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"

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

  • 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

  • "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

  • 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

    • $1725 to an eye doctor timestamp

  • 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"