Student Debt Crisis
- Thread starter mamba
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why are you in such a rush to get rid of it
live frugal for a year or two
life is short, why live frugal if they dont have to
they can knock off the debt in time, and live great, why live frugal to pay something off quicker than they have to ? 
what kind of life is that to live you say this like its a bad thing
some weirdo shyt going on in this thread
why are you in such a rush to get rid of it
live frugal for a year or two
life is short, why live frugal if they dont have to
you say this like its a bad thing
some weirdo shyt going on in this thread
Get rid of it asap because you can. Debt is a wealth killer. Sooner you can be debt free the sooner you have control over your money. And the sooner you pay it off the more money you save.
A year or two is a small amount of time. It's all about financial freedom.
reality is the complete opposite. Debt creates higher credit scores(as long as you are paying it off). Credit is based off history and payments over time. Paying off debt over time helps your credit more than paying something off in shorter time period. Most wealthy people have debt in some way or another (investments, real estate, loans, etc. ).
You are talking about financial freedom. If they are living in big ass houses, driving nice cars and taking multiple vacations a year ALREADY that sounds like financial freedom to me
but I guess they should eat top ramen for the next 2 years living with their parents to impress some random people on the internet 
to pay off something they already paying off, just at a faster rate 
yall either young or dumb.. but really I hope no one takes any of the advice ive seen thep ast 2 pages serious..
SheWantTheD
Veteran
Bro.. if his wife is making like 400k a year they don't have to be frugal but what kind of spending are they doing that she's only paying off 36k a year in loans?! That shyt's about 10 percent or less than her yearly salarywhy are you in such a rush to get rid of it
live frugal for a year or two
life is short, why live frugal if they dont have to
you say this like its a bad thing
some weirdo shyt going on in this thread
And he's working too and bringing in money. WHAT THE fukk IS THAT MONEY BEING SPENT ON?!Do you know how many Americans will be screwed if they don't get their next 3 paychecks? It's because they live beyond their means, buy houses they can't afford, get new cars every couple of years etc. That's why we got into the recession in the got damn first place!
There are families making less than 100k a year altogether in one household and they don't live frugally. Pay off the got damn loan first wtf.. that shyt is gonna cost way more in the long run.
SheWantTheD
Veteran
These nikkas are just dumb breh. Talking about debt builds credit what the fukk kinda shyt?! Debt is a BAD thing 99% of the time and for 99% of people.
Live your entire life owing someone else and paying them off in extremely small increments.. Why in the fukk would I want to pay someone back over a 10+ year span?!
That shyt doesn't even make logical sense to me. Only in today's society has backwards thinking like that has become normalized.
SheWantTheD
Veteran
That's not financial freedom. Who gives a shyt about credit. Do you know the amount of stress and negativity debt puts on one's mental health? You think people are going to turn down your money because you don't have an extensive credit history of you paying back your college student loans in a span of 10-20+ years? If you tell them I make 400 grand a year, they are gonna say nah this person can't pay me because they don't have credit historyreality is the complete opposite. Debt creates higher credit scores(as long as you are paying it off). Credit is based off history and payments over time. Paying off debt over time helps your credit more than paying something off in shorter time period. Most wealthy people have debt in some way or another (investments, real estate, loans, etc. ).
You are talking about financial freedom. If they are living in big ass houses, driving nice cars and taking multiple vacations a year ALREADY that sounds like financial freedom to me
yall either young or dumb.. but really I hope no one takes any of the advice ive seen thep ast 2 pages serious..
Believe in the lie that is the American Dream brehs.
reality is the complete opposite. Debt creates higher credit scores(as long as you are paying it off). Credit is based off history and payments over time. Paying off debt over time helps your credit more than paying something off in shorter time period. Most wealthy people have debt in some way or another (investments, real estate, loans, etc. ).
You are talking about financial freedom. If they are living in big ass houses, driving nice cars and taking multiple vacations a year ALREADY that sounds like financial freedom to me
yall either young or dumb.. but really I hope no one takes any of the advice ive seen thep ast 2 pages serious..
Credit is based on a lot of factors. You don't have to go into huge amounts of debt to have a credit score. Really if you choose to have credit it shouldn't be more than 15-25% of available credit or else it starts negatively impacting your score.
We're talking about someone making 400k but having about 250k in student loan debt. The longer you take to pay it off the more interest you pay and every dollar you have to pay the lender is a dollar you could be easily investing and getting a 10%+ return. Like a mortgage. Paying it off early saves tons of money in interest.
And I don't consider smart investments debt. Investments are assets. Real estate should be bought for investing, not mortgaged. If you leverage future earnings by taking out loans on real estate it's a risk.
Student loans should be a priority to be taken care of because of their nature. They're not bankrupt able. They follow you until you have to address it. Typical interest rates are around 6-9%. So pay it off asap especially if you make 400k a year. Budget your needs each month, then attack your debts. It's a simple concept yet people like to think they smarter than these banks.
Live on less than you make, be debt free. That's basically it. Older generations would give you the mean mug talkin bout you make 400k a year but don't wanna pay off 240k in loans early.
Borrowers are slaves to the lenders. Don't be a slave breh.
Did you forget taxesBro.. if his wife is making like 400k a year they don't have to be frugal but what kind of spending are they doing that she's only paying off 36k a year in loans?! That shyt's about 10 percent or less than her yearly salary
Do you know how many Americans will be screwed if they don't get their next 3 paychecks? It's because they live beyond their means, buy houses they can't afford, get new cars every couple of years etc. That's why we got into the recession in the got damn first place!
There are families making less than 100k a year altogether in one household and they don't live frugally. Pay off the got damn loan first wtf.. that shyt is gonna cost way more in the long run.
36k of 400k take away the taxes is almost 20%. 20% tied to 1 aspect of life is insane pay off rate and you want themTo pay it off earlier
you in here trippen 
Mortal1
Superstar
I'm worried for myself
SheWantTheD
Veteran
People that are making 400k are less affected by taxes than those that make less actually. And even with 20 percent taken off that's only 80k.. still over 300k+ a year PLUS the husband's income too.Did you forget taxes
To pay it off earlier
Like legit.. what are they spending the money on?! That shyt doesn't make any sense.
Im not going to respond to all this on my phone but you contradict yourself multiple times in it.
But the last part got me
you said older generations would mean mug you talkin bout if you didnt pay off the loan early as someone who was a banker years ago, majority of old people are broke. Even though the ecomony, especially the housing market was way better back then. Maybe if they spent their youth investing instead of paying off large debts 25 years earlier than they had to they would be in better position at their old age You live your life how you want
dude and his wife seem really successful while you just sound like a young teenager who doesnt know any better Yeah people need to smarten up. Debt=risk and credit is the banks wanting your money. Hey if people want credit scores there's better ways to do it than slow rolling paying off 240k in student loans lol.
It's cuz people wanna show off and be one of the joneses. Simple concepts of live on less than you make get lost on those who think they're winning against these banks.
Owing sallow mae has caused many people to be miserable, doing jobs they hate but can't leave because they have these huge amounts to pay back. So avoid that shyt. If you got loans pay that shyt back asap. Don't people wanna be free?
SheWantTheD
Veteran
I'm telling you breh.. If I was making 500k a year.. I would live pretty frugally but still enjoy myself. You could retire in 10-20 years if you put away 300k each year and even invest it with at the last 100% of your money back guaranteed. If households making less than 100k a year can eat out multiple times a week, go on vacations, live in nice houses and drive nice cars.. what in the hell are people making 300k-500k+ a year doing with their money?!
people who make 400k are taxed LESS? You are not ready for this conversation if you think this. 20%? Tax bracket tax % for 415+k solo or 466k if they combine finances is 39.5%. If she has a matching 401k to 8% - shes at 47.5% taken out before health, dental, mortgage, car payments, food, etc
Then you want her to add 25% on top of that to pay off a school loan that isnt needed to pay off quicker.
Thats almost 70% of her check gone before actually enjoying any of that 400k
let alone you know doing the real responsible thing like saving or investing. What the fukk made you think someone making that much gets taxed less
Coli financial advisors at work hard here