$40,000 Of Wicked Debt | Financial Audit

"So, my cat had a bladder obstruction in April. >> Cat. >> Yeah. >> Q. You can't afford a cat. What a selfish person. I got the cat with my ex-boyfriend who I told you about that I moved in with and he didn't pay for anything on it at all. By the way, this >> Let me see a picture of your ex. >> Oh, okay. Yeah, if I haven't deleted all of them yet. Okay. Normal minimum is $71. You owe $2,169. It's at its max. No surprise. And we're past due two payments. We now owe three. 13 years to pay off minimum monthly payment."

"So, you're going to go get a second job to be able to at least break even and hopefully start bringing down the debts after you change your behavior while you're looking for a more full-time career position. That's what you're doing. Maybe you take a certification through course something you desire, an actual career field that isn't psychology. Psychology is a career field. Not much you can do with just a bachelor degree, as far as I know, though. You might have to go back. But either way, I don't want you to go back and certainly I don't want you being the person talking to people that need help."

"Okay. Here's the thing. your minimum payment is $71. You're not even paying that. So that's issue number one. Issue number two, you need to make $425 to pay this off before the deferred interest period ends. Let's explain it. There is interest free. This in 5 months, if this was interest free, you're not paying interest on it right now. It's not acrewing. It starts acrewing interest on whatever the balance is once the interest free period ends. Deferred interest means it is acrewing interest, >> okay, >> behind the scenes. And all of that immediately gets added to the balance if you do not pay it off completely by the time that date ends."