Brought to you by the EveryDollar app. Start budgeting for free today. Yeah, my name is Richard. I'm 28 years old.
So I got into a pretty bad hole of debt, all credit cards. I got a house about two years ago with my ex now. And, you know, I was buying stuff for the house. And then we broke up and I went down the rabbit hole of spending, you know, not being pretty financial intelligent with my money.
So then I got, I'm looking at it now and I'm about 50k in debt and I was using zero percent interest. And now all of them are hitting that mark where the interest is starting to come. Okay, so the 50,000, is it 50,000 is all credit cards? Correct.
And you mentioned you had a house with your ex. Is this ex-girlfriend, ex-wife? Ex-girlfriend because we never got married, but the house is just mine. It's only in your name.
Okay. And what do you owe on that house? I bought it at 230. It's my mortgage now is at 209.
Okay. And what's it worth? Just curious. I think about 265, 270 on a good day.
Okay. And can you tell me what percentage of your take home, is it in the right spot or is it too much? What do you pay in every month? It's everything raised up from when I got it, but now it's at 2365.
I take home about 43 a month, 45. Okay, so we're again, we're in a similar situation as our last call. Very similar. This is way, way more house than you can afford.
Is that why you're calling? Because this thing is eating your lunch? Yeah, yeah, everything, you know, with all the interest going up, it's starting to look scary. Yeah.
Lay off the total source, the credit card. Go smallest credit card debt up to the largest. Smallest would be for my business that I try to go into, which is about 2800 right now. And then it goes to 4300.
And then it's 6100, 6700, 833, 9000 and then 12,000. Yeah. I, it sounds like you bought a house that you couldn't afford because at the time you're thinking, hey, she'll pay half. I'll pay half.
We have two incomes. We can afford this, which I mean, you're not alone. Many people enter into things like that. The danger is, like you saw, if the relationship folds, there's nobody else on the debt on, you know, that can be on the hook for that unless you find yourself a roommate to buy you some time.
And even that, I would only suggest that if you know, your income is going up here in the near future. Is your income going up in the near future? No, but I got a girlfriend and she's staying with me. My guy.
You just, you just, oh boy. Wait, wait, what are you doing to me? Wait a minute. We got to call this out.
Are you meaning to tell me that you're going to put yourself back in the same situation that you just were in? That you're calling here about? Well, I think it was more on my response. I think I, you know, after the breakup, I started spending money like it was nothing, going on trips.
But do you want to know what it makes me feel like? And I'm just, I'm like Andre 3000. I'm just being honest. I feel like this is very convenient for you to just let somebody else up and move in.
Right, but I'm not, I'm not expecting anybody to help me. She helps me like groceries and you know, that's nothing else I could ask, but you know, I'm not, I'm not trying to do that. Okay. Listen, I, she's not paying any rent to you.
I haven't asked. No, but now this is then it's still weird because you just have somebody living off you and you don't want that type of lady. This is not, this is, she buys me, you know, certain stuff. She'll give me some money, you know, for a bill here and there.
She'll pay all the groceries all month. Bro, you're too broke to be dating somebody who's living with you and not paying her share of the rent. That's just a fact. So that's step one, get her, get her to pay half.
No, step one is, step one is, step one is you've got to learn how to operate your living facility on your own. That's step one. And that's just you. Like Richard learning to take care of Richard.
How about a budget, Richard? So you can answer the question, how much money could you pay off debt? How much could you pay towards debt every month after paying off the basics, your utilities and food and gas and all that? What could you put towards debt?
Probably the minimums at that because the minimums are looking dangerous now. Yeah. He doesn't have the money because he's at 50%. That's what I'm trying to figure out.
Okay. Richard, here, here's step one to find you. Step one is you've got to get out of this house. You can't afford it.
You, you had a plan before if it didn't work and it didn't work because honestly it just wasn't a good plan. You didn't know it then, but you know it now. Lesson learned. This house is too expensive.
If I were you, it'd be on the market as soon as I've got it cleaned up and can take those photos of it. Okay. Sell it and get into something that's no more than 25% of your take home. Nobody else's added income because it's just you right now.
And if you're going to shack up with a lady, she's got to pay her portion, man. Come on. You at least want somebody who's gonna do their part. You don't want to...
Is that unacceptable in today's... I have no clue. I've been married so long. I don't even have the foggiest idea.
If two people are living together in a romantic relationship, are they, are they both paying equal share of rent? I think so. I think... Studio audience, do we have...
Yes, that's the deal. Okay. I think that's the deal. Like if I'm, if I don't think the standard changes, if I'm a lady, which I am, I'm looking for a guy who can take care of himself.
He can pay his own rent, pay for his own car, pay his bills, da da da. And if I'm a guy, I think you'd be looking for the same thing in a lady. Someone who can take care of herself, not just, you know, live off the folks. I mean, if we're gonna like be dating and we're jumping into a house, I'm gonna go, hey, this is my part of the rent.
This is yours, right? Nothing wrong with that. 50-50. Sell the house, Richard.
Gotta sell the house. Sell the house. And stop moving in with these ladies. Yeah, but she buys me stuff.
Who cares? You're broke. Oh yeah, yeah. I'm gonna get some Pepsi AC after that call.
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