Thread: GF has 19k credit card debt
05-13-2016, 07:08 AM
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#91
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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?
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?
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05-13-2016, 07:09 AM
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#92
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depends on her spending habits now
05-13-2016, 07:10 AM
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#93
05-13-2016, 07:11 AM
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#94
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lol i hope you really, really, and i mean REALLY love her
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05-13-2016, 07:11 AM
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#95
Student loans and car, most mid-late 20s, early 30s have this debt.
BRB- they didn't have mommy and daddy pay for their school so they got debt. At least the APR% on these are normally pretty low and monthly payments not bad unless she is eing very aggressive with paying it off.
BRB - people graduate and want a nice car. 20k - she should have that paid off in 3 yrs.
HOWEVER - 19k in fukkin credit card debt? That is a bit irresponsible to me. She may or may not make it, it depends her attitude towards it.
BRB- they didn't have mommy and daddy pay for their school so they got debt. At least the APR% on these are normally pretty low and monthly payments not bad unless she is eing very aggressive with paying it off.
BRB - people graduate and want a nice car. 20k - she should have that paid off in 3 yrs.
HOWEVER - 19k in fukkin credit card debt? That is a bit irresponsible to me. She may or may not make it, it depends her attitude towards it.
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05-13-2016, 07:12 AM
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#96
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nope
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05-13-2016, 07:13 AM
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#97
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hahahahahahahahahahaha
Edit: Holy chit at how desperate miscers are for some wet wet. This is like automatic dumping territory. Your gf clearly has atrocious spending habits and poor critical thinking skills if she thinks all that debt was a good idea. She should be driving around in 1994 corrola and eating canned tuna every night so she can pay down her debt, but I bet she loves brunch every Sunday and shopping with her besties. HAHAHAAHAHAHA
In contrast, my gf of 4 years is 28yo, has zero debt whatsoever, a paid off 2015 car, $20K in an IRA, a $65K/yr job as a teacher and is already vested in a state pension.
Edit: Holy chit at how desperate miscers are for some wet wet. This is like automatic dumping territory. Your gf clearly has atrocious spending habits and poor critical thinking skills if she thinks all that debt was a good idea. She should be driving around in 1994 corrola and eating canned tuna every night so she can pay down her debt, but I bet she loves brunch every Sunday and shopping with her besties. HAHAHAAHAHAHA
In contrast, my gf of 4 years is 28yo, has zero debt whatsoever, a paid off 2015 car, $20K in an IRA, a $65K/yr job as a teacher and is already vested in a state pension.
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05-13-2016, 07:13 AM
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#98
05-13-2016, 07:13 AM
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#99
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how bad could the interest be on the credit cards?
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05-13-2016, 07:13 AM
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#100
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I used to work as a credit card underwriter for one of the biggest bank. I would see people like her call in after getting denied for a credit card. She will not get out of debt.
She will probably have to screw over the banks and just file for bankruptcy for a fresh start. She can try rolling over her credit card debt all she wants but it usually never works.
She will probably have to screw over the banks and just file for bankruptcy for a fresh start. She can try rolling over her credit card debt all she wants but it usually never works.
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05-13-2016, 07:14 AM
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#101
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Originally Posted By Marie646⏩
she has just been doing the minimum payment, i am guessing because she was busy paying off credit cards tooAge 31 and still has 70 in student loan debt? How in the hell...Did she even try to pay that down?
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05-13-2016, 07:14 AM
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#102
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I hope you mean ex gf.
05-13-2016, 07:15 AM
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#103
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she paid 70k for a college education and still doesn't understand the value of a dollar?
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05-13-2016, 07:15 AM
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#104
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As long as she keeps her job, I would imagine it's possible. It looks bad but I'm sure people have worked themselves out of much worse situations. I've heard of people who assumed debt after their parents died, and found out their parents owed boatloads of cash to the IRS, and guess who had to pay?
05-13-2016, 07:15 AM
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#105
05-13-2016, 07:16 AM
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#106
How did she get $70k in student loans and only landed a job that pays $50k? You can make $50 without college these days...lol
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05-13-2016, 07:16 AM
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#107
05-13-2016, 07:16 AM
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#108
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She should try to roll all of that, except the student loans into a line of credit and make a single monthly payment.
If her student loans are federal loans, she most likely qualifies for income based repayment. She should apply for that with each of her lenders to get her student loan payments as low as possible. Then she should pay as much as she can afford on all the other debt. At 50k a month it would be doable if she changes her spending habits.
The other option, if she can't make her payments and starts defaulting is bankruptcy. She's still relatively young, so it wouldn't be totally terrible. Some basic assets are protected, even in bankruptcy. Probably not a 20k car though.
If her student loans are federal loans, she most likely qualifies for income based repayment. She should apply for that with each of her lenders to get her student loan payments as low as possible. Then she should pay as much as she can afford on all the other debt. At 50k a month it would be doable if she changes her spending habits.
The other option, if she can't make her payments and starts defaulting is bankruptcy. She's still relatively young, so it wouldn't be totally terrible. Some basic assets are protected, even in bankruptcy. Probably not a 20k car though.
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05-13-2016, 07:17 AM
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#109
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the credit card debt is the only one I don't understand.
The other option, if she can't make her payments and starts defaulting is bankruptcy. She's still relatively young, so it wouldn't be totally terrible. Some basic assets are protected, even in bankruptcy. Probably not a 20k car though.
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05-13-2016, 07:18 AM
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#110
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Originally Posted By dhawkeye1980⏩
this.depends on her spending habits now
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 grand and 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
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05-13-2016, 07:19 AM
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#111
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srs advice, she should move back in with her parents for a year
put the rent money into the cc debt
put the rent money into the cc debt
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05-13-2016, 07:20 AM
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#112
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Did she just graduate? If so how is her student debt that high still? The car is normal but the credit cards are insane. What can you possibly drop 19K on with a credit card?
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05-13-2016, 07:20 AM
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#113
Originally Posted By gainmusclefast⏩
She racked up credit card debt instead of paying her student loan and now she's tying to split the difference and pay both.she has just been doing the minimum payment, i am guessing because she was busy paying off credit cards too
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05-13-2016, 07:21 AM
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#114
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She's 31 and will want a kid soon.
I'm 28 and make 100k a year, my rent and utilities cost me ~1000$ a month.
No car debt (2007 Dodge Charger, purchasing Tesla with cash next year)
15k Student Loan debt (low interest rate so not worried about paying it off)
2k Credit card debt (gets paid off monthly)
I owe my school like 10k as well (didnt pay last semester).
I am freakishly saving right now but honestly making only 50k and having debt that needs to be paid is gonna kill her till shes like 42 years old.
WOW, how does this happen to people! She should live with parents if possible to help get her backon track
I'm 28 and make 100k a year, my rent and utilities cost me ~1000$ a month.
No car debt (2007 Dodge Charger, purchasing Tesla with cash next year)
15k Student Loan debt (low interest rate so not worried about paying it off)
2k Credit card debt (gets paid off monthly)
I owe my school like 10k as well (didnt pay last semester).
I am freakishly saving right now but honestly making only 50k and having debt that needs to be paid is gonna kill her till shes like 42 years old.
WOW, how does this happen to people! She should live with parents if possible to help get her backon track
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05-13-2016, 07:22 AM
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#115
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Hey Gain,
I'd be careful with filing for bankruptcy. As AttorneyBrah mentioned, she'll likely lose the car and as everyone else has mentioned, student loan debt will not go away with bankruptcy.
Something worth considering - since your girlfriend is 31, she likely entered college in or around 2003 and graduated around 2007 which means that her student loan interest rates are likely quite favorable compared to someone having entered in 2005 (me) or worse, within the past 5 years. If she could consolidate her loans at a lower interest rate, by all means, go for it but that's noteworthy to consider.
Regarding the credit card debt; $19K is a lot of money but it's possible to get out of. If she's able to, it might be worth it to consider taking out a loan from a bank or a credit union (non-predatory lenders) in the amount of the debt to pay off IF she can get an interest rate from said lender that's lower than the interest rates on her credit card(s).
I wish you and you girlfriend all the best with this.
I'd be careful with filing for bankruptcy. As AttorneyBrah mentioned, she'll likely lose the car and as everyone else has mentioned, student loan debt will not go away with bankruptcy.
Something worth considering - since your girlfriend is 31, she likely entered college in or around 2003 and graduated around 2007 which means that her student loan interest rates are likely quite favorable compared to someone having entered in 2005 (me) or worse, within the past 5 years. If she could consolidate her loans at a lower interest rate, by all means, go for it but that's noteworthy to consider.
Regarding the credit card debt; $19K is a lot of money but it's possible to get out of. If she's able to, it might be worth it to consider taking out a loan from a bank or a credit union (non-predatory lenders) in the amount of the debt to pay off IF she can get an interest rate from said lender that's lower than the interest rates on her credit card(s).
I wish you and you girlfriend all the best with this.
05-13-2016, 07:22 AM
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#116
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Originally Posted By beelzebub420⏩
Wrong. She should be driving a chitbox and paying down her debt like her life is on fire, but she probably just HAD TO buy a new $25K car to keep up appearances. Only morons think that a new car is acceptable when you're in debt up to your eyeballs.car is understandable but wtf has she spent 19k on with her credit card?
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05-13-2016, 07:22 AM
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#117
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Originally Posted By Nelly87⏩
This.Student loans and car, most mid-late 20s, early 30s have this debt.
BRB- they didn't have mommy and daddy pay for their school so they got debt. At least the APR% on these are normally pretty low and monthly payments not bad unless she is eing very aggressive with paying it off.
BRB - people graduate and want a nice car. 20k - she should have that paid off in 3 yrs.
HOWEVER - 19k in fukkin credit card debt? That is a bit irresponsible to me. She may or may not make it, it depends her attitude towards it.
BRB- they didn't have mommy and daddy pay for their school so they got debt. At least the APR% on these are normally pretty low and monthly payments not bad unless she is eing very aggressive with paying it off.
BRB - people graduate and want a nice car. 20k - she should have that paid off in 3 yrs.
HOWEVER - 19k in fukkin credit card debt? That is a bit irresponsible to me. She may or may not make it, it depends her attitude towards it.
I've got the rest also, but $19,000 either indicates she had some real serious unexpected expenses hit or (more likely) she has terrible spending habbits and is living WAY beyond her means. The latter is usually a sign of entitlement, and if you're fiscally aware at all it could lead to long term disaster.
05-13-2016, 07:22 AM
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#118
05-13-2016, 07:23 AM
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#119
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Yeah that's true. I actually don't really think the student loans are a huge problem though IF FEDERAL. That's because repayment is income based, so either she has a ****ty job and pays hardly anything, or she has a good job and can afford her payments
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