Daniel, 22, Lubbock TX
His other half overrode the financially savvy asian half 
Self-rated - 6/10
Personal Life:
"Barely 22"
Why'd you go in to the debt?timestamp
- "Well it's a long process"
Went to a trade school, Universal technical institute
- Automotive, certified in Volvos
Friend encouraged him to come on the show, doesn't watch the show himself
"Last year I got myself into a predicament"
- "I moved out by myself and I was paying so much in rent I didn't really think it through so last year was a year where I really struggled and this year is a year where I really tried to step it up"
Career:
A Volvo technician
52'000 a year pre-taxes
Lives in Lubbock for his job
Expenses/Debts:
Credit Card - $1'628
Not spending on it while paying it off, made $200 payment (way more than minimum)
35% interest, talked them down to 18%
"I honestly don't remember how I got so high up in debt, I think I did pay off some student I think I paid off a class and it really set me behind and then I used my credit card to get a car"
- Put the downpayment on the card
- Put the downpayment on the card
Collections (1) - $972
Medical Debt
When he was living in Arizona, not working at the time, wasn't feeling well
Two years ago, not something that will repeat
Wants to pay credit card off before this
"They can't report medical debt on your credit if it's less than $500?"
Tried to negotiate but failed, only tried once
Been in collections since last year?
Student Loans (4) - $12'000
Federal but he thought they were private
Around a $150 minimum payment
Maco debt toolbox? timestamp
18% interest rate
Toolbox itself was 6'500
Owes 9'500
Minimum monthly is $180
There's something weird later on where he thinks it shows up differently on his credit report timestamp
Missed a payment at some point?
Car Loans (2) - $30'638
"I have two cards, I'm thinking about getting a third, a Tesla"
"Well you save on gas, yuh know, it's always nice to have three cars"
"I have one car, the other ones from my mom, it wouldn't hurt to get another one... it's always an investment"
"My mom needed a car so I bought her a car under my credit"
- "She's in a financial situation as well"
Sion IM 2016
19'000
"I'm pretty sure it's overpriced... it's just my mom really needed a car"
Put down $2'000
13% interest
"That's the cheapest they had on the lot" "I was in a tight schedule with work"
72 months
"Well at the end of it I'm not really paying for it, Mr.. pushes up glasses Hammer, my mom is" timestamp
- The plan is once she buys a house she will buy the car off him with her credit?
Ford Focus 2019
11'703 remaining
103k miles
2 for one deal with the other car
He's not sure about the term or the interest rate
9'000 downpayment?
$312 minimum payment
24.39% interest
Trashes In n out and Red Robin timestamp
Savings/Retirement:
High Yield Savings with Amex:
$866 => $1'066
4% interest
Investment Account
All part of the Acorns
$200 in one
$300 in another
No match
Budgeting Conversation:
Under contract at job, can't leave until it's over, Feb of next year, plans to move back home after timestamp
Putting money into a "Christmas Fund" at work
Doesn't pay renter's insurance timestamp
Apartment is under his roommate's insurance?
Not on the lease, "they didn't approve me" (because of the collections)
.webp?h=8 "Merry Fistmas!")
Jump in the discussion.
No email address required.
How are burger personal loan rates so high when the deposit interest rates are lower?
Indias generally a much higher interest economy. Or do non bank places charge that much?
Jump in the discussion.
No email address required.
If you have decent credit, even with the current interest rates, you could easily find a sub-10% rate on a used car (new are usually much lower). But the combo of bad credit, the fact that it's a second car loan, and him being a total idiot who fell for obvious sales tactics designed to maximize loan rates led him there.
Jump in the discussion.
No email address required.
More options
Context
It's actually worse in Europe. It's because banks have a set collection of bonds they buy and until verrry recently bonds were going for pitiful rates. So you have several years of bad (and during COVID flat out atrocious) bond rates that simply return the dollar amount so it's not even beating inflation. There's a bank run going on right now because folks like me realized you can casually get a 5% return through your stockbroker compared to the FIVE CENTS per ten thousand dollars I get per month from my bank.
Generally the more developed an economy the lower the bonds though you can be a kooky little nutjob like turkey and Argentina and have higher rates than someone like Botswana.
Jump in the discussion.
No email address required.
Also his rates are so high cause he's a tardlet and got pretty much every loan shark gimmick except a payday loan.
Jump in the discussion.
No email address required.
More options
Context
what r-slur would put their money into illiquid bonds during 0.25% interest rates? Only the fellas at SVB
My HISA gives me 5.5% atm and will likely hit 6% given my country has a couple rate hikes left in it. I ain't bothering with stocks or even term deposits for the foreseeable future, given the risk (most term deposits are actually lower than what I'm getting in liquid).
My only other 'play' was betting $400 against an increasingly unpopular referendum when the payout was still 1.8x. It'll only net me $320 but I suppose that's an 80% profit.
___________________________________________________________________________________________________________________________________________________________________________________________
Fiscally Left
Socially Right
Jump in the discussion.
No email address required.
More options
Context
I heard about that happening in Canada as well with money market funds.
At least in the US the system allows HYSAs and money market fund to converge on short term treasury rates
Doesn’t stop r-slurs from holding their savings in mega banks with 0.01% interest
Jump in the discussion.
No email address required.
More options
Context
More options
Context
More options
Context