Knyteguy's BFC Thread Redux - Bigger, Badder, Getting Out of Debt

The Something Awful Forums > Discussion > Ask/Tell > Business, Finance, and Careers > Knyteguy's BFC Thread Redux - Bigger, Badder, Getting Out of Debt

sheri: Dec 30, 2002

KYOON GRIFFEY JR posted:

now do RV + truck payment and insurance

Yep. Was going to say the same thing.
And maintenance/repairs.

# ¿ Jun 17, 2019 19:20

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# ¿ May 15, 2024 23:57

sheri: Dec 30, 2002

You don't need a credit score update to call and ask a couple banks "what are your fees associated with a loan to refinance an RV"

# ¿ Jun 18, 2019 20:51

sheri: Dec 30, 2002

The bank is not going to just drop the rate. They aren't. It's in your contract.

They may refinance it, but again,that's a whole new loan.

# ¿ Jun 18, 2019 20:52

sheri: Dec 30, 2002

Couldn't he just get an apartment and then declare bankruptcy and get rid of the truck and RV that way? I know it's a credit hit but LOL who cares he shouldn't be taking on debt/getting credit for anything for a long time.

# ¿ Jul 2, 2019 16:59

sheri: Dec 30, 2002

SlyFrog posted:

I have no idea why someone who could pay off both the RV and truck loan in a year with reasonably frugal living would declare bankruptcy.

Bankruptcy isn't going to help his decision making. It's just going to badly gently caress up his credit, ability to get a new apartment (say, for example, if they ever need to move for a job), a home, etc. for basically the next decade of his life.

Declaring bankruptcy when you could actually pay off your debts entirely in the next year would not be the right call, in my opinion. Fixing their poo poo is the right call. And if they can't do that, what's the point of bankruptcy? It's not going to stop this from happening again. Bankruptcy for him is like the asocial goon who graduates high school and says, "Fresh start, college is going to be different!," and then fires up Minecraft for eight hours the day he moves into the dorms.

You are right.

My brain is just stuck on the vast amounts of money he spent on an RV and truck when it clearly was an awful choice. How do people make these choices. I don't understand.

# ¿ Jul 3, 2019 15:08

sheri: Dec 30, 2002

The problem with tying money to chores is when they have enough money they stop doing chores.

Here the kiddo has regular chores he does just because chores are things you do as part of living in a household. You live here, you help make the messes, therefore you help clean up.

He does get a small weekly allowance too that is not tied to chores. He divides it into save spend and share and he gets to deal with what it means if he spends it all and can't get cool toy X that costs more than what he has. Better to make the mistakes and learn from them now at six then having to learn all this at say 20 on a much more expensive scale.

Edit: here's an article that sums up my method/thoughts pretty well!

https://slate.com/business/2015/02/kids-allowances-youre-doing-it-completely-wrong.html

sheri fucked around with this message at 03:25 on Aug 16, 2019

# ¿ Aug 16, 2019 03:22

sheri: Dec 30, 2002

Home improvements always cost more than you think they will and DIY is always going to be more trouble than you think unless you are incredibly handy and have done lots of house projects in the past. Lots.

# ¿ Jun 16, 2020 14:21

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# ¿ May 15, 2024 23:57

sheri: Dec 30, 2002

That is totally a zaurg budget. LOL

# ¿ Jun 18, 2020 05:24

The Something Awful Forums > Discussion > Ask/Tell > Business, Finance, and Careers > Knyteguy's BFC Thread Redux - Bigger, Badder, Getting Out of Debt