Author Topic: Despite Earning $90K, Family Is Drowning In Credit Card Debt  (Read 5641 times)

cheapass

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Despite Earning $90K, Family Is Drowning In Credit Card Debt
« on: September 21, 2016, 02:48:33 PM »
http://stories.kera.org/debt/2016/08/31/surgery-plunges-this-family-into-long-lasting-credit-card-debt/

Quote
They’ve also started buying off-brands instead of name brands. They bundled cable, internet and phone to take a bite out of those bills.

AAAHHHH!!! We were forced to by OFF BRANDS! and BUNDLE OUR CABLE!!!

slugline

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Re: Despite Earning $90K, Family Is Drowning In Credit Card Debt
« Reply #1 on: September 21, 2016, 03:25:43 PM »
Quote
The Munguias’ debt didn’t come on after a job loss or a major purchase. It happened when Brenda was off work for about eight weeks recovering from hand surgery.

$31K -- that was some really expensive hand surgery!

(OK, I'm actually skeptical of this claim)

SwordGuy

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Re: Despite Earning $90K, Family Is Drowning In Credit Card Debt
« Reply #2 on: September 21, 2016, 05:28:47 PM »
Quote
The Munguias’ debt didn’t come on after a job loss or a major purchase. It happened when Brenda was off work for about eight weeks recovering from hand surgery.

$31K -- that was some really expensive hand surgery!

(OK, I'm actually skeptical of this claim)

Haven't read the article, but I bet that a lot of it was lost wages while recuperating without lowering expenses proportionally.

If you live paycheck to paycheck, a lost paycheck really hurts!

TexasRunner

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Re: Despite Earning $90K, Family Is Drowning In Credit Card Debt
« Reply #3 on: September 21, 2016, 05:41:30 PM »
Quote
The Munguias’ debt didn’t come on after a job loss or a major purchase. It happened when Brenda was off work for about eight weeks recovering from hand surgery.

BS alert!!! 

Your debt came from living an inflated lifestyle while you couldn't pay for it!  Ding! Ding! Ding!




Edit:
Quote
At the end of the day, [a credit card adviser's] best advice is the simplest: “Stop using your credit cards,” she says.

Brenda and Rene Munguia are trying to do that. They’ve also started buying off-brands instead of name brands. They bundled cable, internet and phone to take a bite out of those bills.

They even refinanced Brenda’s car, extending the loan from four to six years. That lowered the monthly payment by $200.

Still, nothing seems to free up enough money to make a difference.
« Last Edit: September 21, 2016, 05:46:03 PM by PriestTheRunner »

redbird

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Re: Despite Earning $90K, Family Is Drowning In Credit Card Debt
« Reply #4 on: September 21, 2016, 05:46:50 PM »
Quote
The Munguias’ debt didn’t come on after a job loss or a major purchase. It happened when Brenda was off work for about eight weeks recovering from hand surgery.

$31K -- that was some really expensive hand surgery!

(OK, I'm actually skeptical of this claim)

Haven't read the article, but I bet that a lot of it was lost wages while recuperating without lowering expenses proportionally.

If you live paycheck to paycheck, a lost paycheck really hurts!

I don't understand why a family making $90k has to ever be living paycheck to paycheck. That's enough income that they're spending more than they need to. I'm sure the hand surgery was unexpected, but they should've been spending within their means and had enough savings to help cover during times like that.

Goose A. Doose

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Re: Despite Earning $90K, Family Is Drowning In Credit Card Debt
« Reply #5 on: September 21, 2016, 08:30:24 PM »
I paid for evert tool, firearm, atv, vehicle, and all the partying of my 20's from painting cars and motorcycles on the side.  Never made over 30k on a w2 those same years but was cash rich and had a blast. I dont believe this article, bet the guy has "stacks" and "grips" of cash but is afraid of irs and too lazy to hire a cpa to help him slap down some cash on thay debt and knock ot out. 

SJS

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Re: Despite Earning $90K, Family Is Drowning In Credit Card Debt
« Reply #6 on: September 21, 2016, 10:23:45 PM »
"Well, I was going to pay this off, but this bill just came in, and I really need to pay this”

REALLY MEANS..........

"Well, I was going to pay this off, but I just saw something at the mall, and I REALLY need to have it!" 


Making Cookies

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Re: Despite Earning $90K, Family Is Drowning In Credit Card Debt
« Reply #7 on: September 22, 2016, 08:32:20 AM »
Good grief - quit living on the financial edge so you can build up some savings to cope with life's little emergencies.

Less house, less stuff, fewer subscriptions, stay out of the stores...

Get out of debt and the interest goes into savings.

libertarian4321

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Re: Despite Earning $90K, Family Is Drowning In Credit Card Debt
« Reply #8 on: September 22, 2016, 11:08:15 AM »
Hmmm.  How about sell the house with the big yard, get an apartment you can afford until you pay off the debts, then consider buying a house?

UnleashHell

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Re: Despite Earning $90K, Family Is Drowning In Credit Card Debt
« Reply #9 on: September 22, 2016, 11:19:20 AM »
Hmmm.  How about sell the house with the big yard, get an apartment you can afford until you pay off the debts, then consider buying a house?

or rent it out...



unless - as mentioned above - the car repair / paint business is generating a nice chunk of undeclared cash...

Dezrah

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Re: Despite Earning $90K, Family Is Drowning In Credit Card Debt
« Reply #10 on: September 22, 2016, 11:45:25 AM »
More reminders that the time to buckle down is when things are good.  Then all these emergencies are just speed bumps instead concrete barriers.

Despite having an objectively harder situation, I'm much more optimistic for the single mom who filed Ch. 13.

http://stories.kera.org/debt/2016/08/31/a-single-mother-chose-to-file-bankruptcy-but-not-to-give-up/


talltexan

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vivophoenix

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Re: Despite Earning $90K, Family Is Drowning In Credit Card Debt
« Reply #12 on: September 22, 2016, 01:11:07 PM »
And then there's this one: http://stories.kera.org/debt/2016/08/30/musician-deep-in-student-loan-debt-chooses-passion-over-paycheck/

super eye roll,

her soul is so precious that the idea of taking a full time job that pays more for just one year, and killing this debt is too much for her.

i know tons of musicians that take 9-5s and still teach and play music. 

i can't wait to see her featured 20 years from now when that loan has ballooned and she is whining about not being able to retire, as she eats out of tins of cat food.

i am willing to bet my eye teeth she will have had three kids , a car and a house by then, and still complain about her soul

cheapass

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Re: Despite Earning $90K, Family Is Drowning In Credit Card Debt
« Reply #13 on: September 22, 2016, 04:44:38 PM »

i know tons of musicians that take 9-5s and still teach and play music. 


That would be the responsible thing to do. There's a reason they call it "work" and not "happy fun time".

This article reeks of "wanting to eat your cake and have it too". aka wanting a college degree but not wanting to do a job that will pay for said degree.

I didn't dream of spreadsheets and presentations when I was a child, but you know what, it pays the bills.

GetItRight

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Re: Despite Earning $90K, Family Is Drowning In Credit Card Debt
« Reply #14 on: September 22, 2016, 07:17:13 PM »
Sure it sucks that the musician couldn't get into the army band to get a $65k bonus to pay her debts, but she chooses low paying music work instead of looking for anything higher paying? Insanity, I guess she hnas never heard of a hobby. Personally I tried working in the field where my real passion lies and after a couple months it killed any joy I got from my hobby. After a 10 hour day I had no motivation to work on my own projects. I pursued a career in my next favorite thing and it has worked out well enough, and I still get to enjoy what really interests me.

The body man in the article OP mentioned has it right with the side hustle but someone in that household is a spendypants. Yes $30k for hand surgery can be going rate depending on what his wife needed done. Just a simple ER visit to get checked, get a few pills and x-rays and no other treatment is $5k+ if you haven't shopped around ahead of time and know what local hospital offers the best value. Borrowing money for cars is a clear sign they have a habit of living beyond their means.

MgoSam

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Re: Despite Earning $90K, Family Is Drowning In Credit Card Debt
« Reply #15 on: September 23, 2016, 10:54:40 AM »
I didn't dream of spreadsheets and presentations when I was a child, but you know what, it pays the bills.

Yup, all the more motivation to collect FU money.

mm1970

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Re: Despite Earning $90K, Family Is Drowning In Credit Card Debt
« Reply #16 on: September 23, 2016, 11:51:12 AM »

i know tons of musicians that take 9-5s and still teach and play music. 


That would be the responsible thing to do. There's a reason they call it "work" and not "happy fun time".

This article reeks of "wanting to eat your cake and have it too". aka wanting a college degree but not wanting to do a job that will pay for said degree.

I didn't dream of spreadsheets and presentations when I was a child, but you know what, it pays the bills.
She's 38!!  Yeesh.  I can't believe it.

BlueHouse

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Re: Despite Earning $90K, Family Is Drowning In Credit Card Debt
« Reply #17 on: September 24, 2016, 09:36:06 AM »

I didn't dream of spreadsheets and presentations when I was a child, but you know what, it pays the bills.
I would like to have this framed, Successories-style, and hang in my office. Any thoughts on a photo to accompany it? 

Seppia

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Re: Despite Earning $90K, Family Is Drowning In Credit Card Debt
« Reply #18 on: September 26, 2016, 01:46:45 AM »
Judging from the size of the humans, there's some savings to be made in the food budget as well.
I really have very little to no empathy with these types of people.
90 grand in a suburb of Dallas is a shit ton of money.

TheGrimSqueaker

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Re: Despite Earning $90K, Family Is Drowning In Credit Card Debt
« Reply #19 on: September 26, 2016, 08:02:44 AM »

I didn't dream of spreadsheets and presentations when I was a child, but you know what, it pays the bills.
I would like to have this framed, Successories-style, and hang in my office. Any thoughts on a photo to accompany it?

Something professional-sportsy or rock-starry.