EFFORTPOST 24% interest on a current car loan and eyeing a Tesla for as a third car

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

• 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)

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