My GF is 26 years old, and makes 75k per year. She just graduated lawschool and her salary will go up about 10-15k per year over the next 5 years. Her future is bright. The issue is she has 50k in credit card debt, no savings, and is essentially paycheck to paycheck when rent and credit card minimum payments are due. The debt has been accumulating for about 8 years as she has been on her own for 8 years and living expenses snowballed. She makes payments of about $1000 per month and only about $50 comes off the balance of the principal. I feel very bad for her because she’s saving nothing, the principal debt is barely coming down, and there is no end in sight. I am not in a position to give her a 50k loan at a better APR unfortunately. If she was able to get a loan at 5-8% she would be in a much better position. Does anyone have any suggestions that could potentially help her situation?
Submitted June 01, 2023 at 09:20PM by greatspellr https://ift.tt/EpfNz9I
