Replies: 19
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CU Medallion [73569]
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So i have a former neighbor that used to tell me he was
Feb 25, 2020, 10:30 AM
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almost done with his mortgage. a few more payments.
It appears they are min 50k in credit card debt. They have been taking equity out of their house to go on vacations and owe 150k+ in equity loans.
Is this what normal people do? Are most really this stupid?
I see bankruptcy in their future.
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All-In [34582]
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yes***
Feb 25, 2020, 10:35 AM
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Oculus Spirit [75714]
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If bankruptcy is good enough for billionaies
Feb 25, 2020, 10:35 AM
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why isn't it good enough for some folks in the trailer park?
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CU Medallion [73569]
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Kind of not same
Feb 25, 2020, 10:39 AM
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Bankrupt a business and your personal credit doesn't go to ####.
Which means sky high interest rates for a very long time
Not saying either isright or wrong, just makes life very hard for you
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Oculus Spirit [75714]
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Man, the poor really, really get it bad.***
Feb 25, 2020, 10:48 AM
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Heisman Winner [105538]
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They just need to pull themselves up by the bootstraps
Feb 25, 2020, 11:09 AM
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and quit being so poor.
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Oculus Spirit [75714]
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Well...duh.***
Feb 25, 2020, 11:20 AM
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Heisman Winner [105538]
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I'm not sure how you can continually get those loans if
Feb 25, 2020, 11:10 AM
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you owe so much.
Wouldn't leveraging $50k in CC debt mean you couldn't get home equity loans, even if the equity is there?
Or if you have $150k in Home Equity loans first, I guess the CC companies don't care and give you plenty of available credit.
They should go buy a Suburban.
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All-In [36450]
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They sound like idiots.
Feb 25, 2020, 11:41 AM
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I have owned my house for 10 years and o my reason I would take an equity line is when I want to fix it up to sell.
As far as credit cards, I had about 15k in debt on them, cut up the cards and called each company. They all gave me 0% interest on a monthly payment plan and it doesn’t go to collections to hurt my CS.
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All-In [46823]
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First of all that WAS A PRIVATE CONVERSATION
Feb 25, 2020, 11:47 AM
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BETWEEN THE TWO OF US.
But seriously, I don't understand it. How do they keep getting loans etc.
I know a few people who probably make about 50K combined and every couple of months they have a new atv, new RV, going to Paris so forth and so on.
My wife makes the comment "they're up to their eye balls in debt" well yeah I get that but they still have to make the minimum payments.
Also why would they not transfer that 50k over to a 0% interest CC (for 20 months) and make payments until it's gone. If there's still an amount after the months, transfer it to a new 0% interest card until it's paid off.
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Oculus Spirit [75714]
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Man, sharkgirl is wanting to buy some furniture. She's got
Feb 25, 2020, 11:57 AM
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most of the cash on hand but not all. Wanted to buy it on her horrible card that already has a balance. I keep telling her, like every day, to go to that nerd wallet and see what she can get before doing that.
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All-In [46823]
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We have a 0% interest card for stuff like that
Feb 25, 2020, 12:01 PM
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if it's something we need now like an emergency we put it on that card and pay it off. If there's still some left on the card after the 0% interest runs out we switch it to a new 0% interest card.
We needed a window unit for the trailer because the regular unit wouldn't cool it. Bought a massive 3k unit and put it on the card. Payed it off in 18 months.
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Heisman Winner [135569]
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Is that the same card you used for the above ground pool?***
Feb 25, 2020, 12:09 PM
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Oculus Spirit [75714]
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You just can't go to that well too often.
Feb 25, 2020, 12:10 PM
[ in reply to We have a 0% interest card for stuff like that ] |
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See, my credit is sparkling thus I will not be the one doing the CC game. Just got the Lowe's card paid off for the washer and dryer. I hope to not apply for any more credit for at least a year.
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All-In [25469]
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Re: Man, sharkgirl is wanting to buy some furniture. She's got
Feb 25, 2020, 1:42 PM
[ in reply to Man, sharkgirl is wanting to buy some furniture. She's got ] |
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Best place to buy really nice quality furniture. In NC is at estate sales. Find some in up scale neighborhoods. Preview what is being sold, and go. Items are tagged w/price. An estate sale that just closed had a mahogany queen Anne DR table and 6 chairs with upholstered cushion seats. Made by Hickory chair. Like new condition. About 40 yrs. old. Made in High Point,NC. Retail now by antique dealers for $5000 plus. Sold at estate sale for$ 700 . Most younger people don't want to buy that style of well made solid mahogany, cherry. Oak furniture . They buy cheap schit made in China with particle board.
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Heisman Winner [105538]
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We have a banging dining room table and other pieces
Feb 25, 2020, 1:53 PM
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that are mahogany, well over $5k and maybe 100 years old. We inherited it from my grandparents and, TBH, I love it but it does not fit in with our trashed out shi>t that the kids ruin look in the rest of the house. That one room looks nice though.
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Oculus Spirit [75714]
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Better stop that, you'll get caught or make another kid.***
Feb 25, 2020, 3:12 PM
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All-In [46823]
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All-In [25469]
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Re: Good luck getting it moved***
Feb 25, 2020, 3:02 PM
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You have to move it yourself. No problem if you plan ahead. You are usually given a day or two, sometimes more, depending on the sale. Unless it is very heavy item, on site persons will help you load it. Rental truck or uhaul trailer or your own truck. What good old boy doesn't own a pickup truck.
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Hall of Famer [23994]
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Re: First of all that WAS A PRIVATE CONVERSATION
Feb 25, 2020, 3:23 PM
[ in reply to First of all that WAS A PRIVATE CONVERSATION ] |
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There are fees associated with transferring debt from one CC to a 0% interest CC so probably not worth it.
Also 2nd what was said above about estate sales. 99% of the stuff is junk at the sales but there are gems and good deals to be found. It is a huge time commitment though. If you're not first in line you likely wont get what you went for, and sometimes that means showing up 2-3 hours before a sale.
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Replies: 19
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