DEBT CONFESSION: 28 Year Old Student Has $18,000 of Credit Card Debt! | Debt Confessions Episode 5

Links Mentioned:
*Get your own copy of my Budget Dashboard: tidd.ly/3EFq9ho
*Want to work with me one on one? Book here: stan.store/laurenmiller/p/boo...
*Personal Loan w/Sofi w/$300 cash bonus: www.sofi.com/invite/personal-...
*Book a consult with Student Loan Planner: www.studentloanplanner.com/lo...
If you'd like to be featured in an episode of Debt Confessions, you can apply here: docs.google.com/forms/d/e/1FA...
Welcome to Episode 5 of my Debt Confessions series! I asked you guys to share your own debt confessions and you delivered! In this episode, I talk through Cecilia's $18,000 of credit card debt PLUS $17,000 of student loan debt, and my ideas to help her reach debt freedom. A huge THANK YOU to Cecilia for submitting her numbers!
This video is for educational purposes only and is not legal, financial, tax or investing advice.
Other Links:
*Empower Free Net Worth Tracking: personalcapital.sjv.io/c/2662...
*Get my FREE Net Worth Tracking Spreadsheet here: moneyandmindset.myflodesk.com...
*My favorite financial book:
The Simple Path to Wealth by JL Collins: amzn.to/2KggZPy
FOLLOW ME ON INSTAGRAM! / laurensmoneymindset
This video is not financial or legal advice. Please consult a financial professional if you have specific questions.
Thanks for watching!
xo,
Lo
For business inquires: [e-mail]
FTC: This video is not sponsored. Some affiliate links are used, from which I earn a commission. This helps support and improve my channel. If you would like to support me, thank you, otherwise please feel free to search anything mentioned in Google. Thanks so much!
#debtfreejourney #debtconfession

[@laurensmoneymindset]

Links Mentioned: *Get your own copy of my Budget Dashboard: tidd.ly/3EFq9ho *Want to work with me one on one? Book here: stan.store/laurenmiller/p/book-a-11-zoom-call-with-me-ezbnx *Personal Loan w/Sofi w/$300 cash bonus: www.sofi.com/invite/personal-loans?gcp=3dcbca95-0425-4ea3-a785-dcf8e7076c54&isAliasGcp=false *Book a consult with Student Loan Planner: www.studentloanplanner.com/lomills (Some links are affiliate!)

[@judithbuchanan9566]

Loving these debt confessions Lauren!!! I’m learning a lot too👏🏽👏🏽. You go Cecilia…you can do this🙌🏽🙌🏽. Best of wishes to you 😊.

[@violettefemme21]

I think this is where budgeting only what you have can be helpful. That way you are only ever spending money you actually have instead of spending money you’re planning to get during the month but you might not.

[@fasteddy3336]

Lauren, sorry but it does not make sense to invest and make at best 8 to 10% when you are still paying on a credit card from 25 to 35%. The biggest thing people with credit card debt need to remember they already had the vacation,the fun, what they wanted to buy. Now it’s time to pay the piper. The longer you can go without adding to the piper the quicker you can pay it off. 5:58

[@elliecbron]

It’s $5

[@laurensmoneymindset]

It’s literally $5/month. That’s not going to move the needle at all for her $18,000 of credit card debt. The point is to get comfortable with the process of investing!

[@MsCardio1]

"rice and beans......rice and beans. baby!!!"

[@zo_471]

I’m with you, it doesn’t matter if it’s $5 or 50c, payoff the credit card with everything you have

[@jaynez9027]

Sometimes I think even though the numbers don’t make sense, it’s important to have something going into retirement. One reason is just that a lot of people are not going to succeed at getting out of the debt as quickly as they think. Or what if it’s really never? They kind of always have some debt here and there because they just aren’t sticking to the plan. Better to wake up at 55 with something in your retirement than nothing. If everyone could be disciplined then yes it makes no sense but I think a lot of people just never quite get there

[@WileeRunner42]

If part of her vacation trip involves airfare, another way to save for that is to determine how many points the tickets would be and if there's a credit card rewards that the budgeted monthly expenses would get. Of course, credit scores are another thing to keep eye on and plan with looking and getting personal or car loans / credit cards / etc. Wishing her the best with her financial goals as that is a good solid step.

[@laurensmoneymindset]

I thought of this as well but I’m not sure she should be using credit cards for points while she continues to rack up cc debt. Feels too risky

[@MsCardio1]

What is the college major.....that is the key. If this young lady is paying for a degree that ends in ".....studies" She will NEVER get out of debt.

[@MsCardio1]

Look this is old fart boomer advice: You are living a champaign lifestyle on a beer budget. The major thing is to cut back on eating out. That is $125/ week .Cook in your own apartment. Ask to boyfriend to help .Pay off all Credit cards as #1 priority and cut up the other 2

[@julianamartinez9737]

definitely eating out needs to decrease a ton!! i say max $200 and groceries $300 per month