EFFORTPOST 68'000 dollars in debt on a 57'000 salary and just not paying her debts because she just isn't - "I feel like I'm one of the best you've had on the show"

https://youtube.com/watch?v=eZ1rNYqSw7o

Madison, 24, Austin TX

Personal Life/Career:

  • Fashion/lifestyle brand, part of "philanthropy" team

    • "Philanthropy Specialist" - "Corporate CRS"

    • 57'000

    • Thinks her income level is pretty okay

    • "I have a little debt but it's fine it's not that deep, to me"

  • "Why did you come on the show?" timestamp

    • She read comments saying they wanted someone normal and she decided she could be that person

    • "I feel like I'm one of the best you've had on the show"

  • "What are you looking to get out of the conversation" timestamp

    • Going on a few trips in the future, wants advice on budgeting around those and her other debts
  • Doing some sidegigs? Never actually explained so I don't think she's actually started any

Financials

  • 68'183 total debt

  • "Why do you have all this debt?" timestamp

    • College expenses
  • Self-scores a 7/10

  • Credit Card 1 (Discover) ($3'600) timestamp

    • $99 minimum payment

    • $78 interest accrued, she didn't know that this was a thing :marseyxd:

    • She's been throwing just a little above her minimum payment at all her debts?

    • Tries to explain how interest works to her with a graph timestamp

    • College card, had it paid off last year, then racked up a balance again "shopping issue"

  • Credit Card 2 (Amco) (6'486) timestamp

    • 2500 credit remaining

    • 233 minimum payment

    • Last payment was less than her minimum? "Oh, I might have forgot about that"

    • How'd that get up to nearly 7'000 dollars? timestamp

      • Thinks she balance transferred it from the Discover card?

      • Mostly spendthrift behaviors

      • How much does she think she spends in a month total? timestamp

        • Thinks around 2'000 spent out a month total - actually it was $8'742
  • Credit Card 3 (Care Credit) (1'647) timestamp

    • "I've almost paid it off though I feel like timestamp

    • Was 2600 last year :marseyxd:

    • "I think that's really good"

    • Brings up dying dog spending to deflect

  • Medical bill $124

    • Forgot to pay it after they sent her the bill in the mail
  • He forgets her age and calls her 26 while she's defending calling herself above average timestamp

  • Car (2023 Rav4) () timestamp

    • 9% rate

    • Didn't catch a total or a minimum payment for this but it started $40'000

      • Around a 700 minimum payment?
    • August 2023

    • Used to have a Buick Encore, got into a wreck so she needed a new car

      • Had gap insurance
    • She "wanted a new one"

    • "Mental math is not my strongest"

    • $193 insurance payment

  • Student Loans timestamp

    • Studied Marketing at Texas A&M

    • Most around 4.5%

    • "I haven't paid really any of it, I think I've kind just paid 30 bucks maybe 60 bucks on two of them"

    • Doesn't think she's on deferment, she just isn't paying them

    • 10 year repayment plan

      • Actually she might be on income driven repayment
    • $50 minimum payment? She's past due

    • Still hoping Biden forgives it :marseyxd:

    • Pushback on why she deserves debt forgiveness timestamp

      • Extremely wishful thinking

      • Dreams of marrying into wealth

      • Got a D in finance, Barely passed Accounting

  • Personal Loan $183 timestamp

    • Took this out "a really long time ago"

      • July 2022
    • Claims not to remember what it was for

  • 545 credit score

  • Spending timestamp

    • lots of shopping

    • lots of eating out

    • Few Venmos out, "a lot of bacholorette trips"

    • Amazon

    • Mother and brother are broke she zelles them sometimes and they zelle her back?

    • Screen recording of her Amazon purchases timestamp

    • Venmo Transactions timestamp

  • Travel plans timestamp

    • Going to Europe

    • To see Taylor Swift in London

    • around $800 on just the plane ticket

    • "Already paid for the concert so that's kinda free in my head"

  • Spending Chart timestamp

    • 6% of spending went to debt

    • 21% to medical, she's not sure what this is

    • Mysterious 1600 expense timestamp

  • Budget Chart timestamp

    • 887 rent

    • 1071 minimum payments

  • Refuses to sell the car because she likes it timestamp

  • "Hammer financial score, frick her" :marseyxd:

84
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what happens if you never pay your student loans? I read that they cant affect as long as your in deferment/forebearance. If there is no penalty why eould they pay?

!slots123

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Interest is compounding even if there's still a grace period on actually paying now, I think?

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yeah, butt if you stay in forebearance till you die and it doesnt affect your credit, doesnt matter ehat interest does if you just dojt pay at all.

!slots321

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Eventually they will garnish your wages and they can jack your tax returns and/or any government stimmies.

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i thought they couldnt do that with student loans spwcifically. Regardless, going into permenent forebearance/deferment wouldnt count as a default

!slots123

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I don't think they let you stay in forbearance/ deferment for ever. At some point it will go in to default.

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i think you can, you jist have to reapply every year and show that you qualify bc youre poor on paper.

!slots333

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Wouldn't you rather just not be poor though? :marseypoor:

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poor on paper=/=poor, necessarily

:#marseytrollcrazy:

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