EFFORTPOST What's a few more payday loans on top of the half-dozen in collections

Some of this might be wrong

Summer, 27, Dallas TX

Personal Life:

• Flew in from Dallas, was worried about the Check Engine light on her car

• From Atalanta, wants to go back

• In Dallas because her boyfriend moved there and she's remote work so she went with him

• Has a kid with boyfriend

  • Kid is 3

• Boyfriend is making around 80k

• Started Therapy about a month ago

  • Says she has an emotional spending problem

Career:

• "I'm in Fintech"

• "Merchant Success Rep"

  • Point of contact, helps with onboarding and stuff

  • After benefits before bonuses 3518 a month hits account

  • Bonuses between 200-1000 a month before taxes

Financials

• Payday Loan 1 ("Possible Finance") timestamp

  • 260.30% interest rate

  • She didn't know the interest rate

  • Looks like it was an $80 loan? She paid 20 for this

  • Boyfriend paid to get there and went to some super tiny apartment at $1850 a month? 749 sq ft

    • Boyfriend covers majority of the rent

    • 3 bedroom townhouse in Atlanta

    • "Oh wait, oh no you're talking about that loan" timestamp

      • this is the smaller of the payday loans

  • "Why did you borrow $80 at 260 percent?!"

    • "I really don't know"

    • pause while she looks at the loan

    • "After moving I got really broke"

• Says she just paid this off

• Payday Loan 2: timestamp

  • $1693.75 => $1773.75

  • $80 in fees

    • She hadn't made payments towards it

  • 119 minimum payment

  • Has made a payment now, says she will pay it off by Thanksgiving

• Quicksilver (Card 1): timestamp

  • $493 => $510

  • $25 minimum payment

  • $29 transactions, $13 in interest

  • "I just ran out of money and I was like well I have my credit card"

  • Lot of eating out on here.

• Credit One (Card 2): timestamp

  • $317 => $366

  • $30 in payments

  • $30 in transactions

  • $41 in fees

  • $90 minimum payment, I think this means 2 missed payments?

    • Says she paid it but the payment didn't go through and got the fee waived?

  • 30% interest rate?

• Amazon (Card 3): timestamp

  • $1019 => $1022

  • $23 interest

  • $70 payments

  • $50 transactions

  • $141 in fees this year

    • "I do forget about this card sometimes"

    • "Why aren't you on autopay?"

      • "Oh my account would be overdrafted"

  • 35 minimum payment

  • "Vacation spending"

• "Wait are there payday loans that I don't have in this stack?" timestamp

  • There are

• Student Loans timestamp

  • Federal

  • Hasn't started payments, deferred

  • Payment is about $200 a month

• Stuff in collections timestamp

  • Portfolio Recovery $1332

  • PDQ Services Inc $880

  • Caine & Weiner $430

  • I C System $307

  • Southwest Credit Systems $268

  • I C System $258

  • National Credit Systems $110

  • Credit Collections Service $78

  • "Yeah, those are like really bad choices when I was younger, that's for sure"

  • $1332 is from back in 2015 fresh out of High School, might be dropped might not be

    • App says open for another 4 years 2 months.

    • She plans to try getting them all settled by January

• "Cash reserve manual payment" timestamp

  • wtf even is this?

  • "If you have a good amount of income comin in my bank will give you money on reserve and you can take it out"

    • "Wait wait wait, what does that mean?"

      • "So it's like a payday loan I guess"

  • Can borrow up to 750?

    • Currently has $750 borrowed

• "Earning" (another payday loan) $260: timestamp

  • Says she's paying it off completely tomorrow

• Lot of Zelle payments

• FloatMe Fund (Payday Loan that's already finished)

• Drake Concert, also the start of the payments timestamp

  • More than a thousand dollars

  • These payments are nuts :lets goooooo:

  • So much eating out

• Some legal fees for an issue with the lease

• Bought furniture for this new place

• $798 in Retirement

  • Started job in January

"I've never seen a statement like that timestamp

Pie Chart of her current spending timestamp

• Absolutely insane, 3.5% of her income is going to her debts

Budgeting Segment

• Grocery store argument timestamp

  • She wants Whole Foods? Didn't follow this convo

• She's paying 1200 on the kid? timestamp

  • All food organic?

• Her own budget at a minimum is 1'200 more than what she makes on a monthly basis