychecks have to go to paying her debt back. And she will be debt free in 2.5 years. Would suck though if you two broke up after that though
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post 1441882101 05-13-2016, 07:32 AM
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Originally Posted By EffortPoaster⏩
Car lease is for stupid Americans who want to live above their means and keep up appearances. You should only have a car payment if you have ZERO student loan debt and if you got a REALLY low interest rate (along with putting a significant amount of money down on your new car).
So is it like a hierarchy?

Get a student loan to get a good job (inb4 trade master race start your own business and ceo 10k/day)
Don't get a mortgage until you pay off student loan
Don't get a car lease until you paid off mortgage
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post 1441882421 05-13-2016, 07:34 AM
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Why is everyone losing their minds over this?

It's pretty straight forward. You focus on 1 debt at a time.

1. The 19K credit card should be #1 on the list. Likely paying 20+%
2. The car loan is probably a decent interest rate (if new...it might even be @0%)
3. Student loan should be last on the priority list

She needs to establish a budget and start living within it.
Allow for SOME fun with the cash so you don't cheat but the focus should be getting rid of that 19K
Continue making min payments on car and student loan.

Extra cash should be going on the credit card and only credit card. If you guys are living together and not living wayyyy over your means. I'd expect 500-1000 per month down on the credit card (AT LEAST!)
Once that's paid off, you'd be surprised how quickly you can manage the rest. Figure the monthly minimum on the credit card is 300 ish. Now you have 300 more a month to put down on the car loan (lets say it too was 300). That's now 1600 a month going down on the car loan after the credit card is paid.

brb snowball affect.
post 1441882501 05-13-2016, 07:35 AM
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Originally Posted By amenccm⏩
So is it like a hierarchy?

Get a student loan to get a good job (inb4 trade master race start your own business and ceo 10k/day)
Don't get a mortgage until you pay off student loan
Don't get a car lease until you paid off mortgage
Mortgage I'll give a pass on since everyone has got to live somewhere, and hopefully one's mortgage/house size is well within their means based on their salary (this is sadly not the case a lot of the time). But yea, people definitely shouldn't be taking on more debt while they already have a chit ton of debt in the first place. That's recipe for disaster.
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post 1441882641 05-13-2016, 07:36 AM
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If her credit card debt > your rep power

time to dump
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post 1441882691 05-13-2016, 07:36 AM
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Good gawd. Would legit be having panic attacks every night in her position dude. srs

edit: I honestly probably wouldn't be dating that girl dude.
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post 1441882781 05-13-2016, 07:37 AM
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Originally Posted By dhawkeye1980⏩
depends on her spending habits now
This.

If she strapped down that all could be gone in 4 years time.
post 1441882931 05-13-2016, 07:38 AM
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She's phucked. Wtf is with buying a brand new car with chitloads of credit card debt?
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post 1441883021 05-13-2016, 07:39 AM
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Originally Posted By All-Star11⏩
Why is everyone losing their minds over this?

It's pretty straight forward. You focus on 1 debt at a time.

1. The 19K credit card should be #1 on the list. Likely paying 20+%
2. The car loan is probably a decent interest rate (if new...it might even be @0%)
3. Student loan should be last on the priority list

She needs to establish a budget and start living within it.
Allow for SOME fun with the cash so you don't cheat but the focus should be getting rid of that 19K
Continue making min payments on car and student loan.

Extra cash should be going on the credit card and only credit card. If you guys are living together and not living wayyyy over your means. I'd expect 500-1000 per month down on the credit card (AT LEAST!)
Once that's paid off, you'd be surprised how quickly you can manage the rest. Figure the monthly minimum on the credit card is 300 ish. Now you have 300 more a month to put down on the car loan (lets say it too was 300). That's now 1600 a month going down on the car loan after the credit card is paid.

brb snowball affect.
People are freaking out because if someone is stupid enough to get themselves into a situation like this in the first place (OP's gf) then are either a) completely financially illiterate and your above advice means jack chit to them, or b) they don't give a chit about debt, have zero motivation for savings/retirement/future, they live a life well beyond their means because they care about appearances and they will not care at all about your advice because #YOLO.

Assuming OP has his chit together and cares about his future, this kind of debt plus her future spending habits will end up setting him back at least a decade on retirement/savings if he decides to stay with her. A fukking DECADE (srs)! I won't even go into the stress and tension that these kind of money issues can bring to a future relationship, especially if kids are involved.
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post 1441883041 05-13-2016, 07:39 AM
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Originally Posted By Jax05⏩
If her credit card debt > your rep power

time to dump
lmao...when you break up with her, this is the reason you should use.
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post 1441883201 05-13-2016, 07:39 AM
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I hope those credit cards aren't still open, and she's paying interest on them as well ?

Tell her to call the credit card companies, close the cards and request to be on a repayment plan. Often times they will give you a zero interest repayment plan where you just have to pay the balance. But the card is closed.

I have a bro who did this, racked up $20K, called and told them he could no longer pay. They closed the card, put him on a 5yr repayment plan with zero interest at like $400/month.

Not sure how it affected credit though, but it probably only has the effect of a cancelled card.


Edit: Forgot to say, after giving this advice to her OP, go NC. Unless you love everything else about her. Even then maybe.
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post 1441883491 05-13-2016, 07:42 AM
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#49
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Holy chit not to derail this thread, but goddamn all of you miscers have ME feeling bad now too. Idk how the fcuk to even BEGIN paying my shyt down, let alone the type of financial trouble my girl is in too.

I appreciate the eye-opening responses tho.
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post 1441883511 05-13-2016, 07:42 AM
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Originally Posted By justroberson⏩
I hope those credit cards aren't still open, and she's paying interest on them as well ?

Tell her to call the credit card companies, close the cards and request to be on a repayment plan. Often times they will give you a zero interest repayment plan where you just have to pay the balance. But the card is closed.

I have a bro who did this, racked up $20K, called and told them he could no longer pay. They closed the card, put him on a 5yr repayment plan with zero interest at like $400/month.

Not sure how it affected credit though, but it probably only has the effect of a cancelled card.
When one closes a credit card by their request, it's a good practice to have the companies note "closed by customer's request" since it will show on your credit report.

It will probably have some negative impact because you now no longer report having $X in credit but if you've never defaulted on a card/payment previously and continue to make regular payments on the new repayment plan, it should work to heal your credit score over time and allow you to apply for a new one down the road when one learns to be responsible with a card.
post 1441883741 05-13-2016, 07:45 AM
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it can be easily done but hope she has more potential than 50 grand yearly
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post 1441883751 05-13-2016, 07:45 AM
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post 1441884081 05-13-2016, 07:46 AM
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Originally Posted By JustJones⏩
Don't ever share a bank account with her she will drain you.
This, LOL at 19k in credit card debt, like how the hell is that even possible lol, she must be getting raped with interest lol.
post 1441884401 05-13-2016, 07:50 AM
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Originally Posted By zilaniz⏩
This, LOL at 19k in credit card debt, like how the hell is that even possible lol, she must be getting raped with interest lol.
This. I'd guess that she has chit credit and is paying at minimum 15% APR on her credit cards.

OP, this means that your gf is paying AT LEAST $250/month just in INTEREST on her credit cards, before she even gets to touch any principal of that 19K. Let that sink in.
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post 1441884811 05-13-2016, 07:53 AM
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Originally Posted By EffortPoaster⏩
This. I'd guess that she has chit credit and is paying at minimum 15% APR on her credit cards.

OP, this means that your gf is paying AT LEAST $250/month just in INTEREST on her credit cards, before she even gets to touch any principal of that 19K. Let that sink in.
15 is low for a cc, its probably 30 or more
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post 1441884821 05-13-2016, 07:53 AM
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That's decades of debt. The student loan is understandable tho you'd like to see higher income if you invested that much in college. That credit card debt is incredibly stupid. CC debt is the worst thing to have. It shows she's itresonsible and most likely a material sloot.
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post 1441885091 05-13-2016, 07:55 AM
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Originally Posted By gainmusclefast⏩
so i have been with my GF for almost a year and a half.

her current debt is

student loans: 70k

car: 20k

credit cards: 19k

she is 31 and has a job making 50k a year.

is she going to be able to come out of this debt?
Spend a day reading the mrmoneymustache website, then direct her to some articles & principles that might resonate with her. Hope like hell she gets on board.
post 1441885181 05-13-2016, 07:56 AM
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The vig alone on those debts is probably tough to pay. Let alone actually paying it off
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post 1441885301 05-13-2016, 07:57 AM
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110k debt at 31

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post 1441885471 05-13-2016, 07:58 AM
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Originally Posted By cncman⏩
15 is low for a cc, its probably 30 or more
True. I just wanted to give OP a bare minimum number. She could easily be paying $400+/month just in interest on her credit cards, which is insane.
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