Girl Meets Debt is under $50k

Nice update from Girl Meets Debt.  The sum of her personal loan and student loan is now under $50,000!

“I haven’t been under the $50k mark in years!!!” she exclaims.

She admits that it’s tough to find the energy to stay on track with as much debt as that.  Judging by her numbers at the end of April and the end of May, it looks like she’s poised to gain a lot more momentum.  Her personal loan is now only about $5,300 after knocking nearly $1,400 off the balance this past month.

Getting rid of the lowest balance first is a great strategy because it frees up the payment and lets you pay down the other debts faster.

Keep up the good work, Girl Meets Debt!

How not to ask for help with student loan debt

My main Twitter account was following by @Raising100k a few weeks ago.

Apparently this guy’s in a bit of trouble.  He owes $100k in student loans, and has fallen on hard times.  Over half of this amount has been accelerated (called due early).

Not good.  But, he has a solution:  beg.

He’s set up a campaign on GoFundMe.com to raise the $100k.  On that campaign, he’s done a number of things to encourage no one to donate to him:

  • No name.  We don’t even know if this guy is for real.  It could be a scam.
  • No indication of school or major.  A major in a science would garner at least a bit of sympathy, but he hasn’t disclosed the major.  I suspect a less marketable course of study.
  • Sparsely-linked web presence.  He has the Twitter account and a Facebook page, but that’s it.

At least the guy could have started a blog with some proactive indications of working to get out of debt.  He should still do this.  Student loans debt is very difficult to get discharged.  They’ll be with him a long time.