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Home > Heard about my first bailout

Heard about my first bailout

October 10th, 2008 at 11:41 pm

Yup, someone I know is getting bailed out! These people spend and spend and spend.... Forgive me if I'm not really clear on the details. I get this information third-hand. They are the stereotypical spenders - just have to buy everything! They almost lost a house a few years ago, but instead they ended up in a much larger and newer house. Of course they are in danger of losing this house as well. I was just told that this house is in an elderly relative's name. The relative just got a letter from the bank stating that the late payments will be rolled over into the loan. The bank is also refinancing the loan 1% lower which will save them $200 per month.

Wait. I work hard, pay all my bills, and don't have extravagances in my life. Where's MY bailout?

9 Responses to “Heard about my first bailout”

  1. creditcardfree Says:
    1223688699

    I'm proud of you for not needing a bailout. Keep up the good work.

  2. Broken Arrow Says:
    1223693621

    It is us, the unfortunate few, who have to make sacrifices to bail out the foolish many, who have squandered our precious resources, in order to keep this boat of ours from sinking.

    I hope they appreciate our sacrifices.

    Bailout or not, I wouldn't want to be in that circumstance. They still face the dangers of eviction and foreclosure. I couldn't possibly sleep well knowing that, so I'm glad I still have peace of mind.

  3. dmontngrey Says:
    1223727614

    Well BA, that's certainly an excellent point. They didn't learn their lesson with the first house and they were on the wrong track with this one. Just think of all the wonderful junk they can buy and the things they can do with this extra $200 a month!! I give them a year, tops, before they are in serious trouble again.

    Well I know what *I* would do with that kind of money a month. I'm sure they'll do the right thing - right?? /sarcasm

  4. Ima saver Says:
    1223733786

    I know a couple just like that also. They spend hundreds of thousands of dollars a year just on fancy vacations.This week, they are declaring bankrupcy. Oh, i know, because they owe us quite a bit of money which they now will not have to pay!

  5. dmontngrey Says:
    1223743301

    Well that figures and I'm really sorry to hear they owe you money!

    These are the kind of people who buy love. They shower those around them with lavish gifts - hundreds and hundreds of dollars worth. This is how they raised their children. Now one is married and has a child about to turn 1. This younger couple is an odd mix of extravagance and common sense.

  6. fern Says:
    1223759612

    The new rate may be 1% lower, but if they're rolling late charges(?) into the lew loan, they'll just be paying more years.

  7. dmontngrey Says:
    1223760409

    fern: you and I may be well aware of how interest rates and loan terms work, but these folks are just not that type. They wont be able to see past just getting $200 a month freed up!

  8. whitestripe Says:
    1224639755

    hmm, makes me think of my parents!
    i help with the books for their business, and they keep getting their houes loan 'extended' (as in, refinancing and applying for more money) to renovate their house. then they spend their earnings from the business on other stuff (all the perks you mentioned the other couple spent money on, like holidays, clothes, things they don't need, gambling, dinners out) and then can't pay the bills for the business, so then transfer money from the loan to pay the business bills, and oh! have to apply for more money to renovate...!

    the odd thing is, they don't understand a thing about their loan. they don't even understand how to read a credit card statement. they don't understand that the way things are going, if they sell their house and move to the country (which is what they want to do) the sale of the house may only just cover their debt at this stage. but they're not concerned... they just spend more money!
    gar! doesn't it make you just want to SHAKE some people???

  9. allen Says:
    1226868709

    I lost over $500K during the Clinton administration. I want to be bailed out TODAY (with interest of course).

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