Deep Dive
Why is Casey taking out payday loans despite earning $4,000 a month?
Casey rationalizes payday loans as manageable because he can make the payments, but he doesn't fully grasp the long-term implications of high-interest debt.
What was the total cost of Casey's iPhone 14, including interest?
Casey paid $1,682 for an iPhone 14 that originally cost $754, with $927 in interest.
Why does Casey have two motorcycles financed?
Casey initially bought one motorcycle for transportation when he didn't have a car, and later bought a second one, partly due to a rocky relationship where he used his ex's credit card for the down payment.
How much does Casey owe in total debt, excluding collections and friends?
Casey owes approximately $26,368 in recurring interest debt, not including collections or debts owed to friends.
What is Casey's credit score, and how has it changed over the years?
Casey's credit score is 623, which has improved from 404 two years ago.
Why did Casey take out a personal loan for $1,177 at 18% interest?
Casey took out the loan to catch up on rent for his previous apartment, but he ended up not using the loan for that purpose and likely spent it on other expenses like eating out.
What is Casey's monthly phone bill, and why is it so high?
Casey's monthly phone bill is $240, which includes an iPad with service and an Apple Watch. The high cost is due to financing these devices through Verizon.
How much does Casey owe to friends and ex-friends?
Casey owes $1,600 to an ex-friend for a transmission, $300 to another ex-friend for a car part, $600 to another ex-friend for financing an Audi, and $2,850 to a current friend.
What is Casey's retirement savings situation?
Casey has $5,000 in a Fidelity account and $33 in a Roth IRA. He is behind on his retirement savings for his age and should have $65,000 by 30.
What is Casey's plan to improve his financial situation?
Casey plans to take financial classes, sell unnecessary assets like his motorcycles, and work extra hours to pay off his debts faster.
- Casey's monthly income is around $4,000.
- They have two payday loans.
- They paid $1,682 for a $754 phone due to high interest.
- Casey has two motorcycles financed and recently bought a car.
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