brought to you by the every dollar app start budgeting for free today I have three different types of loans I'm just gonna break it down for you my first loan is 2525 credit card debt and second one is 22,000 in student loans and the third one is a car loan of 20,211 those three loans are equaling that same amount as my income so my income is 63,000 and my question in particular is for the credit card I'm about to mess up my credit card and honestly I'm paying you know 1,500, 2,000 a month and it's not getting there because of you know interest and I'm just trying to leave my options here and see you know should I not pay and just settle it with the creditor or should I find another option especially for the credit card debt is it just one card or is it several? just one card what do you do? so I work in the humanitarian sector I help refugees okay you work in the humanitarian sector and you help refugees yes but I work in the finance department okay how old are you? I'm 20 years old okay it's just you or you have kids wife and son what's your wife make?
my wife she came from overseas so she you know she only has a high school education so she could pay her mom okay how old's the son? he's seven months old okay so what's what's been the situation in your life where you can't live on 63,000 dollars tell us more it's stupid mistakes before I got married I had no debt beside the student loans and I had $20,000 in savings I think after I got married especially you know the wedding in our country is very expensive the wedding cost me about $30,000 and then I'm talking about you know diapers and you know gold for the wife and just you know I brought the credit card to the house I'm sorry did you say gold? yeah I have the bike gold yes that's how you get married to the overseas okay the gold was a loan like $10,000 so you got $40,000 that you didn't have to get married and then you bought a $20,000 car you couldn't afford yes and I don't think diapers is even on the list here yeah so okay well so the answer to your question is that when we have financial problems including when I had them the problems are not the problem they're the symptom and what I'm hearing is you have a tremendous ability to you really struggle with saying no to anyone and so you're gonna have to practice that word no no no we don't have the money no we're not in Congress no I don't care what the culture says no I don't have the money no I can't do something that I don't have the money to do no we can't go over there no I don't want to do this no I can't be here right now because I'm having to work extra jobs because I didn't say no before correct so now you got extra jobs coming and you're gonna sell your car and that's why you can pay your credit card so get rid of the car and get you a cheap car and take three extra jobs and work your brains out and by the way she can do something I agree she needs to do something to create some income even with even if it's while the baby's napping she does something on eBay I don't care what she does but she needs to do something to create some income since we've invested $40,000 into her you're not wrong that was pretty cool but you're not wrong that's true you know that's we're talking about stay at home mom that you know that's the choice you want to make that's true that's fine but there's something that you can do to earn money and there's so many great if you don't want to pay the full cost of daycare there's great mom's day out programs where it can give you some time back seven months old sleep a lot yeah there's no one to open up the computer and start doing something while they're sleeping there's something you can do and earn some money and uh... you're going to be working more because you need more money and you're gonna be on a really tight budget you're not going out to eat you're not going out to eat you're not going out to eat and you're selling a car that you shouldn't have bought and then you can work through this and you can pay it no you don't let your credit cards go and then not pay a bill that you promised to pay when you have the ability to do it now the question is are you willing to do those things and that's going to be the the nine hundred dollar answer that's so interesting to me I mean I I come from the hillbilly culture which uh no book hillbilly by the way which at no point in that culture would anyone have ever paid ten thousand dollars for the opportunity to marry someone you might have gotten paid ten thousand dollars to get someone out of their house but you wouldn't have paid for it so it's so foreign to me it's so no pun intended but I mean it's obvious it's something that's a big deal in his culture I'm not just not disrespecting that but I just can't get my head around it because it's not where I come from that's right yeah it's a lot of money that's ten thousand dollars guy who's going to bring your daughter to America and be his wife and the culture says you have to give ten thousand dollars in gold wow well you know part of it is it just goes to show that culturally no matter what culture there's things that if you really put some thought into it you can say well that's a little bit backwards right like we've got that in our culture there's I mean we talk about it every day our culture says hey if you need something going into debt to get it we want to education get a student when you want to card a card note and it takes a moment to like you said you have to look at that and go does that really make sense for me or really for anybody and it's a head scratcher and then you say no I'm not going to do that yeah I'm not going to be normal but this is a cautionary tale I think of how you know what seems like a small amount of debt in quotes twenty thousand dollars that's not I can handle that and they do another twenty thousand dollars I can handle that in a car loan and then twenty twenty thousand dollars and student loans that's not that bad and then before you know it like you said it's the exact amount of your it's scary to me how fast he went from having some money and no debt all the way to having no money on a bunch of debt and it all centered around not saying no to something yeah or not not questioning the protocols that's right in front of you so and I don't know that you can I'm not sure how this goes I really don't know what he's facing on there because I don't understand it but um but it still has to do with um no can't do that yeah you can afford what you're gonna for that I'll have the money create your free every dollar budget today the simplest way to budget for your life