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Message
Is there a more hopeless feeling than being young and having massive amounts of debt?
Posted on 6/11/19 at 8:18 am
Posted on 6/11/19 at 8:18 am
At least for a male. A female can always find some sucker to pay off all her debt for her.
Guy that works for me is early 30s engineer, divorced, paying child support for two kids. Also tried to start his own consulting business a while back and failed. That put him owing loans he took out to get everything going. Also, the first year was successful, but got screwed by his accountant and his partner, and owes the IRS close to $200,000 (maybe more). They just started garnishing his wages for the next 15 years minimum.
He lives in a shithole $400/month apartment in a bad area of town just to try and save something. After working all day, he’s pretty handy so spends every night and weekend doing odd handyman jobs for cash so he doesn’t have to eat ramen noodles.
Overall, seems like a nice, humble guy that got taken advantage of one too many times. I’m not even sure I could go on living if I knew there was zero bright spots in my future.
Guy that works for me is early 30s engineer, divorced, paying child support for two kids. Also tried to start his own consulting business a while back and failed. That put him owing loans he took out to get everything going. Also, the first year was successful, but got screwed by his accountant and his partner, and owes the IRS close to $200,000 (maybe more). They just started garnishing his wages for the next 15 years minimum.
He lives in a shithole $400/month apartment in a bad area of town just to try and save something. After working all day, he’s pretty handy so spends every night and weekend doing odd handyman jobs for cash so he doesn’t have to eat ramen noodles.
Overall, seems like a nice, humble guy that got taken advantage of one too many times. I’m not even sure I could go on living if I knew there was zero bright spots in my future.
This post was edited on 6/11/19 at 8:20 am
56
Posted on 6/11/19 at 8:24 am to PortHudsonPlaya
Didn’t read
Posted on 6/11/19 at 8:25 am to PortHudsonPlaya
Get by with drinking and hood rat shite with their friends.
Posted on 6/11/19 at 8:26 am to PortHudsonPlaya
quote:
Is there a more hopeless feeling than being young and having massive amounts of debt?
Being an old person who has never worked their way out of debt.
Posted on 6/11/19 at 8:26 am to PortHudsonPlaya
He should move to another country and get a fresh start. Leave his debts and problems behind.
Posted on 6/11/19 at 8:31 am to PortHudsonPlaya
At some point bankruptcy becomes your best option.
But not all debts can be discharged in bankruptcy - notably student loans and child support/alimony.
Posted on 6/11/19 at 8:33 am to PortHudsonPlaya
Being near retirement age with massive amounts of debt would feel pretty hopeless, I imagine
Posted on 6/11/19 at 8:34 am to Bjorn Cyborg
quote:
He should move to another country and get a fresh start. Leave his debts and problems behind.
Came here to say this. As an engineer, his immigration options would be good to just about anywhere. Australia immediately comes to mind.
Posted on 6/11/19 at 8:34 am to PortHudsonPlaya
quote:
seems like a nice, humble guy that got taken advantage of one too many times
Marriage is one of the most important decisions you can make...
Sounds like he brought a lot of this on himself.
This post was edited on 6/11/19 at 8:35 am
Posted on 6/11/19 at 8:35 am to PortHudsonPlaya
quote:
engineer
quote:
lives in an apartment
quote:
he’s pretty handy
quote:
doing jobs for cash
quote:
nice, humble guy
yeah, something tells me there are probably hundreds or more hopeless feelings and situations than this.
Posted on 6/11/19 at 8:35 am to Aubie Spr96
quote:
Came here to say this. As an engineer, his immigration options would be good to just about anywhere. Australia immediately comes to mind.
Surely these countries perform background checks and will find out that he is in 6 figure debt to the US government. I'm not an expert on immigration, but it seems like that could cause issues when trying to apply for some kind of work in other countries.
Posted on 6/11/19 at 8:37 am to PortHudsonPlaya
Sounds like he's just really bad with money. There's no way, if he's an engineer making at least 120k/yr, he should be living such a shitty life. Nothing you can do about child support or alimony but there are programs for the IRS payback. He needs to call them and setup a different payment plan with whatever he can afford monthly.
Posted on 6/11/19 at 8:37 am to PortHudsonPlaya
I'd probably head to some foreign country at that point TBH. Save up some.money and go live in the Caymans off the grid
Posted on 6/11/19 at 8:38 am to PortHudsonPlaya
Being old and having massive amounts of debt?
Or being middle aged and having massive amounts of debt?
Debt, unless you're literally (not notionally or hypothetically) making money off it, is generally bad and often catastrophically so.
Some debt is largely unavoidable, but avoid it whenever possible is the best advice I can give someone.
Or being middle aged and having massive amounts of debt?
Debt, unless you're literally (not notionally or hypothetically) making money off it, is generally bad and often catastrophically so.
Some debt is largely unavoidable, but avoid it whenever possible is the best advice I can give someone.
Posted on 6/11/19 at 8:38 am to Aubie Spr96
quote:
Came here to say this. As an engineer, his immigration options would be good to just about anywhere. Australia immediately comes to mind.
Move to a foreign country when you have 2 kids? Yeah not likely
Posted on 6/11/19 at 8:38 am to AUFANATL
quote:
not all debts can be discharged in bankruptcy - notably student loans
Student loans can be discharged after a period of time. The reason student loans can’t be discharged right away is because doctors were taking advantage of the system. They would go to school and rack up massive student loans, graduate, then file for bankruptcy just as they started making big time doctor money. They didn’t care about the hit to their credit report bc they now had a large income and could pay cash for whatever they wanted. Essentially they went to med school for free (free to them that is).
Posted on 6/11/19 at 8:38 am to PortHudsonPlaya
I wouldn't know. All my debt disappeared with my ex-wife.
Posted on 6/11/19 at 8:38 am to PortHudsonPlaya
quote:
more hopeless feeling
terminal cancer
parent with a child dying of an incurable disease
9/11 victims blocked in by fire in a skyscraper
passenger in plane careening from the sky
having to read this thread
I can think of many more.
This post was edited on 6/11/19 at 8:59 am
Posted on 6/11/19 at 8:39 am to PortHudsonPlaya
I would guess being raised in the projects by a single, junkie mom and no dad would be a lot worse
Posted on 6/11/19 at 8:39 am to PortHudsonPlaya
If I was him, I'd off myself.
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