Posted 2/24/2024, 11:03:00 AM
Young Louisiana couple buried under $210K debt struggles to buy home
- Young Louisiana couple has $210,000 in debt from auto loans, student loans, and credit cards, making it difficult to buy a home
- The husband earns $48,000 per year but took out huge loans to buy trucks and equipment for unsuccessful side businesses
- They currently live in a camper van with balloon payments due in 5 years at 8-9% interest
- Paying off the debt will require boosting income, selling unneeded vehicles/equipment, moving into an apartment rental, and strictly avoiding any new debt
- If the husband loses his job or they accrue more debt, their situation could rapidly deteriorate