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Even if they do file for bankruptcy, they still have 200k (at least) in student loans that aren't going away. Knowing their habits, they're hosed forever. This was highlighted in the article, but for those who haven't yet read it: quote:Kate: Frankly, what I imagine is one of us will die from stress, and the life insurance will pay things off. drainpipe fucked around with this message at 18:25 on Nov 20, 2018 |
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Nov 20, 2018 18:20
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https://www.youtube.com/watch?v=SM_kR586n-I
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Nov 20, 2018 18:25
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Leon Trotsky 2012 posted:One of my coworkers today was explaining that they finally finished trying to get a new car with fewer miles and lower their monthly payment. She had about 95,000 miles on her current car.  I can't stop myself from re-reading the car and truck posts in this thread. It's amazing. I recently bought a Honda that's going to last at least 10 years with regular maintenance. I made a modest down payment, traded in our old Hyundai with 150,000 miles that was just about due for a whole lot of repairs, and got a loan with 2% interest and reasonable payments that I'll have paid off in about two years. I don't feel like this is especially GWM but after reading the car stories in this thread I feel like a GWM god.
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Nov 20, 2018 18:34
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drainpipe posted:Even if they do file for bankruptcy, they still have 200k (at least) in student loans that aren't going away. Knowing their habits, they're hosed forever. Between that Tom quote and the  reaction to his wife's "I want a divorce but I can't," this is kind of frightening
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Nov 20, 2018 18:34
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The Macaroni posted:"Well I did spend a couple hours searching for cars, and I can't exactly get that time back, you know! Have to make something to show for it all." Coincidentally I also learned this about work ethic through the military. Just showing up and doing the work puts you ahead of most of your peers.
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Nov 20, 2018 18:36
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Ellipson posted:Between that Tom quote and the I feel like the most charitable reading of that is "he's heard it so many times he's just numb to it by now" and that's what I'm choosing to believe.
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Nov 20, 2018 19:14
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Our group at work just got an intern from the Netherlands who is going to be in the states for about 4 months. She decided that renting a car was too expensive so she bought a new SUV instead. The plan is to sell the car when she leaves the country for the exact same amount she paid for it, somehow. Of course nobody would lend her money with no proven income so a coworker who barely knows her agreed to cosign on the loan leaving him totally screwed if she can't or doesn't sell the car.
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Nov 20, 2018 19:19
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How many of these can be chalked up to "I want x and I want it now, to hell with affordability" *6 months later* "hi reddit I'm 23 years old making 32k a year and I am struggling to make payments on my Jeep"
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Nov 20, 2018 19:23
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OctaviusBeaver posted:Our group at work just got an intern from the Netherlands who is going to be in the states for about 4 months. She decided that renting a car was too expensive so she bought a new SUV instead. The plan is to sell the car when she leaves the country for the exact same amount she paid for it, somehow. Of course nobody would lend her money with no proven income so a coworker who barely knows her agreed to cosign on the loan leaving him totally screwed if she can't or doesn't sell the car. Uh I hate to be reductive but...how hot is she
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Nov 20, 2018 19:53
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TraderStav posted:Fowling Green Sir, it's foal, unless you want to sell me on some bird law degrees, in which case I'm also in.
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Nov 20, 2018 20:09
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FAUXTON posted:How many of these can be chalked up to "I want x and I want it now, to hell with affordability" *6 months later* "hi reddit I'm 23 years old making 32k a year and I am struggling to make payments on my Jeep" Probably more goes to people not having a budget, or understanding what they can afford. I have a hard time wrapping my head around it, but I think there's a good section of the public that just assumes they'll always be in debt, and never really think about what their income actually covers.
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Nov 20, 2018 20:18
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Mom needs a loan to pay taxes on one of our houses, asked me to take it out for her. Where could I get one with my credit problems? https://www.reddit.com/r/personalfinance/comments/9yuq9r/mom_needs_a_loan_to_pay_taxes_on_one_of_our/ quote:Now before you come here to say that I shouldn't do that or that I am going to regret it, I trust my mom 110%. She is really good at paying back money. Her credit score is in the 550 range because she never paid attention to it and apparently Verizon has multiple derogatory marks on her score which I am working to get rid of. quote:Right now I make $31,000/yr on just weekly checks but with the holidays coming up I should be working more and will be making an additional $3-4,000 in Overtime and also my holiday bonus. So between $34-35k. I started bolding things, but really the entire thing should be bolded. And red, and flashing.
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Nov 20, 2018 20:26
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Bird in a Blender posted:Probably more goes to people not having a budget, or understanding what they can afford. I have a hard time wrapping my head around it, but I think there's a good section of the public that just assumes they'll always be in debt, and never really think about what their income actually covers. Or not knowing about how there's more to buying a car than just the monthly payment. These stories tend to involve very small or zero down payments which means the lender will require PMI insurance, and if they are going from a beater to a new car the cost of insurance will go up as the company is covering a more expensive car. They start out thinking "I've got space in my budget for a $400 car payment" when really they have space for $250 car payment and $150 higher insurance costs.
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Nov 20, 2018 20:32
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Bird in a Blender posted:Probably more goes to people not having a budget, or understanding what they can afford. I have a hard time wrapping my head around it, but I think there's a good section of the public that just assumes they'll always be in debt, and never really think about what their income actually covers. My coworker that just bought the new car and my boss both think that a car payment is something you always have when you own a car. That means that your major goal is just lowering the monthly payment, since it will always be there.
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Nov 20, 2018 20:33
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I wonder what percentage of American consumer debt can be attributed to Christmas? I swear, it's the loving BWM olympics, here. I really wish I could go back in time and convince younger me not to ask for so much poo poo from my parents growing up. They never really had to do without or anything for it, but it was really wasteful.
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Nov 20, 2018 20:54
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Thanatosian posted:I wonder what percentage of American consumer debt can be attributed to Christmas? Man, I would love to see some stats on median Christmas expenses per family, how it's trending, how it varies at different income levels, etc. BWM Olympics is a good description.
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Nov 20, 2018 20:56
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GoGoGadgetChris posted:Man, I would love to see some stats on median Christmas expenses per family, how it's trending, how it varies at different income levels, etc. Not sure if it has everything, but there's a remarkable amount of data on the topic here: https://www.statista.com/topics/991/us-christmas-season/
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Nov 20, 2018 21:00
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GoGoGadgetChris posted:Man, I would love to see some stats on median Christmas expenses per family, how it's trending, how it varies at different income levels, etc. I think the average across the US is something like $1,000
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Nov 20, 2018 21:01
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Seems like they're expecting over 1k per with a 2.5% increase from 906. If that drops hello recession.
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Nov 20, 2018 21:01
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Leon Trotsky 2012 posted:My coworker that just bought the new car and my boss both think that a car payment is something you always have when you own a car. That means that your major goal is just lowering the monthly payment, since it will always be there. My mom had this exact conversation with that almost word-for-word "You always have a car payment, so why not trade up?" and when I said "What about my 2015 Mazda 3 that I paid off a year ago" she said that shows that that car is not safe ???? Boomers_financially.txt OctaviusBeaver posted:Our group at work just got an intern from the Netherlands who is going to be in the states for about 4 months. She decided that renting a car was too expensive so she bought a new SUV instead. The plan is to sell the car when she leaves the country for the exact same amount she paid for it, somehow. Of course nobody would lend her money with no proven income so a coworker who barely knows her agreed to cosign on the loan leaving him totally screwed if she can't or doesn't sell the car. A coworker did that when he moved here for an extended period, though he just bought a car for like $8k outright. He ended up selling it for less than he bought it for, but still way cheaper than any other option would have been. So the first part of that is probably GWM, and on her part getting a co-signer who barely knows her is also GWM. Your male coworker on the other hand....
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Nov 20, 2018 21:08
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Submarine Sandpaper posted:Seems like they're expecting over 1k per with a 2.5% increase from 906. If that drops hello recession. Completely loving insane.
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Nov 20, 2018 21:11
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Your spending is my income. It's why austerity measures are usually a terrible, terrible idea in any developed economy which is not export-focused.
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Nov 20, 2018 21:15
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Edit: wrong thread
Volmarias fucked around with this message at 21:22 on Nov 20, 2018 |
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Nov 20, 2018 21:15
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Bird in a Blender posted:Probably more goes to people not having a budget, or understanding what they can afford. I have a hard time wrapping my head around it, but I think there's a good section of the public that just assumes they'll always be in debt, and never really think about what their income actually covers. I think it's worse than that, I think a good section of the public factors "access to credit" in to "Can I afford x" for every loving thing. Literally think if you have, say, a 20k CC limit, then you have 20k to spend, and so on. Like, "We'll always be working, and we have to pay all this other poo poo like utility bills every month anyway, so why not take the Disney trip of our dreams?" etc./etc. Even otherwise intelligent people go for this, all the time. Let's not call the kettle black either, most of us here have to some degree at one time or another until we snapped out of it (at least I hope most people here have by now). Banking certainly does a large part to enable this behavior but it is a two way street.
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Nov 20, 2018 21:32
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This speaks to me. I'm of two minds about people who get roped into these - I don't begrudge people trying to make some extra money. Respect the hustle and all that. But leveraging your relationships with family and friends to do it suuuuuuucks. Aside from the fact that many are (barely) glorified pyramid schemes.
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Nov 20, 2018 21:32
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One of my college friends had a family in perpetual poverty. As in payday loans every month to keep going. So of course you think they'd have a humble yet meaningful Christmas celebration, right? Nope. They'd plan months in advance to default on one of their loans and avoid other creditors for a couple of months so they could save up cash for Christmas. They had better video games and electronics than I did at the time. I asked him what he thought about this, and he said, "My parents believe that Christmas should be special." Other notes from same family: 1) I helped his sister with her college applications, she got an amazing scholarship at a school in another state, and she promptly turned it down to attend a local school to be close to her boyfriend; 2) his brother never stopped to count his high school credits, realized in May of his senior year that he wasn't going to graduate, and said "gently caress it, I'll drop out and join the army."
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Nov 20, 2018 21:35
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kimbo305 posted:Sir, it's foal, unless you want to sell me on some bird law degrees, in which case I'm also in. I am ashamed, good catch. How big of hands do you have if you're claiming to be a bird law expert?
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Nov 20, 2018 21:36
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I know this is pretentious, but goddammit do people think the point of life is just to have all the electronics and then you die?
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Nov 20, 2018 21:40
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Fitzy Fitz posted:I know this is pretentious, but goddammit do people think the point of life is just to have all the electronics and then you die? Wait, once you have them all you die?
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Nov 20, 2018 21:41
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Subjunctive posted:Wait, once you have them all you die? 
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Nov 20, 2018 22:06
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Volmarias posted:Edit: wrong thread IDK why you deleted it, seems on topic to me (LuLaRoe imploding)
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Nov 20, 2018 22:07
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Subjunctive posted:Wait, once you have them all you die? Well yeah, duh. If you have all of them, you also procured one of those male-to-male cord connectors from AliExpress while you were at it. That's where the death part comes in.
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Nov 20, 2018 22:07
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I don't mean to get all depressing here, but having spent a fair amount of time hanging around nursing homes and hospice care, it's really odd you when you see people who have exited life as consumers, but who have not yet exited life. About your only luxury is a decent TV and maybe a good pair of slippers. Often your Social Security goes straight to the facility and they give you whatever's left over to buy snacks or get your hair done. And you can live like this for years. The idea of Amazon not knowing where to deliver my packages is so alien to me.
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Nov 20, 2018 22:39
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The Macaroni posted:One of my college friends had a family in perpetual poverty. As in payday loans every month to keep going. So of course you think they'd have a humble yet meaningful Christmas celebration, right? It can be hard to deny yourself a little slice of luxury when it feels like everything you make is siphoned away into a black hole of debt It's embarrassing and stressful and exhausting, and craving a momentary sense of consumerist pleasure to feel "normal" is perfectly natural
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Nov 20, 2018 22:45
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Krispy Wafer posted:I don't mean to get all depressing here, but having spent a fair amount of time hanging around nursing homes and hospice care, it's really odd you when you see people who have exited life as consumers, but who have not yet exited life. About your only luxury is a decent TV and maybe a good pair of slippers. Often your Social Security goes straight to the facility and they give you whatever's left over to buy snacks or get your hair done. And you can live like this for years. I wonder what life will be like when we get to that point. Will it be largely the same? All the consumerist luxuries in my name reduced to a quality hologram machine and space slippers? My parents sometimes remark on how little has actually changed in their lifetimes, below the surface level. Sure some of the world has changed and a lot is better, but there's a large chunk of life that hasn't changed in that time. I wonder how getting old will change for us if at all. Something Offal fucked around with this message at 23:29 on Nov 20, 2018 |
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Nov 20, 2018 23:26
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BMan posted:IDK why you deleted it, seems on topic to me (LuLaRoe imploding) Meant to post on the Companies Circling The Drain thread, but someone beat me to it
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Nov 20, 2018 23:33
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Lockback posted:My mom had this exact conversation with that almost word-for-word "You always have a car payment, so why not trade up?" and when I said "What about my 2015 Mazda 3 that I paid off a year ago" she said that shows that that car is not safe ???? Boomers_financially.txt BMan posted:IDK why you deleted it, seems on topic to me (LuLaRoe imploding) 
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Nov 20, 2018 23:44
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Haifisch posted:People who are used to always having a new car have imagined horrors about older cars to help justify it to themselves. Also they probably don't keep up on maintenance so their cars start making GBS threads the bed after a few years anyway. Boomers grew up watching their parents' cars poo poo the bed at 80k miles and their own cars barely making 100k. Cars are exponentially more reliable today, but like casual racism, cars dying after 5 years is a tough idea for older people to dismiss. Young people have no excuse.
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Nov 20, 2018 23:54
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Haifisch posted:People who are used to always having a new car have imagined horrors about older cars to help justify it to themselves. Also they probably don't keep up on maintenance so their cars start making GBS threads the bed after a few years anyway. Because they don't (or, being charitable, can't) budget for maintenance (because everything's on monthly payments) so oil changes and new tires are "emergencies".
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Nov 20, 2018 23:55
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New car smell is absolutely worth the 15% premium on a brand new car. I will not be responding to comments on this matter
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Nov 20, 2018 23:55
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