Comments on: What to do if you Have too Much Debt https://www.moneywehave.com/what-to-do-if-you-have-too-much-debt/ Personal Finance and Budget Travel for Canadians Tue, 27 Oct 2020 18:41:43 +0000 hourly 1 https://wordpress.org/?v=6.9.4 By: Barry Choi https://www.moneywehave.com/what-to-do-if-you-have-too-much-debt/#comment-92236 Tue, 10 Apr 2018 14:38:16 +0000 https://www.moneywehave.com/?p=8908#comment-92236 In reply to Althea.

Hi Althea,

To be honest, you’re in a tough situation. Paying off 6 figures of debt at the age of 49 doesn’t exactly leave you with much time to save for retirement.

If you’re all-in with him, both of you need to come up with a plan to pay for that debt. There’s no guarantee that he’ll become a professor which in turn means no guarantee of a higher salary.

I would advise looking at your budget and putting as much money as possible towards the debt. You’ll likely have to make huge sacrifices, but one way or another, that debt needs to be paid.

]]> By: Althea https://www.moneywehave.com/what-to-do-if-you-have-too-much-debt/#comment-92114 Tue, 10 Apr 2018 05:22:27 +0000 https://www.moneywehave.com/?p=8908#comment-92114 My boyfriend has six figures of student loan debt. The worse news? He’s 49. He will defend his PhD later this year and hopes to become a professor. If so, he’ll made a handsome salary but with that much debt at his age, if will take forever to pay that off. He also has a son so has a child-support payment each month. Thankfully, for now it’s fairly modest (under $300) as it’s based on his current student income.

We want to build a life together but as someone who has zero debt, I’m concerned about our quality of life and having to spend literally years paying this off. Anything I’ve read about people with huge student loan debt references people who are in their 20s or 30s and have far more years to work with.

This is my boyfriend’s only debt. Any advice?

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