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?

  • Anyolduser@lemmynsfw.com
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    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
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      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.