I disagree. They aren’t far behind IF they make some really radical moves and lifestyle changes. Just selling a few things isn’t going to get them very far. My husband and I make more money than they do, and our home is much more normal and understated, we both drive paid off vehicles that are older, and we spend far less on alcohol, clothes, memberships, etc. Even so, you’d be surprised how far a significant amount of money doesn’t go when you’re in a high tax bracket, have kids in extra-curricular activities, and like to vacation once or twice a year.honeybear wrote:I really dont think they are that far behind. Once the house and car sells, that will help significantly.
I think they will bounce back quickly which is a slight shame as I think some humility will do them well.
But anyways like I said, once the house and car are gone, their monthly payments will be slashed drastically and they'll be able to throw so much money on this debt.
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I may be the only one, but I actually think they are in more trouble than most people think. They should have 10 years of retirement savings building interest by now. Sure everyone would love to have a nice vehicle, but if you start saving when you’re young, it really starts to add up as you get older and the interest compounds (and you don’t get used to spending everything).
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