EFFORTPOST Couple of r-slurs exchange 0% interest cards for a 21% interest personal loan

Sam, 26

Michael, 28

Rio Grande Valley

Personal Life/Career:

• Recently married, April 6th this year

  • Engaged for 4 months

  • Dating for 4 years

  • Never talked about finances before getting married?

• Assistant Manager (Her) timestamp

  • 2'100 a month roughly

• Truck Driver (Him) timestamp

  • 2'400 a month

• She is currently in school? timestamp

  • Studying Social Work? Doing a Masters

  • She has student loans but I did not catch what they were

Financials:

• Combined finances less than a month ago, she added him to her account

• "Different opinions" on spending timestamp

  • She says she's more frugal, he likes spending on electronics and vehicles

  • He Upgraded to new iPhone, FOMOS into newest thing

• How do their financial conversations go? timestamp

  • She says she wants to pay off debt quickly, "to zero as fast as possible" even if it's 0% apr

  • "He sees zero apr and he's like oh, we don't gotta pay anything at all"

• They have zero in their savings (paid off some cards recently)

• She paid off a few things that were at 0 instead of another 0 that was about just hit the interest period timestamp

  • "To be fair he signed up on a property without me knowing"

  • 120'000 property? He told her he was going to look and he ended up buying it on sight? "Owner to Owner financing"

    • Before marriage

    • Paid 117'000 with financing?

    • Applying to refinance "soon" timestamp

      • Currently at 12% over 30 years

      • they want a lower monthly and fewer years

  • Specifics timestamp

    • 6'000

    • There's another 6'000 that went to paying the parents?

      • Paying back parents for wedding?

• Built a 860 sq ft "frame house" on the property timestamp

  • Property is 3 acres

  • Building the house cost $37'000

• Score timestamp

  • He says - 8

  • She say - 4

• Credit Card 1 (Wells Fargo) ($4'120) tiemstamp

  • $42 minimum payment

  • 0% interest until October

  • 92 in new purchases

  • CC was opened because she wanted to start a business timestamp

    • Coffee cart selling expresso drinks outside markets

    • "Got busy" so she couldn't keep doing this, sold all equipment - didn't make money? timestamp

      • Awkward laugh when asked what she got from the sale? Got 2500 back?

      • Spent 10'000 on this?

      • Got a job because this wasn't working well?

• Credit Card 2 (4'028) timestamp

  • Interest about to start accruing

  • Paid 5'000 - claims she doesn't remember where she got this

    • Balance was 9'000

    • After getting pressed, says it was from a 20'000 personal loan

  • 92 in new purchases

• Personal Loan (21'749) timestamp

  • 21% interest

  • Gets pressed hard on why she traded 5'000 at 0% for a 21%

  • more info timestamp

    • In her name

    • They didn't know it was $21'749

    • Weren't able to make any minimum payments because of his motorcycle? timestamp

      • He doesn't even use it and now it's busted - front shock went out and it would be a 2'000 repair bill

  • Paid off the bike with this timestamp

    • 227 a month

    • 7'000 balance on it

    • 7% interest rate

    • Bike's used value is around $9'000

• She remembers why she paid off his credit cards timestamp

  • She did not like the monthly minimum payments?

  • "I don't know what I'm doing"

• Credit Card 3 (Lowe's) timestamp

  • Paid off, one of the things in that personal loan

  • Would have been interest free for another couple months?

  • Ate a late fee at some point

  • Was 2'000

  • Paid for a washer/dryer on here? timestmap

    • 0% financing at Lowe's

    • Her dad had given money for washer/dryer, he used it for the wedding and 0%'d the washer/dryer. She did not know about this and thought they were paid for in cash?

      • Her parents are divorced

• Credit Card 4 (Discover) ($10'656) timestamp

  • To build the house - he clarifies that it was finishing the interior of the house

  • "Because we didn't have the money for it"

  • He has never watched the show before - she has

  • Roughly 3000 a year in interest accruing on this?

• Credit Card 5 (City Simplicity) ($5'909) timestamp

  • His, she paid this one off as part of the personal loan

    • actually this was with the wedding gifts? 6'000 in wedding gifts? actually the wedding gifts and some savings?

    • Actually it was a different much smaller card she paid off

  • 0% interest

    • He thinks this ends by August

    • Actually it ended 3 weeks ago

  • $59 minimum payment

  • 29%

• Credit Card 6 (Home Depot)

  • Paid off

• Credit Card 7 (Capital One Savior One) (Paid off) timestamp

  • A bunch of Amazon purchases on this one - for the wedding?

    • Lights, table covers, etc?

• Credit scores -

  • His is 630

  • Her's is 695 (last she checked)

• "How did she convince you to come on this show?" timestmap

  • He didn't want to come on

  • He didn't watch the "on-boarding video" because "she didn't tell him about it"

  • they try to justify their financial opinions timestmap

• Purchased a water slide timestamp

  • He is trying to make money with this by renting it out?

  • $1'600 total

  • Hasn't been able to rent it yet?

• Bought some pc fans timestamp

  • He's been playing Helldivers 2

• Attempts to convince them not to be r-slurred timestamp

• He has 3 vehicles timestamp

  • 1 at his house

  • 1 at parent's garage

  • 1 his dad uses

• Checking Account ($31) timestamp

  • Disastrous amount of eating out

  • It's like they think credit cards are literally free money

  • 453 just on going out to eat

  • Phone bill is $185 (they both owe on their phones)

• An attempt to explain how interest works timestamp

• Budget time timestamp