GTFIH if you had or have tons of debt

[IIIIIIII]

I have two pieces of advice,

1. The most satisfying thing is have the money to be able to afford just about anything and having the confidence to say, "I could buy that item but I don't need it so I won't ".

2. I've lived very cheap as a: student, grad student, athlete, and post school ski village bum working McJobs. A few years later I had a lot of money and TBH, I was/am no happier with money, than I when I was broke or had next to no income. The ability to buy a bunch of shit does not make you any happier, or create a more fulfilling life.

Totally agree. It is definitely about having the ability to purchase your desired items. Not necessarily owning them.

 

[Cid]

Haven't been working two years. Also not all of the debt is at 8%. I just gave the highest number instead of splitting it all up. Some of it I need to refinance, but some of the high interest loans I want to keep because they are federal (if you can't work just switch to PAYE and no problems).

Then pay off the minimum for all but the smallest loan and start eliminating the smallest, next smallest etc. If you have lots of different debts it's probably better as there are dozens of credit card companies that will give you 12/18 or if you're real lucky 24 months at 0% per annum with no application fees, no ongoing fees and no transfer fees.

Just make sure when you get the credit card you give it a good once over with a pair of scissors. Don't make the situation worse by being a sucker like everyone else.

 

[PG29 red0 Jr]

For starters, mortgage doesn't count. How has your debt impacted your life?

Most of my debt is mortgage, but if that doesn't count then I owe myself $35,000 from a $50,000 401K loan I took out.

 

[IIIIIIII]

I have around $4000 in debt. I owe a few people and fkng payday loans.payday loans are the worst.

This is normal debt. 4k is nothing.

 

[IIIIIIII]

community college is geared towards more practical/technical skills for which jobs are easier to find, and the expenses are lower hence a bigger ROI and less debt

I took an i.t. trade course during my sophomore through senior years of high school. It was honestly the key to my early success and connections within the i.t. community. And this was back in the mid-90's, at the very impetus of the internet boom.

Getting yourself in the door, even if you think it's something menial, will benefit you greatly in the long-run, regardless of field.

 

[Deleted member 220895]

Only option is to fake your own death and then buy a new identity. Yes, I'm serious.

And where the fuck did you go to college?

Maybe he wanted his twin to go too, but he didn't have good enough credit. Great brother TS is.

 

[Oblivian]

If you make good money why are you paying 8%?

Have you held the job longer than two years?

If you've held the job longer than two years get your bank to send you a statement for however long you've had the job.

When you have the statement give the bank a ring.

Hello you've reached blah blah bank press number 1-9 for whichever you think applies until you reach a person.

You: Good morning my name is Captain who am I speaking to?

Operator: Steven

You: Hi Steven I was wondering if you could help me. I've been a customer of yours for __ years and I have quite a substantial student loan and it's really depressing me. Worst of all despite having a well paying job for ___ years I'm stuck paying 8% on that debt and I was wondering if you would be able to give me a better rate on my debt.

If they say no ask them to transfer you to someone who can and repeat the aforementioned.

Steven: Can I get your details?

You: My details are _______

Steven: We can give you ________________

You: Wow that sounds too good to be true, would you be able to send that offer to my e-mail. I want to read the fine print make sure there's no hidden catch because that sounds amazing.

If their offer is shit you at least now have something that you can take to other banks/financial institutions/whatever.


8% of 300k is 24k per annum. Say you're paying 50k a year you're still only paying off 26k. You get that interest down to 4% and you're paying off 38k per year. Big difference. By the time it's paid off it'd probably be over 100k.

You think a bank would finance for him at a decent rate without collateral?

 

[Grassshoppa]

Do not like thread. TS is too secretive about his own details in a thread he created.

 

[Cole train]

Do not like thread. TS is too secretive about his own details in a thread he created.

Imagine if he partied away those 300k

Damn son

 

[breadfighter]

No offense TS but starting a thread asking for our personal stories regarding debt while not wanting to share the details of your own is pretty lame...especially when you are sitting on the mother of all debt stories. We could all just respond with a list of numbers and it wouldn't be interesting at all...the story behind the numbers is the interesting part.

I thought I was crushed by debt when I had 6 grand in credit card debt that I couldn't really afford so I stopped paying for months and eventually settled for about a grand. I was working dead end job at the time.


I later returned to school and ended up with 20k in student debt. Started my adult career 5 years ago and just recently finished paying it off. Could have been alot sooner but I also paid for a wedding and ring cash and bought a new car which I recently got rid of.

I'm officially debt free..nice paid off car...my wife is also debt free.

Do not like thread. TS is too secretive about his own details in a thread he created.

This. @Captain It's kind of poor form to exclaim that you need help from people with a thread, then brush them off when they ask you shit. I mean, you already fucked up so why not just come out and own it. Plus it makes us feel better about our lame lives to hear about how you completely fucked yourself (such is the human condition) and you are denying us of this pleasure, which can come off as a bit douche-y.

Anyways, you sound like you have your priorities all fucked up. You're 300k in debt yet you refuse to move back in with your parents cause you don't want girls to think you're lame. But worse than the stink of living with your parents is the stink of a some brokeass dude with his priorities all backwards lol. I don't know how you're perceiving it, but it's way worse man. Also judging by the secrecy in this thread you also don't seem to know how to graciously accept criticism, which is also a bad look for anyone, and not just to girls. Just facts bruh.

Btw, I totally understand not wanting to move back in with your parents. I'd almost rather try my luck as a hobo. But at $300,000 in debt, you don't really have many options. Good luck.

 

[Grassshoppa]

I didn't completely fuck myself. I didn't make the best choice, but I'm still in a good spot. Fresh out of school I'm making more than 99% of the forums.

I'm trying to balance my present and future interests.

 

[DatCutman]

120k mortgage left on a 160k house. 80k student debt (down from 120k). 10k Credit card debt from a stint when I was unemployed. Two cars paid off, fortunately.

Went to law school, became an attorney. Wouldn't do it again.

Have a wife and a 2 year old. Wife doesn't work, just watches the kid (we did the math, wife was more valuable as a daycare than as a worker since she did jack shit with her life career wise).

Salary is 100k/yr, but it does not feel like a lot. I have weekly anxiety dreams about bankruptcy. The end of my debt is very far away. Still squirrel away very small amounts for my kid's college fund, so she isn't as buttfucked as I am.

It feels like the hard times have only just begun.