I am 29 years old and in $1 million dollars in debt

[phcitywarrior]

i ain't gonna watch the whole thing. how much is it from student loans and what degrees did they attain?

315k in student loans. Master's in Public Policy and Masters in Business Administration (MBA).

Household income is ~230k. Total debt ~1 Million.

 

[Ciggavelli]

What type of credit card company allows a customer too rack up 100k of debt? When they run a credit report and see their absurd amount of debt, how do they approve a new line or line increase? What in the fukk do you buy to rack up 100k of debt on credit cards?

If you always pay it back every month (always) you can get like $30k in credit from each company. Me for example, I got a line of $30K at Discover, $25K with Amex and like $20K from capital one. I’m assuming that I could open up another card and get like $20K off the bat. But I never have that much cc debt at once. They just keep raising my limit every year. If I lost my job and couldn’t pay my bills, etc, I could rack up a ton of debt.

 

[the cac mamba]

 

[Tha Gawd Amen]

If you always pay it back every month (always) you can get like $30k in credit from each company. Me for example, I got a line of $30K at Discover, $25K with Amex and like $20K from capital one. I’m assuming that I could open up another card and get like $20K off the bat. But I never have that much cc debt at once. They just keep raising my limit every year. If I lost my job and couldn’t pay my bills, etc, I could rack up a ton of debt.

I guess he opened a bunch then balled out because if opened one, then maxed it out and got another, wouldn't his credit utilization throw a red flag somewhere?

 

[Ciggavelli]

I guess he opened a bunch then balled out because if opened one, then maxed it out and got another, wouldn't his credit utilization throw a red flag somewhere?

Yeah, I think so. Something about high revolving debt and limits I’d guess. Also if you miss a payment, I’m assuming that is marked against you too.

But, it also has to do with your income, so if you’re balling making $350K a year, you could probably hold a lot of debt, but still have high credit limits. I guess, I’m no accountant though

 

[levitate]

Might as well commit that...

 

[sunny80]

Student loans can be forgiven if you have a government job and make 120 payments (10 years of payments). There are ways to get out of their mess.

 

[wongzini]

Didn't watch video but y'all sound retarded if they making 250k a year. Commit suicide really? That's only a little over 4 years of income. It's not ideal but isn't as bad as all y'all making it out to be. If their household income was 25k to maybe 100k yeah that's rough. But with 250k a year coming in they could still live rather comfortably while paying it off/down. If it's true that their mortgage is only 230k that's nothing they could probably settle most of the credit card debt and just be left with student loans and mortgage.

There is people with millions of debt and no job and still make it out. They will live.

 

[Wink Beaufield]

At that point you might as well take that degree, bounce out the US and take a high paying job in a foreign country. I know a dude who did just that.

 

[TRFG]

Yeah, I think so. Something about high revolving debt and limits I’d guess. Also if you miss a payment, I’m assuming that is marked against you too.

But, it also has to do with your income, so if you’re balling making $350K a year, you could probably hold a lot of debt, but still have high credit limits. I guess, I’m no accountant though

yeah you can because I have no limit on my card

 

[Easy-E]

I thought only debt that happened during marriage is shared?

#gmb

 

[JLova]

A million dollars in debt in what way?!?

335K in student loans in MBA degrees, not doctors

1 million dollar debt with a 210K mortgage

136K in credit card loans, 44K in personal loans, 35K in car loans

This is the one thing they don't tell you about white folks. They are the most lucky and fukked over folks on the face of America. Ain't nobody else getting this form of trust with loans but them, these are the same idiots who believe in trump. This can only be done by folks that feel entitled to life.

Not really. It's people with good credit, good incomes and good repayment history. When I say repayment, I mean at least pay the minimum. Broke people aren't getting these kinds of loans.

They should file for bankruptcy. 1) They will never pay off that debt and 2) who the hell would want to? Shoulda had her file for bankruptcy before getting married.

 

[Majestic]

I am still confused how they got all those credit cards and how they kept getting approved with large credit lines.

You know why

 

[Majestic]

At that point you might as well take that degree, bounce out the US and take a high paying job in a foreign country. I know a dude who did just that.

Was it through connections

 

[Geek Nasty]

How the hell they have 335,000 dollars in student debt?

I can see 2 people going to ivy league schools then law school racking up that much easy.

The beginning of the video spells it out. $800K, $210K mortgage, $335K student loans, ~$124K credit cards, $30K cars rest is personal loans. It's not as bad as it sounds so long as they're disciplined.

But, they make $230K together.

If they go all out they can knock out the credit cards is a couple years and personal loans. You're talking about probably $140K TAKEHOME on that salary. Mortgage probably eats $20K a year. You can live WELL on say $70K a year, so they got $50K a year to drop on debts.

AND they have $90K in equity. These guys arent in bad shape. Wypipo problems.

EDIT: they aren't even living in the house, so they can sell that right off the bat since they live with the parents (in a mansion I bet). I swear, fukk these stories this isn't hardship at all.