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Talked to my accountant for 10 minutes and completely flipped on how I look at debt
He said the bank doesn't care if my payments are on time, they care about my debt-to-income ratio dropping. Made me realize that $30k truck loan I've been proud of paying down is actually hurting me more than helping.
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black.margaret14d ago
That truck loan is eating up your borrowing power more than you realize.
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barbara39914d ago
Man, people always focus on the monthly payment but dont look at the total loan balance vs. the trucks actual value. Once that thing depreciates 20% in the first year youre underwater and that debt hangs over everything else you want to borrow for. Its like carrying a weight that gets heavier every mile you drive.
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taylor.jessica11d ago
@black.margaret and @barbara399 out here just casually ruining peoples entire financial futures with just the facts lol.
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