Anne works with a girl who is married, has kids, and is renting a house in a nice suburb.  She has a new minivan of some sort and her husband drives a cavalier.  They have had credit problems in the past, she says they have been working on repairing their credit.  They are making loan payments on both cars and paying rent on time and keeping up with bills, but barely.

So this girl tells Anne that her husband found a BMW for sale and wants to buy it.  I don't know what model it is, but it's expensive.  The problem is he owes more on his cavalier than he can sell it for.  So what is their solution?  He's stopped paying for the cavalier and buying the BMW.  He has decided that he really wants the BMW   The girl admits to Anne that they can't afford the much higher car payment on the BMW and she knows a repo will ruin their credit.  "But he really wants it..." she kept saying to Anne.

Anne was beside herself.  She can't believe this girl, who has kids, would put themselves deeper in debt, ruin their credit, and guarantee they won't be able to finance a home for a long time.  Let alone admitting they don't have the income to afford the higher car payment, which means the kids get screwed.  Plus what an example for the kids.

Some people are selfish.  Disgustingly selfish.  What's wrong with people?  Why do some people have such whacked out priorities?

yeah doesnt make any sense, i wouldnt mind financing something to work on starting my credit but i have no cost of loving so its not like i havea family let alone myself to support, its like that guy on the comercial who looks rich but finally beaks down

"somebody please help me...im in debt upto my eyeballs"

That is kinda scary.  Don't get me wrong I'm in debt like most Americans, but I've never not made a payment on my bills.  I can't see how they can qualify to each other the need for a BMW when there is no way they can afford the montly.  It is scary that they have kids, the kids will grow up only knowing debt.  I'm sure it will affect the amount of extracurricular activities they can participate in, which could in turn affect the potential of them earning a scholarship to college and on down the line.  If the wife knows they can't afford it she need to take a stand, makes me worry about their marriage.

Some people aren't smart enough to pound sand in a rat hole.  That stupid bastard must be one of them.

Protect your credit like it was your johnson. . .

just another case of truly profound stupidity.

stupid hurts.

"Man, I see in fight club the strongest and smartest men who have ever lived. I see all this potential -- God d@mn it, an entire generation pumping gas and waiting tables;  they're slaves with white collars. Advertisements have them chasing cars and clothes, working jobs we hate so we can buy sh*t they don't need. We are the middle children of history, man. No purpose or place. We have no great war, or great depression. Our great war is a spiritual war. Our great depression is our lives. We've all been raised by television to believe that one day we'll all be millionaires and movie gods and rock stars -- but we won't. And we're learning slowly that fact. And we're very, very pissed off." ~ Tyler - Fight Club

"Bebe, the Hell with it, I'm selling the White Owl and buying me a new Superglide...". Sad and depressing...what problems must be there to make one want and do it while knowing the final outcome in advance. Love the Baby GS, Antarctica, and this forum.

C.......

I weep for the future.

Sensible use of credit has a valid place in modern society. Most of us use it at some point in our lives, but a house, buy a car, not many of us could do that without some kind of credit but as John says this example is plain crazy.

It makes you wonder where we are going with this cos that guys kids will either have such a bad experience they will despise the whole idea, or more likely will be trained to accept the notion that pretty much anyone can have pretty much whatever they want, whenever they want. I know people who think that they are somehow entitled to things that they obviously cannot afford. They are unable to grasp the fact that the money they spend with a card is not theirs, they are borrowing it, often at stupid rates but still they refer to it as "my money"

What's the answer, who knows but if enough banks get stung perhaps they will be a little more selective about dishing at cards and stupid limits, in the meantime hey, buy that Fireblade, that beemer, another computer, a new widescreen, someone will pay!

I predict he will be out of the family within a year.  They will argue over this and it will be the catalyst for the breakdown of their relationship, which appears shaky at best at the moment.  If she's smart (and lucky) she will not have any share in the BMW, because otherwise she'll be paying it off as well after they separate.  He will blame her for the mess, saying she was smothering him and he needed his space.  He will continue to describe himself as a good father because he will give his kids things when he visits every other weekend, and will say that he does love his wife, just can't live with her.  He will do everything he can to hold onto the Beemer because it is the only evidence that he is still young and virile.  He will have a few fleeting affairs with silly young chicks as stupid as he is, but will mostly be alone.  He will turn to drink and will kill himself within 10 years, either by accident in a drunken stupor or by suicide.
What a fantastic legacy to leave his kids.  :x
On a less judgemental note, I defy any man with a wife and kids to honestly say he has never felt torn between the freedom represented by something like this guy's BMW and his responsibility to his family.  I know I have.  But when you choose to have children (and, as no contraceptive method is 100% guaranteed, every heterosexual couple who have sex is choosing to risk having children) you are volunteering for the responsibility of caring for them and putting their NEEDS first.  Just my $0.02 (+GST).

This seems to be an all too often seen scenario. So how does society do it's part in helping to reverse this seemingly un-ending spiral? Why does this appear to be happening with more frequency now than, say, 30 years ago? It's sad. Love the Baby G, New Zealand, and the forum.

C.......

anne doesnt exsist. just say a girl you work with.
 
-ash

Does John have delusions? Anne has to be real...she has to be. Love the little GS500, Scotland (love bag-pipes), and this forum.

C.......

he (john) financed her (anne) on his visa, im in debt up to my a[self-censored]e, i am in a strain, im tryin to finance a car so i can trad this one into a lower payment. if it does not go thru i pay my debts and move on. i wont willingly put myself into a situation that i cannot get myself out of. my home is payed for, but i will not use that, that is something i will not risk :dunno: , ahh to each his own

It's an overinflated sense of entitlement. I'm Internet Sales Manager for a car dealership. It would blow your mind if you saw how many people I talk to in one week that have 3 repos and a bankruptcy on their credit, pulling down a cool 12 bucks an hour that curse me because I won't approve them for a $400 per month Lexus.

And for the rest of us who have a little debt, but are responsible with our bills and money - those are the people who's fault it is your credit card rate jumped to 18% when your payment arrived 3 days late.

On October 17th of this year, the Bankruptcy laws will be amended.  Whether it is good or not, George W. signed this legislation to cut down on "Bankruptcy abuse".  As a result, many consumers like this guy with the BMW will not be able to use Chapter 7 Bankruptcy and will be forced into Chapter 13, leaving him with little or no money left to raise those kids.  What the government considers discretionary funds and what you and I consider discreationary funds is vastly different.  If you have ANY money left after you pay your bills, you will not be able to take a Chapter 7.  

Further, the Cram Down for a new vehicle will no longer be allowed (adjusting the amount owed on a car to its fair market value rather than the amount of the note).

For many consumers such as this, there will be a "rush to the courthouse" to file for bankruptcy before the new legislation kicks in.  This guy has little hope for such protection, even though he is likely headed that direction.

Quote from: Cal PriceWhat's the answer, who knows but if enough banks get stung perhaps they will be a little more selective about dishing at cards and stupid limits,

but that's how credit card companies make money.  they don't start raking in profits until people go seriously into debt to them.  many credit cards have rules where after you miss X number of payments, they jack up your rate ridiculously.

people who were unable to pay their bills for whatever reason now find themselves facing 30% interest.

and we now have special laws in place to protect the credit card companies (who are some of the largest political donors) and make sure that they get paid.  in this country at least, the banks have little risk of getting stung.

now, people like the guy above more or less deserve what they get, but for the 50% of people who are pushed into bankruptcy by medical expenses this is horrible.

while people should be held responsible for reckless spending i'd argue that companies should bear some responsibility for recklessly handing out credit.

cheers,
will

it should also be pointed out that people can still avoid paying their debts by setting up an asset protection trust.

as it costs something like $90,000 to set up one of these, this effectively means that only the rich will be allowed to get out of paying their debts.


cheers,
will

It is a way too common occurance.  I have given up the thought of getting a newer bike because I got the new truck last year.  I had to make a choice.  Yeah I wanted the bike more but up here it gets cold on a bike in the winter.  So I got the truck.  Now I have to wait.  And I am cool with that.  Everytime I use the truck (which is all the time) I comment to myself that I made a good choice.

John- Anne worked with a woman like that too.... so strange.  We decided she was emotionally/verbally abused as well.  But she would complian that they were going to lose the house they just bought and so forth.  They got a newer truck and now it doesn't run because he didn't take care of it.  And so forth.  It really annoying.  I want to smack folks like that!

Things that make you go GRRRRRRRRRRRRRRRRRRRR.