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Senior Member
Join Date: Jun 2000
Location: N. Phoenix AZ USA
Posts: 28,977
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Quote:
Originally Posted by 1967 R50/2
I don't feel sorry for your friend. His problems have absolutely NOTHING to due with inflation, $150 oil, the housing downturn or anything other than his own irresponsibility.
There is no reason somebody making 100K a year can't make payments on a 400K home..even with a maturing ARM. He needs to sell his bike, his interest in the 2nd home, sell the interest in the plane and probably put a few other capital items on ebay. With the capital raised he could pay off his credit cards and live a comfortable life.
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Agreed with you and Randy on this. He has done this to himself and is actually digging the hole even deeper with each month. He does not realize that he can stop this spiral downwards and just keeps buying and buying things that he does not need, but since he can make payments on it, he does it.
Its people like this who are causing problems like we have in this country, and lending institutions who continue to lend to them!
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2021 Subaru Legacy, 2002 Dodge Ram 2500 Cummins (the workhorse), 1992 Jaguar XJ S-3 V-12 VDP (one of only 100 examples made), 1969 Jaguar XJ (been in the family since new), 1985 911 Targa backdated to 1973 RS specs with a 3.6 shoehorned in the back, 1959 Austin Healey Sprite (former SCCA H-Prod), 1995 BMW R1100RSL, 1971 & '72 BMW R75/5 "Toaster," Ural Tourist w/sidecar, 1949 Aeronca Sedan / QB
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