Posted on 08/02/2019 8:47:35 AM PDT by qwerty1234
I was married with a kid at 28 and a mortgage and was working in high-tech back in 1996. My wife and I had a combined salary of $120,000.
Didn’t have any credit card debt, had just paid off my student loan ($10K), no car loan and my mortgage was $160,000.
$50K in credit card debt? What for told did that buy? Why do you have a car loan? Buy used, pay cash and then upgrade when you can afford it. The college loan is not holding them back. It is their spending.
“”$50,000 across eight credit cards.””
And just what did they think would happen if they had this many credit cards? I agree with you - no sympathy here...My husband and I have never had more than one and we don’t have debt - balance paid off monthly as we (well, me as he’s unable to get out anymore) watch WHAT goes on it and that usually comes from shopping online. I forgot the checkbook twice in the past month when I went grocery shopping so I had to use the credit card but I didn’t like it. It’s usually in my purse but paying bills at the computer, I didn’t put it back in my purse.
Believe it or not, the checkbook is a novelty at the grocery store - I’ve had people behind me in line say, “I haven’t seen one of those in a long time.” Debit card - no thanks.
The only time I had one was when Whole Foods and some other stores wouldn’t accept checks and I decided to give in and get one. The first charge on it was for a bar bill in Miami, FL. Since I’ve never been to FL or Miami or any bar, it was reversed and I had the bank cancel it.
Dave would faint!...........
“I never feel sorry for these types of people”
Same here.
That’s why I listen to clips of Dave Ramsey weekly just to make sure I remember why I’m such a cheap SOB.
“There are times I have gone to what I call defcon1 and lived on the minimum to get by.”
*****************
As a general rule I’ve found it helpful to always live below your means and make sure you pay yourself first. After that, you can spend and/or save whatever is left over.
I came from a very dirt poor family. My father was a roofer during the week and a pastor on Sundays for a very small church.
I learn at very young age if you want something you have to go out and earn it. If you do not have money in your pocket you can not buy it. There was no special educational funds for people like me except the GI bill. I have no pity for those fools.
My education was free from attend night classes while doing 20 years in the Military. Took me 7 years to complete my four year degree due to the many deployments.
Today my household income is 145K. Zero debt, only house payments.
I built and finance my House payment base on my Military Retirement Check. Cost 150K to build, worth 240K now. My Military Retirement check covers my electric, insurance, water and mortgage. This check will always be there as long as the government exist.
I only work for food and entertainment. Also banking a lot of dollars for my future retirement.
If you live within your income you can have a lot of fun and save a lot of money.. Those people are not living within their income. Most likely they finance a house using both of their incomes. A house should only be finance with the lowest paycheck. This way, if a source of income goes away you have a backup.
If you are having to charge your credit cards to live what you consider a good life, you need to reevaluate what is important in life.
I am 70 years old and have had credit cards since I was young. In all those years, I have never carried a credit card balance for more than the current month. In my view, if I can’t afford to pay cash, then I can’t afford to use a credit card. My two daughters, both professionals, and my wife, have the same point of view. I simply cannot understand why anyone needs eight credit cards and why anyone would ever have such an enormous credit card debt. Did they not know money is not free?
I’m wondering which one is the shopaholic.
I learned that truth from a black man when I was young...he was right!.... he also made a point that you pay yourself first.
Yes, but they HAD to have the big screen TV. They had to drive a NEW car. They earned the RIGHT to take that vacation in the Bahamas.
They HAD to go to ST Johns instead of UConn.
They HAD to buy the house instead of the two bedroom condo.
The question is: what bank approved the $270K mortgage after the car loans, student loans and credit card debt?
My only advice for these people is to leave Connecticut.
Move to a red state.
“50,000 across eight credit cards.
WTF?”
They should take the hit, go bankrupt, and start over. They will never, ever pay off that credit card debt and it will only cause them extreme stress for the rest of their lives. And, of course, don’t do it again.
That $270,000 mortgage was none too bright, either. Wonder what the property taxes are on it?
$270,000 is not a middle class lifestyle house. It is an I deserve a house like this house.
To cite the obvious, perhaps they should look at Dave Ramsey’s maxim of “beans & rice / rice & beans”! Killing off the Credit Card debt needs maximum attention and reading any of the scads of debt handling books is a good start. I wonder, not having read differently, if they have cable and/or internet premiums?
Those who survived the Great DEPRESSION of the 1930s learned about doing WITHOUT and then had to experience WW2 as well. I believe it very likely that these parents graduated from their 16 years of schooling with only the most minimal exposure to that history nor such horrors as budgeting. Compare this to their PROBABLE exposure to grievance and liberation studies. Which of these constitute educational malfeasance?
I'm trying to understand why anyone should feel sorry for them. I wonder how many dogs, cats, flat screen TV's, cars (and what years), etc. they have. How often they eat out, go to movies, concerts, etc. they do. They obviously were NOT living within their means so f... 'em
Both graduated college with degrees and neither knows how to do a budget?
This is simply the Marxist Media reporting the “true” facts of our horrible economy.
Only a D’rat Communist can save America.
If they declare bankruptcy, the odds are they will do it again. I known a lot people declare bankruptcy did do it again and again..
One couple declare bankruptcy then got a home loan under a business EIN they started for the purpose to finance a home. They lost that second house too... Not sure how they did it, but it is possible to do that. I think the illegals do this too for buying homes and cars.
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