2 ms·
This is a really odd definition of poor. Six figures of debt is almost nothing in the US, particularly if you have a real estate mortgage. You could have a six
by sidewndr46 4y ago
This is a really odd definition of poor. Six figures of debt is almost nothing in the US, particularly if you have a real estate mortgage. You could have a six figure debt on a million dollar property for example.
Having $10 in your checking account, OK yeah that is weird. Considering just your liquid cash vs. your debt doesn't make sense. You have to take into account monthly post-tax income, monthly expenses, and the time it would take to pay off said debt using your remaining income.
- nightski 4y agoIt was a private student loan in the 90s with no asset backing it. I was in school so did not have to make payments at that time. The truth is I should of never of been given the loan as my parents had very little income and no significant assets. It was ridiculous. But I was lucky enough to finish my degree in CS so eventually I was not poor and paid off the loan. But even with the CS degree and diligent saving it took almost a decade.
- sidewndr46 4y agoI guess I would say you were broke, but not necessarily poor. But I do understand the point you are making. Student debt is non-dischargable in the US. Also congratulations on getting out of debt and having a career.