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Old 11-26-2008, 07:06 AM
 
Location: Gary, WV & Springfield, ME
5,826 posts, read 5,950,718 times
Reputation: 17126
Default Todays Pet Peeve 26 November 2008

The media sympathizing with people who lied about their income, got a loan they couldn't afford and then "lost everything" when the inevitable occurred. So many people did this and filed for bankruptcy (so they could keep their expensive house) that loan companies and banks lost more money than they could afford to. I've never lived in a house that was beyond my means and never understood why others felt they had to have the extras that were far beyond their ability to pay.

I always thought everyone knew that what they pay for their home should never be more than one quarter of their monthly income. I guess I was the only one that heard that.
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Old 11-26-2008, 07:51 AM
 
Location: Northeastern WI
19,396 posts, read 16,110,640 times
Reputation: 36101
We hear stories all the time, where someone wins the lottery, tells their bosses where to shove their jobs, and within a year, they are broke again and dont have good work references. Senseless.
If I ever won, Id keep my mouth shut, continue working, continue living a simple life, but just not have any debts....except to the IRS.
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Old 11-26-2008, 07:51 AM
 
Location: Where the real happy cows reside!
4,282 posts, read 6,516,503 times
Reputation: 10320
Alice, this ticks me off too.

Another thing that ticks me on this score is a certain person within the family circle who constantly cries poverty, but spends like there is no tomorrow on non essential things. They owe thousands to various people and businesses but had the debt written off in court! Here I am paying my bills on time and living within my means. Hey! Can someone give me a free ride once in a while?
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Old 11-26-2008, 07:53 AM
 
9,560 posts, read 5,056,468 times
Reputation: 17602
Quote:
Originally Posted by Livewire View Post
We hear stories all the time, where someone wins the lottery, tells their bosses where to shove their jobs, and within a year, they are broke again and dont have good work references. Senseless.
If I ever won, Id keep my mouth shut, continue working, continue living a simple life, but just not have any debts....except to the IRS.
I totally agree!!!
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Old 11-26-2008, 08:03 AM
 
Location: Looking East and hoping!
28,227 posts, read 13,244,116 times
Reputation: 2000000626
As a former loan officer for a mjor bank-there were many people I met with that had astonomical debt and when that was the case I advised them they should live in that car that they had the huge payment on because they would never own a home. Had a couple in their 70's had $86,000 in credit card debt! Their combined SS income was $2600, monthly payment $2500. I did get them refi'd and down to $800 a mo and all credit cards (20) paid off and destroyed by me.
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Old 11-26-2008, 08:10 AM
 
Location: West Texas
2,440 posts, read 3,545,150 times
Reputation: 2998
Quote:
Originally Posted by AliceT View Post
I've never lived in a house that was beyond my means and never understood why others felt they had to have the extras that were far beyond their ability to pay.
We're trying to get this idea across to my kids. We live in a more "affluent" area of the city. We are blocks from doctors and lawyers in our small city, but we live on the side of the neighborhood with smaller houses. My kids ask why we live where we do instead of a couple blocks farther in the nicer, more expensive houses.

My response is: "why?" My house is four bedroom (one for each child and one for me and the wife). There are two bathrooms. One kitchen, one living room. And a 2 car garage. So... what do I need more room for? My oldest is a senior in high school... he'll be off to college after this year. My daughter only has 2 years of high school left. How big a house do we need? Just because we can afford it doesn't mean we HAVE to have it. I'd rather save the money I'd spend on the mortgage and keep having nice summer vacations with the family (and it helps put some away for their college!!).

Great peeve post topic, Alice!
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Old 11-26-2008, 08:31 AM
 
Location: In my playhouse.
1,047 posts, read 1,787,152 times
Reputation: 1706
Alice, you are right about this peeve. What has me peeved is that it looks like the people that made the poor choices are in line for our tax money to help them stay in that home.

I have a relative that has a huge Christmas every year - massive amounts of presents - the kids actually get tired of opening presents! Then after the first of the year they are so broke they have their hand out. I got the silent treatment because I said something - I hope they keep not talking to me!!
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Old 11-26-2008, 12:44 PM
 
3,460 posts, read 2,382,315 times
Reputation: 6677
When I'm at work I like to watch what kind of car people drive up in. The ones with a $50K SUV don't get much sympathy when they tell me a sob story and ask for a discount.
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Old 11-26-2008, 02:51 PM
 
Location: Out there somewhere...
27,297 posts, read 19,536,875 times
Reputation: 74139
Quote:
Originally Posted by Livewire View Post
We hear stories all the time, where someone wins the lottery, tells their bosses where to shove their jobs, and within a year, they are broke again and dont have good work references. Senseless.
If I ever won, Id keep my mouth shut, continue working, continue living a simple life, but just not have any debts....except to the IRS.
Very smart information
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Old 11-26-2008, 02:52 PM
 
Location: Out there somewhere...
27,297 posts, read 19,536,875 times
Reputation: 74139
Quote:
Originally Posted by AliceT View Post
The media sympathizing with people who lied about their income, got a loan they couldn't afford and then "lost everything" when the inevitable occurred. So many people did this and filed for bankruptcy (so they could keep their expensive house) that loan companies and banks lost more money than they could afford to. I've never lived in a house that was beyond my means and never understood why others felt they had to have the extras that were far beyond their ability to pay.

I always thought everyone knew that what they pay for their home should never be more than one quarter of their monthly income. I guess I was the only one that heard that.
Just shows how many crooked people are out there. Liars and cheaters.
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