EFFORTPOST Ghost of DSP future appears, 20 credit cards, 200'000 student loans

Ted, 62, Austin TX

Career/Personal

• Retail Manager

  • $21 an hour, at least 40 hours a week

  • time and a half overtime

  • Around $3000 a month

  • No benefits, he's on his wife's

• Wife makes around $3500 a month

• "retail management is not my endgame"

• Spent 14 years working for Texas "Commission on State Emergency Communications"

  • Got a Master's degree because of this?

• Went to Art school at some point

• Went through a bankruptcy 6 years ago

  • All of this debt has accrued since bankrupcy

• Wife has probably the same number of credit cards timestamp

• He has $17'000 saved for retirement

Financials

• "Why is there so little invested?" timestamp

  • Boomer ramblings and deflection

• Self-scored - 5/10 timestamp

• 150k or so left on his mortgage

• Credit Card 1 (CreditOne) ($811) timestamp

  • $20 in new purchases, $20 in interest

  • Paid $75 on this

  • Minimum payment 30

  • Why Spend on his card?

    • "Our expenses are higher than our income"

• Credit Card 2 (Apple) (2115) timestamp

  • Minimum payment 67

  • $41 in interest accrued

  • Puts his life insurance payments on his card?

• Credit Card 3 (Discover) ($4196) timestamp

  • $69.50 in new purchases

  • Made a $100 payment, also made $100 purchase?

  • Minimum payment $84

  • $57 in interest

  • Lots of mobile games micro-transactions on this card (company called "Zynga")

    • "I was able to quit smoking, and drinking, but I can't quit this"

• Credit Card 4 (eBay) ($1'487) timestamp

  • Made a $75 payment

  • Minimum payment of $30

• Credit Card 5 (Lowes) ($535) timestamp

  • Made $50 in payments

  • $12 in interest accrued

  • $30 minimum

• Credit Card 6 (JC Penny) ($1'591) timestamp

  • Made 75 in payments

  • $40 in interest charged

  • $57 minimum payment

• Credit Card 7 (Venmo) ($753) timestamp

  • $30 minimum payment

  • $102 in new purchases, made $30 in payments

  • $15 in interest

  • Eating out and microtransactions on this card

• Credit Card 8 (Walgreens) ($441) timestamp

  • "I think that's the one that started it all, they had this display when you walk into the store"

  • $29 minimum payment

  • $12 in interest

• Credit Card 9 (Verizon) ($1'290) timestamp

  • He wanted to take advantage of the discount on the phone bill using the card to pay for it

  • $48 Minimum payment

  • $34 interest accrued

  • Made a $100 payment

• Credit Card 10 (Upgrade) ($1'272) timestamp

  • $72 minimum monthly payment

• Credit Card 11 (Upgrade) ($9'260) timestamp

  • Thinks he has two Upgrades because traveling?

  • $126 interest accrued

  • $474 minimum monthly payment

  • "Uhhh I I uh I run a non-profit"

  • "Some of these now that I think about it might have been expenses"

  • "Performing Arts Venue" - He's the president (doesn't get paid)

• Credit Card 12 (Sitco) ($378) timestamp

  • $29 minimum payment

  • $10 in interest

• Credit Card 13 (Chevron) ($128) timestamp

  • $29 minimum payment

  • $71 in purchases

  • 50 in payments

  • $2 in interest accrued

  • More mobile payments on this one

  • Playing "Empires and Puzzles" and a couple others

• Credit Card 14 (Ally) ($228) timestamp

  • $28 balance

• Credit Card 15 (Amazon) ($580) timestamp

  • $29 minimum payment

  • $14 interest

  • $50 payment made

• Credit Card 16 (At Home) ($45) timestamp

  • "Why wouldn't you just pay off $45?!"

• Credit Card 17 (Alta) ($0) timestamp

• Synchrony ($656) timestamp

  • $30 minimum payment

  • Made a $50 payment

  • Made $12 in purchases

    • It was Starbucks

  • $14 in interest accrued

• Credit Card 18 (didn't catch name) ($28) timestamp

  • 28 minimum payment

  • 70 cents in interest

• Credit Card 19 (NFL) ($1'474) timestamp

  • $39 in interest charged

  • Made $43 in purchases

  • $54 minimum payment

  • More in-app purchases

• Credit Card 20 (MGM) ($242) timestamp

  • "We went to Vegas"

  • $5 interest accrued

• Student Loans ($229'000) timestamp

  • he's in forbearance, doesn't know why, Caleb can't figure out why

  • 7.6% interest, 17'000 a year in interest if they ever start back up

  • "Yeah, I'll never pay that off"

    • "You're right"

  • "That servicing company is under investigation or something, it's in the news"

  • "Well it doesn't matter much I'll be dead before that's paid off... so I don't even consider that a debt"

• Mortgage ($122'205)

  • 3.8%

  • $1'268 monthly payment

• Synchrony Bank is where most of his cards are from timestamp

  • 

• Car

  • Doesn't have one, wife has a car, not paid for, newish because of a car accident that wrecked their old one

  • Used to have two

  • Both worked at home but he got laid off then when to retail

• Checking Account timestamp

  • 3'240 + 8'111 - 10'094 -> 1'259

  • Lots of eating out

  • A $100 Verizon payment here, not using the Verizon card since it's maxed out ]

  • More microtransactions

  • "That's how I pay my daughter, we give her money to help her live" timestamp

    • She's finishing up her undergrad

    • Boomer gets testy when question about this

• Wife debts itemized timestamp

  • Not even going to try writing these out, 28 different ones

$906 in interest is accruing a month (not counting Student Loans)

Should he consider bankruptcy? timestamp

• Total $379'000 ($122k of that is the mortgage), includes the student loans

Income/Spending Pie Chart timestamp