20 Individual Debts - This is INSANE | Financial Audit

Summary by Krater

A 29-year-old gear technician with an income of $5000/month and $65,565 in debt receives a financial audit from Caleb Hammer.

From the video

Answers: What does a gear technician with $65,000 in debt need to do to fix his finances?

• personal finance
• debt consolidation
• credit card debt
• budgeting
• living paycheck to paycheck
• car loans

What it concludes

• The guest's credit card has a 106.96% APR, resulting in $3,463.64 in finance charges on a $2,418.24 balance.
• The guest and his wife have accumulated $65,565 in total debt while living on a $5,000 monthly income.
• The guest needs an additional $2,000 per month in income to clear his expenses and debt payments.
• Selling the guest's Toyota Avalon and replacing it with a $10,000 reliable used vehicle would help reduce debt.
• The guest's household financial audit results in a 0/10 score due to excessive debt and spending.