What would you do if you found out your partner has a lot of debt? say $100k or more?

10k on a car is frivolous spending, you don't get a loan (finance is a loan, you still don't own the car until it is paid off) on something that loses 2k of its value once you drive off the forecourt (presuming it is a new car) that won't have the same value once you finish paying it off.
Having any debt for a phone is frivolous spending, you shouldn't be paying off a phone that will be obsolete in 18 months, if you can't afford it now then you shouldn't buy it.

depends on what the debt is for
unlike , I think student debt is okay if it's for a professional degree with high earning power.

if it's credit card or car debt than yeah fuck that. unless said person is doing everything in their power to pay it off.

Since you are throwing around judgments, I am going to throw one towards you. You are a freaking idiot. Show your sources for this magical $10k number (you pulled out of a hat) or stfu

Fucking kike

I honestly wouldn't expect someone under 30 to have borrowed more than $10k to buy a car. That's pretty irresponsible IMO.

>student loans
I dunno where you are from but a student loan here is permanent. You cannot get rid of it no matter what. Student loans should be avoided at all costs.

Dude I'm 24 and make six figures, quit making generalizations because you're a fucking NEET

I don't care how much you earn, I still think it's irresponsible. Why are you so defensive about this?

What?? Elaboration is needed

Buying a car from an original dealership, with "financing" (loan), increases your borrowing power on your credit score, especially if you can make the payments.
Also, the warranty and free-of-charge fixes are worth it more than having to deal with buying a used car with unknowns.
You don't buy a car a stock, you buy it for utility. Otherwise, why bother buying a used car at all since the value will deteriorate even more.
Smartphones cost around 1000$ but can be "financed" through a contract with a phone company. Essentially this is a 1000$ debt that is acceptable.

Under "endangered servitude laws" and maximum shillings, if you borrow money for studies, you are tied to it for life. This is effective in Canada and the US.

Have fun driving your 1999 Honda civic incel

It's called paying them back...?

This. The same laws apply to the Penis Inspection Tax here in the US.

You are finally responsible same as any other contractual loan you enter into. However, there are loan forgiveness programs and after 30 yrs of qualified payments, balance is nullified.

Wow, what a clever and well thought out insult.

When you make loans, you can declare bankruptcy on them for any loan type there is EXCEPT student loans. Meaning you are tied to them for life. I'd be less judgmental if they usually didn't span 100 to 400k which is insane.

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>I'd be less judgmental if they usually didn't span 100 to 400k which is insane.
Only if you live in the US

Yes and no. Cross province in canada for 4 years bachelor's degree can equate to 80-160k after you obtain your degree.
With the new laws on mortgage, this makes you unable to buy a house without money up front. Therefore you are forced to either live with your folks to save money or rent indefinitely.

>advising against giving money to the (((banks))) makes you a jew

The loan is the highest amount you can have without the bank making a loss.
Having basic knowledge about cars and knowing what to look for (check under the bonnet, check the oil, a little old dear drives safer than the 25yo who left McDick's wrappers in the car when he tried selling it) saves you from a lot of shit.
You can also buy new cars without loans and have a warranty without going for your ideal make/model, sorry you don't have your status symbol, you won't have paid too much for something that lost most of its value once you paid it off either.

You don't need a phone on finance, you don't need to check social media on a high res screen while you take a shit, your photos won't look much better on a newer phone when you could buy a better dedicated camera for 10% of the price.
If you get into debt because of a phone, you are a fucking idiot.

Sorry but this is a decision you will need to judge for yourself.

Personally, it would depend on the debt risk. If the debt is from someone living beyond their means or they are incapable of its management, then we would need to discuss the issue. If you are unable to talk about it, then you should not be with that person anyways. If it is from school loans, mortgage, etc. and they have budget with payoffs, then it would not be a deal breaker. Keyword here is payoff though.

You earn six figures and you bought a car that costs $11,500 using a loan?

Ok, I see where you're going with this.
I can sum it up as:
>2018
>not being frugal
>ishygddt

That's fine.
A little bit of debt though can elevate you way further and not be a burden.

So, how do the legal and medical professions figure into your model?

Wrong; 100k is the price of a med-school education in student loan debt and doctors have wonderful quality of character and generally will shortly be out of debt.

Why? I borrowed 17k for my car at 25.. I need to get around to work and I need my car to not breakdown.. I make 25 an hour. The mininum payments were well below 20% of my income which is actually income considered not very expensive at all. I could gone a fair bit higher without "overbuying"

Don't date med students. They are terrible relationship materials :)

Do they not have income based repayment plans?

Rofl damn, there goes my McDreamy

Wrong again, user

>200-450k yearly salary
>Busy most of the time, freeing you to focus on your personal interests
>If they run their own practice their schedule is entirely malleable
>Very mindful, generally empathetic, invariably smart as hell, high achievers
>Only relationship expectation is you help keep things cleaner than you found them since they don't have time to do it and you be the rock on which they can trust and depend when they get home from brutal workdays

You're missing out

No you're mistaking me with another user. My car cost $35k, but I'd rather not use savings when a 1.9% interest rate is dirt cheap

From how the banks approached me when I applied to med school, the plan they described was something like this:
>we will pay all accomodations
>we will pay all scholarships
>once you graduate, you will repay based on a plan which takes into consideration your earnings.

Their logic and bet is you graduate and make 600k or something.

Med-school, with fast track is 4 years of studies, 4 years of "internship" and sometimes an additional 5 years of specialization.
Specialists makes all the money, fyi.

So that's 13 years of your life on studying (you skip from age 19 to 32) to become a doctor and hopefully earn 600k. Typical doctor salaries, in my metropolis anyways, are median 100k. So far from that ideal amount.

However, during that time, you do not accrue credit score, you are not paid for your current situation that is not related to school and the debt goes unpaid.
As such, you come out of med school after 13 years, earning ~100k starting with a crap-ton of debt. Using a median from my area, a year is ~40k, unless you are a resident of the city (then it's 5k) a year. So you get 520k debt at minimum once you graduate.

In the meantime, getting out of school and getting an office job with median 50k will get you 650k $ after 13 years and 0 excess debt. That means you can get a house, start a family and live life free of stress.

To me, it is not worth it in the least.

I forgot also, if you drop out for any reason (your dad dies and get depression), the debt is stuck to you.

That's the "perfect" scenario.
Most med students get addicted to speed and cocaine or other drugs. Get terrible stress-related syndromes or are generally unavailable.

I see why you are not interrested but there are options to move, etc. for higher pay for people who choose to go that route. And I certainly would not discriminate when dating if that was someone’s choice.

Oh absolutely. You're right on that.
Our priorities are different. I want to have a family before I hit my 30s. Then dedicate myself for my kids until I am 50 and then enjoy my life.
I did not want to endure the stress of studies until I was 32, then start to build a career. I already did that before I was 26.

It's a priority thing.

>A little bit of debt though can elevate you way further and not be a burden.
Owing money on something like a mortgage can elevate you because it gets you on the property ladder and your property will only increase in value.

Are you the same guy I was replying to who thinks $1k debt on a phone is acceptable? do you really think owning a phone that you can't afford elevates you?

Yes you are.
Well, I dunno about your situation but I hold a tight network of references and businesses. I think 1k for a phone, over the course of a 3 year financing contract, is quite acceptable.

>Addiction rates are 10-15%

latimes.com/opinion/op-ed/la-oe-grinspoon-addicted-doctors-20160605-snap-story.html

>Depression rates 27%

vox.com/science-and-health/2016/12/9/13857550/doctors-medical-students-depression-suicide-mental-health

I suspect those two groups are mostly overlapped, so let's say 1/3 doctors are as you describe.

That's still 2:1 you get a "perfect" scenario. Those odds aren't bad for that high a quality of life

Depends what type of debt. Mortgages, student loans are relatively good debt. Medical debt is understandable and dischargeable in bankruptcy. Credit card consumer debt is indicative of psychological problems.

I earn six figures and took a loan for $10k out

there was a psychological barrier to seeing my net worth drop by that much so I cash flowed it

Yes I am what?

What does that new iphone do for your "tight network" then? do you love sending hi res selfies? do you love having a battery life that does well to last a day?
You should be more concerned with your tight network of business contacts and references not earning you enough money to have 1k to buy a phone!

>what would you do if you found out your partner has a lot of debt?
My father says “then so be it” but I severely disagree, I remember asking him practically the same question and that being his answer.
I think if they got that much debt, since that’ll become your debt, it should be heavily considered and be a concern when weighing wether or not to marry them since you are putting yourself at a severe disadvantage.
Hell, consider for a moment the situation down the road where you two might get a divorce after you’ve been helping them pay off their enourmous debt the whole time, and because of the family court, you might get stuck paying that debt after the divorce too (I’m not a lawyer so take with a grain of salt but I still think it’s a risk.)

Tl:Dr; I wouldn’t especially if it’s that much, unless I really liked them and they showed pretty damn well they’re actively working to get arid of the debt.

>Any debt past 10k is too much debt that is very hard to pay off.
Slightly disagree. New cars can be beneficial so that you don't throw your money into a shit car that breaks down often (you'd spend more in repairs than just getting the new car). As far as school goes, I think another user said it best. A professional degree going to a Master's or whatever would be useful, probably netting a job that could help pay off that 10k easy.

Liberal Arts degrees are going to be a red flag, and agreed that credit card/loans exceeding 10k for dumb shit are red flags that reflect poorly on the person. Even if they are paying that off, it still looks bad that they allowed themselves to over extend like that.