2 grand? You got it?

randallscott35 · #1 05-24-2011, 09:07 AM

Welcome to recovery summer. Where 75% of people can't get 2 grand together.

http://www.businessinsider.com/only-...a-month-2011-5

dellinger63 · #2 05-24-2011, 09:54 AM

Quote:

Originally Posted by randallscott35

Welcome to recovery summer. Where 75% of people can't get 2 grand together.

http://www.businessinsider.com/only-...a-month-2011-5

I'm sure a 'stimulus' plan to give 75% of americans $2K is in the works. Of course the 25% who saved will be the ones again paying. Sounds similar to Obamacare!

#3 05-24-2011, 09:58 AM

Everything will get better. Bush did it. Obama is trying. Bahhh bahh.

randallscott35 · #4 05-24-2011, 11:07 AM

One of my best friends is considering bankruptcy. She is 50, has 3 kids, only one left in high school and simply can't make ends meet. I'm going over numbers with her tomorrow to talk about her options but I'm pretty sure she has no way out....Have to help her get her ducks in a row for the 7 years of ruined credit.

#5 05-24-2011, 11:20 AM

What type of debts is she holding?

randallscott35 · #6 05-24-2011, 11:21 AM

Quote:

Originally Posted by Coach Pants

What type of debts is she holding?

Let's see. Credit card. Behind on mortgage already. Slightly underwater on the home loan also. Not sure what else until I meet with her tomorrow.

#7 05-24-2011, 11:23 AM

Well she needs to stop paying the credit card bills and save her home, if possible.

randallscott35 · #8 05-24-2011, 11:26 AM

Quote:

Originally Posted by Coach Pants

Well she needs to stop paying the credit card bills and save her home, if possible.

Absolutely on the credit card. Like 10 grand there and they stopped the interest for a year for her but now they want to run it again. So I'm going to tell her to tell them to either make a deal or she goes bankrupt and they get nothing. As for the house, I say she should walk anyway. They can rent, they have no retirement savings and odds are housing hasn't bottomed.

MaTH716 · #9 05-24-2011, 12:08 PM

Quote:

Originally Posted by randallscott35

Absolutely on the credit card. Like 10 grand there and they stopped the interest for a year for her but now they want to run it again. So I'm going to tell her to tell them to either make a deal or she goes bankrupt and they get nothing. As for the house, I say she should walk anyway. They can rent, they have no retirement savings and odds are housing hasn't bottomed.

Really when you think of it, 10k in credit cards really isn't that bad. I'm sure that most of the charges are just day to day necessities. Food, Gas and Clothing for the kids, it just adds up. God forbid, someone gets hurt, needs dental and doesn't have adequate insurance or even have some sort of car trouble. People are just sinking.
My wife and I discuss it all the time (plus she talks to all her friends), it seems like many people are in the same boat and are heading down these same type of waters that your friend is in right now. It really is scary times.

randallscott35 · #10 05-24-2011, 12:09 PM

Quote:

Originally Posted by MaTH716

Really when you think of it, 10k in credit cards really isn't that bad. I'm sure that most of the charges are just day to day necessities. Food, Gas and Clothing for the kids, it just adds up. God forbid, someone gets hurt, needs dental and doesn't have adequate insurance or even have some sort of car trouble. People are just sinking.
My wife and I discuss it all the time (plus she talks to all her friends), it seems like many people are in the same boat and are heading down these same type of waters that your friend is in right now. It really is scary times.

And yet people say the recession ended 2 years ago and good times lie ahead. It is more like 1932 before the cliff

randallscott35 · #11 05-24-2011, 12:11 PM

Math, I expect to meet you at Monmouth this summer. I'll let you know when I will be down.

MaTH716 · #12 05-24-2011, 12:15 PM

Quote:

Originally Posted by randallscott35

And yet people say the recession ended 2 years ago and good times lie ahead. It is more like 1932 before the cliff

It all starts and ends up with employment.

The people that have jobs haven't gotten raises in years that coincide with the cost of living.

The people who don't have a job, just can't find one. Let alone find a decent paying one.

#13 05-24-2011, 12:15 PM

Get ready for the Amero.

MaTH716 · #14 05-24-2011, 12:16 PM

Quote:

Originally Posted by randallscott35

Math, I expect to meet you at Monmouth this summer. I'll let you know when I will be down.

Should I PM you my phone number in case you get banned again?........

I look forward towards it.

randallscott35 · #15 05-24-2011, 12:17 PM

Quote:

Originally Posted by MaTH716

Should I PM you my phone number in case you get banned again?........

I look forward towards it.

Haha. No I will PM you when i know.

MaTH716 · #16 05-24-2011, 12:18 PM

Quote:

Originally Posted by randallscott35

Haha. No I will PM you when i know.

Sounds good.

randallscott35 · #17 05-24-2011, 12:20 PM

Quote:

Originally Posted by MaTH716

Sounds good.

Don't worry, like herpes I will reappear when you least expect it...Pet Cemetery-esque

MaTH716 · #18 05-24-2011, 12:22 PM

Quote:

Originally Posted by randallscott35

Don't worry, like herpes I will reappear when you least expect it...Pet Cemetery-esque

Nothing a shot can't fix (or so I have been told

)

PeteMugg · #19 05-24-2011, 02:49 PM

does she have an income? equity in her home? what's her house worth? has she tried to sell it?

randallscott35 · #20 05-24-2011, 02:51 PM

Quote:

Originally Posted by PeteMugg

does she have an income?

Yes. Married and he has income. Not enough. Debt is insidious. This isn't a morality play. They know they screwed up. I'm going to help however I can. They are wonderful people. He hasn't had a raise in 6 years. And her job pays less than the job she had 3 years ago.