/biz/ - Business & Finance

[Anonymous No.740999]

In America, what's the most efficient way to eliminate a massive debt?

A friend of mine just revealed to me that she's 22 and has accumulated 30,000 dollars of debt because of education and the like.

How the hell does a 22 year old recover from that? Is she fucked for life?

[Anonymous No.741007]

Get a job, live frugally, pay off the debt.

Are you fucking serious?

Its that easy

[Anonymous No.741009]

Whatever you do, don't do what greece is doing and you'll be fine

[Anonymous No.741019]

>>740999
>A friend of mine just revealed to me that she's 22

Oh my god, this is terrible. How did you react when you found out she's 22? And just out of interest: is this too old or too young for you?

[Anonymous No.741031]

>>740999
Since she's only 22, prostitution.

[Anonymous No.741034]

>>740999

I'm 22 and have about that amount of debt in euros. I aint shook. Debt management is the way to go man. Interest rates are at 0% so who gives a fuck?

[Anonymous No.741044]

>>740999
if she got a decent degree that's a very manageable amount of debt

[Anonymous No.741050]

Considering that a lot of people have closer to $200,000 worth of student debt, $30,000 doesn't seem nearly as bad.

[Anonymous No.741056]

>>740999
do online wecam sex shows. easy earned money, no physical sexual contact, and you can do it without paying tax.

[Anonymous No.741060]

>>740999
>22
>30k
>fucked

No, 30k at 22 is not fucked. 300k at 40 is fucked. I'm 24 and have no debts, feelsgoodman.

[Anonymous No.741064]

>>741056
>you can do it without paying tax.
Except online credit transaction merchants report the money to the IRS so it is not tax free. See what happens if you don't file a tax return. It's dipshits like you that keep the business I work at running.

>I'm a trucker and I haven't filed a tax return for six years derrrrpppp

[Anonymous No.741086]

>>740999
I had $30k of debt when I graduated. I paid $10k a year and finished up in 3 years.

>How the hell does a 22 year old recover from that? Is she fucked for life?
My generation is retarded.

[Anonymous No.741092]

Most efficient way is to not pay the debt. This is complicated because you can't discharge it in bankruptcy. However if you make payments with a credit card and run it up, then stop paying you can get away with it. Though you would have to accept a decade of bad credit.

[Anonymous No.741139]

>>740999
>want to create Ironman suit
>go to uni for mech engineering
>reality sets in
>"thats ok, i still want to work on military-grade exoskeletons and robot parts"
>tfw finish basic courses (english, econ, etc) and start getting to real science courses related to mech engineering
>tfw cant understand any of these teachers because they're all foreign
>fail the next two simesters, give up, and go home
>work 2 part time jobs to pay loans, blame failures on family
>$50,000 debt
My brother is a fucking idiot.

>be me
>go to vocational school for computers and network engineering
>get A+ and Net+
>land full time job a year later
>$1000 debt
it'll be gone in 3 months.

[Anonymous No.741265]

>>741009
Greece got fucked by the US fucking with their debt

[Anonymous No.741266]

>>741086
I'm looking forward to banking off retarded millenials

[Anonymous No.741279]

>>741265

Fuck off Grecian. Greece is fucked because of irresponsible governments and unsustainable social policies.

You elected them and they fucked up your country. Stop blaming other countries for your failed state.

[Anonymous No.741283]

>>741139
mechanical engineering in general is full of fuckwads like your brother. the only interesting part of mechanical engineering is fluids (which is taught in much more detail in aerospace engineering) and thermo (which is taught in much more detail in chemical engineering.)

needless to say, i heavily regret getting my degree in mechanical engineering instead of chemical or aerospace.

[Anonymous No.741290]

I'm about to graduate at 21 with 43k in loans

About to start a job that pays 62k a year starting.

I live frugally enough that I can dedicate a good chunk of my checks towards that instead of just making the minimum payment over 25 fucking years.

Should be gone in just a few years without too much effort, considering it took 4 years to build up, and it shouldn't take that long to pay off.

[Anonymous No.741292]

>>741050
How do people get 200k in student debt I got my chemical engineering degree with 12k in debt avg posted out off in 6 months

[Anonymous No.741308]

>>740999

>$30,000
>OP and his retarded friend consider this massive
>Actually considering bankruptcy over $30,000
>Not realizing she could easily clear this up in one a year if she stopped her retarded personal finance choices and lived a bare bones lifestyle.
>mfw these are the same people that vote for our current politicians

[Anonymous No.741330]

Join the military. Accelerate your life motherfucker. plus, free food/housing/education/medical, and a paycheck on top of that. Live bare bones like that, take all the extra money, invest it.

[Anonymous No.741340]

>>741292
Because your parents paid for it. I have 40k of debt from bsc in accounting. That's with me paying a lot of community college courses in cash from working.

[Anonymous No.741460]

> 25
> 150k debt
> No degree
> Salary 16k
What the fuck should I do?

[Anonymous No.741478]

>>741460

How did you even get that much debt with no degree?

If it's not student loan debt, then you definitely need to start filing for bankruptcy.

[Anonymous No.741482]

>>741060
>24 also no debts
>2013 vehicle paid off with 16k miles left on warranty

now I just have to find a damn apartment and get another job

[Anonymous No.741695]

>>741292
$200k of debt does not materialize from just anywhere or a state school for that matter, those are the humongous retards that fell for the 'private school is best school' troll.

[Anonymous No.741838]

OP here. Honestly, if it were me, I'd be okay because I have decent skills and can earn money.

We're looking at someone who has trouble holding jobs and can't get through her AA because she can't pass math. That's where the problem is: She's not gotten anything to show for that 30k.

[Anonymous No.741853]

>>741838

If you're going to take out big student loans, you need the discipline to see things through. I think that's our problem.

She needs to pass math.

[Anonymous No.741867]

>>740999
fellow college grad from 2 years ago that has about 35k in debt. Went back to my parents town, not any real jobs here so I'm stuck making 12 an hour. (about 24k a year) the amount she has isn't alot. if it was in federal loans (the smartest loans you can get...which still aren't smart) you know the interest is really low and their are so many ways to reduce payments til you get your shit together.

[Anonymous No.742241]

I'd say the answer is to fight the non-performing debt by taking on performing debt, since being frugal will only get you so far.

So, take a loan on a rental property and let the tenants pay the loan off for you.