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So how much "bad" debt are you in? (lemmy.world)

submitted 1 year ago by ericbomb@lemmy.world to c/asklemmy@lemmy.world

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Hear about how much debt everyone in the US has all the time, curious about some of your stories!

My bad debt is 10k left on a school loan from a for profit school that is now out of business.

Only other debt is house.

So how are you all doing with debt management?

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[-] foggy@lemmy.world 0 points 1 year ago

That simply isn't happening right now

It is, though. People are buying homes who cannot afford them all over the US right now. It's not as though home buying has ceased with the interest rates.

[-] Anyolduser@lemmynsfw.com 1 points 1 year ago

Can you provide a reputable source that large numbers of people are taking mortgages they're likely to default on?

I have not heard any reporting saying that is happening. I do, however have a family member who works in banking and interfaces with federal regulators that enforce the laws passed to prevent future subprime mortgage crises.

[-] foggy@lemmy.world -1 points 1 year ago* (last edited 1 year ago)

No. My source is basic arithmetic. The math just simply doesn't check out. Banking isn't rocket science.

A 200K home mortgage is roughly 2000/mo mortgage. It's not doable for median household income if about 75k, or about $4200/month after taxes, while grocery prices inflate over 10% year in end, and the median house price is like 380k right now. The math doesn't check out.

At this point I'm repeating myself.

this post was submitted on 20 Oct 2023

106 points (96.5% liked)

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