I used to think my debt is so bad until I saw so many of Caleb's guests(especially the ones in this episode from the short). Their debts all make mine's look like pocket change in comparison.
@@MrEpicness1234 Absolutely... I have lived my life completely debt free, and having such a large pile hanging over my head like that would destroy me psychologically.
My wife and I fought on this for a long time. My wife is someone who loves instant gratification so if she wanted a tv or got her eyes on a new product she wanted she always said “ we should be able to have nice things we make good money “. I finally got her to understand that each day you get your instant gratification is a day you don’t get food when your 80 because u wanted a tv now. Made us really think that yeah sure I want to go out and eat but I would rather not have to work at75
You can have nice things, but it should be bought with purpose. I make a „buy “ list that is for things additional to my monthly budget. It has three tiers: need - want - dream. So the need are things like a new coat (if the old one is torn), new TV (if old one is broken or having issues) etc. The want list are things I want, but it‘s not super necesarry. Like a new coat/ TV when you already have one that works just fine. The dream list is obviously for things that would be super nice to have, but are in no way warranted if on a budget (like a Gucci Coat, or a superlarge flat screen tv). In each tear I make a priority list and this way I know what to buy when I have extra money over. Let say you allocate 100 USD (or whatever) p/m to buy things from your „shopping“ list. At the end of the year (1200 USD) you go through your list again, and suddenly you realise what you really need/ want and automatically know how much it can be. You want a new tv? Sure, but if we only spend 400$ on it, we can also afford to buy that new coat, and a new Blender because the old one gave out. Sitting on your „wants“ for a while gives you more perspective of what is really nececarry without feeling „deprived of nice things“ if that makes sense. Edit: Just to add; I sometimes wait like 6-12 months to buy something. But then I know I really want it.
Nah people like this won't end up on the streets the people that end up on the streets don't have a safety net to let them get this bad while also feeling like a normal person if your gonna end up on the streets you almost always start with nothing
@@shakinbottlescompletely false lol. Middle class types end up homeless all the time. Paycheck to paycheck is still paycheck to paycheck no matter how big of a check it is
They're making ok money, or they would never be able to get into this kind of debt. They'll keep making minimum payments so that they won't get kicked out. Doubt they'll ever fully get out of debt though, they look like a pair of people with a definite lack of self control.
My wife and I just got done clearing up about $12,000 of bad credit card debt this year. I can’t imagine what a relief that must be to have that much debt cleared up. Good job!
EXACTLY THIS. She thought it was time to retire from effort and hard work at 21 or whatever and that he’d just do everything and finance her high class lifestyle LMAO women are delusional and guys are desperate to keep their girls around. That’s how you end up here. Not saying no to the princess cause you want to remain in her good graces lol
I wondered about that as I watched the episode. My theory is that he/they deal with such a vast array of customers and all their credit that perhaps it's taken the stigma out of poor credit, people buying beyond their means, trading in cars while underwater and rolling that all into bigger loans, etc.
Yeah I think at some point once you've dug yourself so deep in the hole, you have to kind of put up emotional walls to keep from having a breakdown over the situation.
@@taraswanner6749 it was disturbing, but I agree with what you’re saying like they can’t sit down and think about it because it would make them crazy to know how much debt that they were in
Always feel better after watching these knowing how much worse of a position I could be in 💀 how do you even get a 120k in credit card debt? Don’t the CC companies learn their lesson after the first 50k
Why do these people that have "consumer" debt never look better dressed, better groomed and more put together than the ordinary Joe in the High Street! They wasted their money!😂😂😂😂
@@FURU-vidCensors homie finna collect them all 😂😂 all the broke hxes, multiple baby daddies, no education, no career lmao take them all dawg cause we don’t want them. 🤷🏾♂️
They have two cars financed and that's the majority of their debt. They may not change but when you have someone break things to you and how bad of a position you're in, that may get you to change. Their baby has no financial future unfortunately.
@@AnthonyMcNeil yea and it sounded like the mom had a whole life insurance policy on the kid, which 99.9% of the time are absolute trash. Didnt sound like they had a 529 or utma, or at least didn't mention them
"As real and honest as possible" yasss. Love it - so often things are tipped toed around for young people and cloaked in sensitive language that it is difficult to understand or interpret. Straight forward messaging - spot on. Love it.
7k is student loans is not bad at all. It shows you are willing to invest in yourself (the only investment you can semi control outcome of) and it a low amount.
@NomadWalker-io3ne there's a new plan in place after the Supreme Court adjudicated against the previous one and the newer plan seems to be relatively safe from the Supreme Court getting involved. I'd recommend yall to look into it in case you can take some of that debt away.
So glad Caleb got this to blow up, financial knowledge is so important and he doesnt hold back. The people that come onto the show may not like it but he gives them the cold hard blunt truth and how to fix it.
So, you think that they have the right to spend a lot of money on credit and then say OK now let's just Go bankrupt and clear the slate clean. We can keep all the goodies we bought, but now we don't have to pay for it. No way!
@@Livetoeat171nah, that’s point of bankruptcy. You don’t get to pick if someone uses that or not. Just like we don’t get to pick when mass big companies fuck consumers.
@@Livetoeat171 The Constitution states that Congress shall enact bankruptcy laws to allow Americans to exercise their bankruptcy rights. The bankruptcy laws that Congress makes have to be within the scope of federal bankruptcy power.
@Livetoeat171 To be granted bankruptcy, you must show that you have made a good faith effort to pay your debts, sell any assets and pay creditors and be approved by a judge. (Some require classes as well). Plus having a bankruptcy negatively impacts not just credit and loans but also housing and employment opportunities. It's not the free pass you seem to think it is.
She wantes to keep up with the jones without working for it. Expensive rings, expensive cars, and finances furniture all in the same year as having a baby. They a both at fault for this and should be ashamed.
This only works if the she would have married someone that makes triple the normal salary, but guys who make that much have much better options than her.
Love these quick shorts as previews for the longer episodes. Love this channel, it had inspired my wife and I to get our crap together and better our situation
Forever grateful my parents taught me the value of home equity, good credit, and all the solid ways to save for retirement. Lots of folks my age (28) didn’t receive, or ignored financial advice. It’s only getting financially harder to follow the path of education to home ownership to savings. Really worried for those in our boat who aren’t helping their cause in the areas they can control.
The most I got in consumer debt was $1500, had to run errands was using a buy now pay later thing. My bank account for frozen from attempted fraud, I had no choice. As soon as my bank was unfrozen, I paid it off. Worst 4 days of my life debt wise. Worst part is it fell on car registration time.
It is 1:13 a.m. and I just shredded ALL my credit cards right now! I watched this, jumped up, and got to work. I'm done and don't wanna be these people, ever!
Good for you! I started this path two years ago and it’s been very difficult but I’ve cut my debt and half I’m down to like $20,000 left to pay off. Well, that’s my credit cards. I still have to pay off my house. But the point being it actually does feel better and better. It’s kind of like losing weight and you see the things changing and you know it’s getting better and it makes you feel good.
This is more common than we like to believe. I have friends who make a boat load of money, but they play a percentage in keeping Amazons and cell phone companies profits in the black. They’ll talk about their debt, and in the same minute set themselves up to trade in their less than 1 year old phone for the new (insert phone) They sold their oversized house which was financially hurting them, and walked away with a ton of cash…. Within a years time, they have gone though a percentage of their profits instead of putting it in a CD or similar to grow a little bit of money off that so when the market cools down they would have a nice down payment on a house better suited to their needs. It blows my mind how people are okay with living in severe debt….
Yeah, have a family friend whose therapist convinced her to get a consolidation loan to lower the interest rate on her consumer debt. She was in a MUCH better financial position. UNTIL she bought a new luxury car AND reopened all her cards and just ran them up again. She's single, homeowner, no kids, lives alone. Retired professional. There is no reason for her to be spending like a drunken sailor month after month. But she does.
These people are just crazy. Their oversized house could have been rented out all the extra rooms to make up for their short falls. FFS I am hardly middle age and I own my house outright and I live below my means and have no debt. Yet I can blow thousands if I want to. Yet I choose to save it and use it on things that will make me happy.
From what i saw in the video the now 21 yr old girl messed around with the now 32 yr old guy, got pregnant, quit her job, they got married, financed expensive rings and new cars, and furniture for an apartment, all in about... a year or 2? Idk man... i feel like the dude should know better but he also has another kid and pays child support. They are screwed and its really sad for the kid. Like also why does the KID need an iPAD?? This episode made me so upset, lol
The kid needs an IPAD because the mother is too lazy to be bothered fully interacting with the child despite being a stay at home mom. Those two are a piece of work. I pray for that baby!
They’re nervous now but if they listen to this guy they’ll be much happier, it’s a no brainer! Sometimes you have to put things are hold so you can get back to them later (if you actually do what you’re supposed to)
Reminds me of my cousin who landed an amazing job for a short period of time and made 200k and blew it in about a year, and now he’s broke, owes the bank money and has a 500 credit score
I saw the whole video. She got pregnant then they started dating then they got married and they’ve only been together one year! They’ve accumulated $120,000 of debt in one year. OMG.
Had $40000 in student debt in 2021 and wiped that baby out in a year. It was under circumstances not many people probably have, but best year ever cause I thought it was gonna drag out over 7 or 8 years. 100% debt free and my wife is too
yerp, only interest I have ever paid was because I forgot a payment by a week as I was on vacation. It was 13 dollars (got the late fee waved) and it still ruined my day.
@@Livetoeat171 Because 1) a credit card is a free loan for 30 days while my money in the bank earns interest, 2) credit card companies pay reward points, so they're actually paying me to use their card, 3) credit cards are zero risk in case of fraud, because the money doesn't come out of my bank account, 4) debit cards don't help your FICO credit score, and a lower score means paying higher interest rates on car and home loans.
@@Livetoeat171 for cash back and points, also with current interest rates I can put my own money elsewhere. Let's say you have a 5k monthly budget, you grab that 5k put it into a high yield savings account for a 4.5% interest and use the Bank's money instead. If you keep repaying the card and avoiding interest then after a year you'll earn $225 interest and with a 1.5% cashback card if you spend 5k every month you'll get back $900 so after 12 months you'll have an extra $1,125 in your pocket. It ain't much but it's still good money (basically your fancy new iPhone for "free").
This blows mind and scares me frankly. They’re both still v.young, saddled with a huge amount of debt with no clear path to becoming solvent again, and quite nonchalant about it all! 🤯
Your doing a good service for these people. They need the hard truth because someone obviously babied them into thinking that money just grows from trees. I’m not one to talk because my credit score is atrocious but all my debt was incurred by unpaid hospital stays. I hope to be in a place soon to be debt free 🤞🏻
This actually makes me feel a lot better about my finances. I own my van, bought it outright secondhand and it's a business expense and registered that way) I have $10, 000 of student debt left from 2 bachelor's degrees and more than half that debt amount in savings, so should pay it off pretty soon while still building savings. .. I've never owned a credit card because I was always afraid of going into debt (I didn't count study in that category, study was worth it, was via the Australian HECS gov system and led to income. I also pre-paid for as much of my education I could and there was a discount for doing this). All the years of cooking cheap in bulk and sharehousing and then feeling like I'm not very far ahead... It's in better perspective now because I'm starting to think a lot of the people I see with lots of fancy things might be actually not be doing as well as they seem to be on the surface.😮 Now I'm going to start paying off my student debt, which I left for a little while mainly because I was sick of self denial constantly, but time to cinch the belt again for a little while. These shorts have reminded me to keep my emotions out of my financial decisions and make more future proof decisions going forward.
He got a pig in a poke so to speak! He messed around with her and now is he ever paying a huge price, including his dignity and future. They both need to grow up! I can’t be,ieve how entitled they are!
It's how a lot of young parents act. They think "well, I'm a parent, I deserve to treat myself,". They're very much stuck in the teenager mentality, and stay that way until they have grandchildren, if that.
Had over $100k in cc debt $22k in car debt and $160k in student loan debt. ($235k in mortgage). Negotiated and settled all of the credit card debt during Covid (took penalty free money from 401k, they gave 3 years to pay the taxes on the $) to pay the settlements. Paid off cars, got PMI removed from mortgage, and now only have student loans and mortgage left.
I have a very good friend that between him and his wife have over $90K in credit debt. The payments on that debt is over $4,000 a month. This is 3rd time that I know of that they racked it up.
It makes you wonder what the hell is the point of a credit score system when you have people like this who are somehow able to get so much in order to fall this deep into debt.
There is no need to wonder. Financial institutions bank on people like this. They hope that some suckers will give in to consumerism and try to fly high on credit, meanwhile they accrue so much debt because they don't keep an eye on it and... Oops! +$100k spent, which means $150-200k in the bank's pocket. Just as putting money into savings earns people a cut of the multiplier effect, putting purchases on credit work more for the banks than it does the greedy poor. Banks are smarter than us.
"I don't write nothin' down, so I'll keep this short and sweet. You're weak. You're outta control. And you've become an embarrassment to yourself and everybody else." - Paulie Walnuts watching this.
i’m only half way through video and holy cow you’re an amazing mercy! i also loved the aggression of your echo & you did a great job of trying to keep everyone alive!
I absolutely love how hard he goes. Brutal honesty has been gone for too long. I guarantee no ones ever been this honest with them. Unfortunately I dont think theyll fix it, its very obvious that they have self control issues.
@@nameunavailable1330 and only Congress can vote who gets to be speaker of the house. Isn’t that ridiculous that the every day average American has no say who gets to be the number three most powerful person in the country?
By treating credit cards like free money... clearly they bought any and everything they wanted for a LONG time. I'm guessing vacations, restaurants, expensive home goods, clothes, gifts for other people. So they spent over $100K plus whatever they earn.
From what I can tell, and correct me if I'm wrong, the girlfriend is the spendaholic in this relationship. From the episode, it seems to me that the boyfriend brings in the big bucks while she's the one blowing it all on stupid s*** signing up for every single credit card that has ever existed throughout human history. I honestly have zero faith that either she will change or he'll draw a line or give her like an allowance to spend, and nothing more. But I am going to guess that they're going to be homeless in the next 10 years.
It's shameful how financial literacy isn't the most important subject in all schools. We live in a capitalist society where our, literal, survival depends on our relationship with the money economy.
😅 I always wonder why people fuck their money up so badly, until I remember they’re all Americans. ‘But YoU pAy MoRe TaXeS!!!’ Yeah. But you’re all in insane debt.
@@marcelslofstra2157 I pay $600 a month for healthcare for my three person family and still pay $155 each psychiatrist visit until I hit my deductible which is a few thousand dollars. I can’t imagine how freeing it could be to even pay just that much and not have extra cost on top. No way y’all pay that much more in taxes on the same income than I do between taxes and healthcare. Super envious.
@@marcelslofstra2157the average American has similar rates of financial literacy compared to most European nations according to the majority of studies
@@needmoresnacks Canadian here, On a $90k salary I pay approx $3000/month in taxes just off my pay check. Then we have 5% tax on everything purchased. Gas/smokes/alcohol is taxed more like 75%. Minimum 1 year wait time for simple MRI or day surgery.
@@derek6044 Maybe it depends on the part of Canada cause I know lots of people from there and the waits are NOT one year, alcohol is not taxed at 75%, and you must be doing your math wrong cause the system is progressive and the very highest tier is for 200k, you'd only be in the second highest bracket and there is no math to show 3k a month making around 7.5k a month is taxed. You should hire someone next year because thats not how taxes work and it sounds like you may be filing wrong!
I watched this episode yesterday with my wife, at first she didn’t care but was hooked as soon as they started going over how much debt they were in on credit cards and cars and stuff. She was baffled 😂 didn’t understand how people would willingly put themselves in a position like this
Im glad I didn't do any dumb shit like this at 21 bought an paid off my land and my house working on buying more land an another house renting the other property work and works kids you will be successful.
This whole episode made me feel iffy. Almost a 10 year age gap. He got her pregnant before they started dating. Married under a year. The man has child support for another child he had with someone else. I really don’t mean to be the one to judge but it seems like an unplanned office romance that took off faster than they planned. I really hope the best for the both of them and if they by any chance read this again I mean no offense I just hope you guys didn’t move to fast on any of these decisions 🙏🙏🙏
She’s literally 3 years out of high school, got knocked up, then voluntarily quit her job - even though the job provided health insurance, paid maternity leave, wanted to work with her and make sure she had a job ready when she wanted to come back, etc. When people from outside the US think “oh the US has shit benefits” - untrue, but we do have complete idiots who have access to incredible employer-provided benefits, but they refuse to work. 🤦🏼♀️🤦🏼♀️🤦🏼♀️🤦🏼♀️🤦🏼♀️
I'm in the USA. The reason why employer benefits suck is because you have a deductible to pay first before benefits kick in, and the copay is outrageous. Idk what job you have, but that is what I dealt with in retail.
@@tecmacamoyolo yeeeeeahh… I get what this person is trying to say and I agree, the girl should have stayed in the good situation that she had with her employer. However, would I say that there is “incredible employer-provided benefits” from most jobs in the US, not at all.
Just playing Devil's advocate but it can very hard go work and take care of a new baby. U can't just leave a new baby with just anyone. Daycare starts at a certain age. So what r u supposed to do with the baby during working hours? One of the parents has to quit their job at least until daycare age. Unless u have somebody helping u that u know u can trust with a new baby. My family didn't have that.
@@tecmacamoyolo I did 12 years in retail and remember this. I left retail half because of that and the garbage pay was the other. Work a skilled trade now and have free(no payroll deduction) Healthcare with a tiny $500 FAMILY deductible. Oh and make considerable more while doing WAY less work. Great opportunities still exist but they require you to put REAL effort into finding them and often a field/ career change.
@@ejb992 congrats 👏🎉 skilled trades are the way to go! the old guys who are phasing out of these professions need apprentices to pass the trade on before they go
Damn! 120000k? Thats really f up. When i was on my live free days i thought 5k splurge was too much and when i cleared that, i was to relived. Honestly i now more cautious about buying stuff.
I've never gotten something i could not afford. I've cancelled Netflix and other minor subscriptions some months just to make sure I can make bills. I've always been afraid to miss one payment. I always feel like if i miss a rent payment I'd be homeless, miss one car payment and my car gets repo'd. How do people get this much debt and not be homeless, can i stop paying for things and my life continues as normal?
I’ll never understand either. You simply don’t spend money you don’t have… only take out loans out of pure necessity and be smart about it. I don’t understand how hard it is for some people. I’ve met people who are shocked that I always pay my bills on time. 😳 They always have the same characteristic… they want to appear and feel as though they have money, despite being in crippling debt.
Yep, a few years from high school and already retiring. Her apparent $500 weekly from two weeks of door dash or w/e she said sounded like a huge "I'm totally not a parasite" statement. Hopefully those numbers were not overly inflated and she continues the supposed effort.
