Tweet
SC: "What do you expect me to do?"
I hate that question.
Oh, sometimes I feel for the person. Those who lost a job after taking on extra debt... we can work with them. Set up deferred payments. Work out a longer loan, or even a cheaper loan. But these options are only available for someone who has had a significant change in circumstances (like a job loss or a medical problem) since they got the loan.
People who make over $100,000 a year and still manage to rack up $50,000 worth of credit card debt, and now complain because no one will give them more credit to dig themselves even deeper... I'm sorry, I just have no sympathy.
People who are devastated because we won't approve a $30,000 auto loan for them because we're not sure they can afford it, I have no sympathy. Cheaper cars exist people.
People who bought their house at an adjustable rate that they KNEW they couldn't afford, but "oh, I can refinance in a couple of years when the house values go up"... okay, I have a little sympathy, but gods, how can you depend on such a thing?
My biggest problem with them is when they look at me and ask--or rather DEMAND-- "What am I supposed to do?" as if I'm supposed to pull out some magic wand and solve their financial woes.
Let me clue you into a little secret: If you are already in over your head, more debt WILL NOT HELP.
Why don't you try consolidating that debt into a lower interest rate? Oh, you did that? And then you wracked up your credit cards again instead of learning one small iota from the lesson?
Another little secret. When you take out a loan, eventually your creditors will want paid. And there is only so long you can take out new, larger loans to pay on the old ones. Eventually, you reach your maximum. At which point, you not only have to live within your means, but you have to figure out a way to live UNDER your means so that you can pay back that debt.
What do I expect you to do?
Pay your debts? Make a budget? Stop spending so much on things you don't need? Cut up the credit cards and make a payment plan to get out of that cycle of debt? Maybe even buy downward into a house you can actually afford?
No, I don't actually expect you'll do that. You'll probably just start playing the lottery. Because, you know, you DESERVE to win.
I hate that question.
Oh, sometimes I feel for the person. Those who lost a job after taking on extra debt... we can work with them. Set up deferred payments. Work out a longer loan, or even a cheaper loan. But these options are only available for someone who has had a significant change in circumstances (like a job loss or a medical problem) since they got the loan.
People who make over $100,000 a year and still manage to rack up $50,000 worth of credit card debt, and now complain because no one will give them more credit to dig themselves even deeper... I'm sorry, I just have no sympathy.
People who are devastated because we won't approve a $30,000 auto loan for them because we're not sure they can afford it, I have no sympathy. Cheaper cars exist people.
People who bought their house at an adjustable rate that they KNEW they couldn't afford, but "oh, I can refinance in a couple of years when the house values go up"... okay, I have a little sympathy, but gods, how can you depend on such a thing?
My biggest problem with them is when they look at me and ask--or rather DEMAND-- "What am I supposed to do?" as if I'm supposed to pull out some magic wand and solve their financial woes.
Let me clue you into a little secret: If you are already in over your head, more debt WILL NOT HELP.
Why don't you try consolidating that debt into a lower interest rate? Oh, you did that? And then you wracked up your credit cards again instead of learning one small iota from the lesson?
Another little secret. When you take out a loan, eventually your creditors will want paid. And there is only so long you can take out new, larger loans to pay on the old ones. Eventually, you reach your maximum. At which point, you not only have to live within your means, but you have to figure out a way to live UNDER your means so that you can pay back that debt.
What do I expect you to do?
Pay your debts? Make a budget? Stop spending so much on things you don't need? Cut up the credit cards and make a payment plan to get out of that cycle of debt? Maybe even buy downward into a house you can actually afford?
No, I don't actually expect you'll do that. You'll probably just start playing the lottery. Because, you know, you DESERVE to win.
Took a good long while tho.
Comment