My Personal Credit Crisis

[Seveen]

Re: My Personal Credit Crisis

he and wifey were on The Today Show - stumping his book

after 8 months of no mortgage payments - he should have put a good dent in the credit card debt

and with the proceeds from the book - he'll be fine!

[Gen]

Re: My Personal Credit Crisis

saw wifey with him this morning


he still could barely articulate why he thinks he got caught up in the housing mess

they both agreed they wanted the house for the newly combined family, and that IT was offered to them without much thought as to how they could afford it.

mi deh pan the caf line likkel while mad fi cuss one man weh use him amex cyard fi charge 1.21 fi breakfast

[Pepper]

Re: My Personal Credit Crisis

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Yuri_</div><div class="ubbcode-body">There's more than one heart of the debate it seems.

This is classic lesson - <span style="font-style: italic">&quot;yuh nuffi put yuh hat whe yuh cyaah reach&quot;</span>.

He knew - <span style="font-weight: bold">KNEW</span> full well, as he says over and over himself - that buying that house when he couldn't afford it was insanity - bound for failure - but he went ahead and did it anyway.

He sure as heck shouldn't get bailed out - <span style="font-style: italic">or do you think he should</span>?

</div></div>

Under normal economic conditions he would have been able to sell his house and walk away debt free or with maybe even a small amount of cash. His wife would have found another job paying lots more to cover the expenses, He could have taken a lucrative adjunct position at a local university...they would have been fine, and none of this would have made the news.

Nuff people can call him greedy and foolish, but how many of us live within our means 100% of the time?

Right now if I lost my job, I would be OK for little bit of time. But I cannot be unemployed for say 10 months and still pay my bills. I would not be able to sell my house, who knows what I would do when faced with that scary reality?

I don't have a tricky mortgage, and my house is well within my means. Although I may not be in the same situation, I could see, in this economy how I could easily end up where he is now.

[Yuriatin]

Re: My Personal Credit Crisis

Morning Pep.

Yes, many of us could easily end up in this or a similar situation. It’ only takes a swift layoff or an unexpected illness.

My point tho – is that he went out and CREATED his situation – he chose to put himself in those shoes even when he<span style="font-weight: bold"> KNEW</span>, he couldn’t afford it.

He didn't want to be honest with himself and own the fact that he couldn't afford what he wanted.

He’s not like you – he <span style="font-weight: bold">chose</span> to take on a tricky mortgage.

I too feel no pity for him.

True, yes - under normal circumstances, he could have sold and walked away debt free. But I think that even in normal economic conditions, he still should not buy that house.

He had perfect credit scores when this started and even then, he was kinda treading water.

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Pepper</div><div class="ubbcode-body"><div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Yuri_</div><div class="ubbcode-body">There's more than one heart of the debate it seems.

This is classic lesson - <span style="font-style: italic">&quot;yuh nuffi put yuh hat whe yuh cyaah reach&quot;</span>.

He knew - <span style="font-weight: bold">KNEW</span> full well, as he says over and over himself - that buying that house when he couldn't afford it was insanity - bound for failure - but he went ahead and did it anyway.

He sure as heck shouldn't get bailed out - <span style="font-style: italic">or do you think he should</span>?

</div></div>

Under normal economic conditions he would have been able to sell his house and walk away debt free or with maybe even a small amount of cash. His wife would have found another job paying lots more to cover the expenses, He could have taken a lucrative adjunct position at a local university...they would have been fine, and none of this would have made the news.

Nuff people can call him greedy and foolish, but how many of us live within our means 100% of the time?

Right now if I lost my job, I would be OK for little bit of time. But I cannot be unemployed for say 10 months and still pay my bills. I would not be able to sell my house, who knows what I would do when faced with that scary reality?

I don't have a tricky mortgage, and my house is well within my means. Although I may not be in the same situation, I could see, in this economy how I could easily end up where he is now. </div></div>

[Gen]

Re: My Personal Credit Crisis

yeah man this is a society filled with people who want what THEM want WHEN them want it.

yuh evah hear some a the people dem weh call in to the suze orman show JUST to ask her if they can buy something

them nuh have nuh savings or anyting and a ask the ooman if dem can buy one 20,000 ski trip, or a 10,000 exercise machine.

why do they NEED someone to tell them that they cannot afford it ? this is the society that we have become, common sense leff wi 10 years ago.

[Gen]

Re: My Personal Credit Crisis

in an up economy he still could not have afforded the house

his salary was prett much 70,000 and the wife's sales/commission job should not have been factored into the equation.

suh what could he have afforded on 70,000 (minus his other mnthly expenses which probably reduced his salary to 60,000 when all was said and done)

[Yuriatin]

Re: My Personal Credit Crisis

That's what <span style="font-style: italic"><span style="font-weight: bold">I</span></span> just said.

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Gen</div><div class="ubbcode-body">in an up economy he still could not have afforded the house

his salary was prett much 70,000 and the wife's sales/commission job should not have been factored into the equation.

suh what could he have afforded on 70,000 (minus his other mnthly expenses which probably reduced his salary to 60,000 when all was said and done) </div></div>

[RichD]

Re: My Personal Credit Crisis

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Gen</div><div class="ubbcode-body">in an up economy he still could not have afforded the house

his salary was prett much 70,000 and the wife's sales/commission job should not have been factored into the equation.

suh what could he have afforded on 70,000 (minus his other mnthly expenses which probably reduced his salary to 60,000 when all was said and done) </div></div>

on 70K he shoudl be qualified for a $2000 a month mortgage

when dem shouldn't tek the wife salary into account?

[kia027]

Re: My Personal Credit Crisis

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Gen</div><div class="ubbcode-body">

mi deh pan the caf line likkel while mad fi cuss one man weh use him amex cyard fi charge 1.21 fi breakfast </div></div>

hey it is all about the membership reward points

[kia027]

Re: My Personal Credit Crisis

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: RichD</div><div class="ubbcode-body"><div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Gen</div><div class="ubbcode-body">in an up economy he still could not have afforded the house

his salary was prett much 70,000 and the wife's sales/commission job should not have been factored into the equation.

suh what could he have afforded on 70,000 (minus his other mnthly expenses which probably reduced his salary to 60,000 when all was said and done) </div></div>

on 70K he shoudl be qualified for a $2000 a month mortgage

when dem shouldn't tek the wife salary into account? </div></div>

which would not have afforded him much in terms of house at that time

[RichD]

Re: My Personal Credit Crisis

true but if you took the wife 2400 a month into account they woudl have been qualified for the $2700 mortgage payment.

the problem i see is they were living as if he didn't have the $4000 a month alimony and child care deduction

[kia027]

Re: My Personal Credit Crisis

maybe they should have moved in with the ex wife and built an extension to that house to accommodate the new family

[Yuriatin]

Re: My Personal Credit Crisis

I don't think, that job at Saks gave a steady stream of $.

It was based off commission.

Plus, people were / are pulling back on the lux spending so she couldn't have a solid $2400 coming in every month.

And that $2400 was gross or net?



<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: RichD</div><div class="ubbcode-body">true but if you took the wife 2400 a month into account they woudl have been qualified for the $2700 mortgage payment.

the problem i see is they were living as if he didn't have the $4000 a month alimony and child care deduction </div></div>

[Yuriatin]

Re: My Personal Credit Crisis

Either way - the crux of the dilemma, as he finally embraces - albeit, too late:

<span style="font-style: italic">
&quot;<span style="color: #FF0000">We had very different ideas about money</span>. Patty spent little on herself, but she refused to scrimp on top-quality produce, Starbucks coffee, bottled juices, fresh cheeses and clothing for the children and for me. She regularly bought me new shirts and ties to replace the frayed and drab ones in my closet.<span style="color: #FF0000"> She thought it wasn’t worth agonizing over nickels and dimes. I was almost exactly the opposite. </span>My answer to any money squeeze was to stop spending. I would skip lunch at work to save $7. If I arrived at the Metro just before the end of rush hour, I would wait for five minutes to save 50 cents on the fare.&quot;

&quot;<span style="color: #FF0000">Why had I been trying to live a lifestyle that I couldn’t afford? Why had I tried to keep up the image of a conventional suburban family man, when nothing about my situation was conventional?</span> How could I have glossed over the fact that we had been spending about $3,000 more than we were earning, month after month after month? How could a person who wrote about economics for a living fall into the kind of credit-card trap that consumer groups had warned about for years?&quot;</span>

[Gen]

Re: My Personal Credit Crisis

cause mi think mi read smaddy seh she wurk pan commission, mi wouldnt even tell nuhbaddy mi have job if mi did a work pan commission

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: RichD</div><div class="ubbcode-body"><div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Gen</div><div class="ubbcode-body">in an up economy he still could not have afforded the house

his salary was prett much 70,000 and the wife's sales/commission job should not have been factored into the equation.

suh what could he have afforded on 70,000 (minus his other mnthly expenses which probably reduced his salary to 60,000 when all was said and done) </div></div>

on 70K he shoudl be qualified for a $2000 a month mortgage

when dem shouldn't tek the wife salary into account? </div></div>