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Re: Revolving debt, home equity I must have it now syndrome
Old 05-19-2007, 07:46 PM   #21
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Re: Revolving debt, home equity I must have it now syndrome

Funny the picture of the family sitting at the kitchen table looks alot like a Far Side cartoon!!!

Lets think of a smart line here!
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Re: Revolving debt, home equity I must have it now syndrome
Old 05-19-2007, 08:00 PM   #22
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Re: Revolving debt, home equity I must have it now syndrome

Quote:
Originally Posted by chinaco
This is a case of Natural Selection in the world of personal finance and FI. It is mother natures way of improving the quality of the herd!
... They didn't look both ways before walking across the borrowing street and got hit by the debt Bus! Ouch!
Or you could look at it as the predator and the prey. (you know big eats little)... In this case smart eats dumb!
Quote:
Originally Posted by LOL!
The Moellerings are gonna get a lot of flack for this story. They just don't seem very bright.
Quote:
Originally Posted by crazy connie
Yup and we get to collectively bail the moronic individuals out.
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Originally Posted by FinanceDude
Their story is repeated tons of times across America everyday
Hey hey hey, a little respect here!

These are the people who are helping to drive the consistent & insanely great returns seen by the financial sector for the last few years. Why, they're probably supporting 0.003% of my ER portfolio all by themselves.

And these are the people who will be working the rest of their lives to bail out Social Security & Medicare with their payroll taxes...
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Re: Revolving debt, home equity I must have it now syndrome
Old 05-19-2007, 08:02 PM   #23
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Re: Revolving debt, home equity I must have it now syndrome

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Originally Posted by Nords
Hey hey hey, a little respect here!

These are the people who are helping to drive the consistent & insanely great returns seen by the financial sector for the last few years. Why, they're probably supporting 0.003% of my ER portfolio all by themselves.

And these are the people who will be working the rest of their lives to bail out Social Security & Medicare with their payroll taxes...
Point taken!
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Re: Revolving debt, home equity I must have it now syndrome
Old 05-19-2007, 08:11 PM   #24
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Re: Revolving debt, home equity I must have it now syndrome

Until our congress critters see how 'horrible' this is and 'how good we savers have it' and justify taking from us 'just to help them and even out the playing field.' This kind of story scares the crap out of me.

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Re: Revolving debt, home equity I must have it now syndrome
Old 05-19-2007, 08:13 PM   #25
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Re: Revolving debt, home equity I must have it now syndrome

There is a radio personality - Jeff Beck I think - that takes calls from people just like the ones in the story. It is amazing.
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Re: Revolving debt, home equity I must have it now syndrome
Old 05-19-2007, 08:41 PM   #26
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Re: Revolving debt, home equity I must have it now syndrome

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Both say they could manage better if they only had the time. "Its been almost two weeks since weve had time to sit down and go over the bills, Ms. Moellering said. You cant do it every day because we both work full time. Were trying to cook dinner. We have to do the dishes, fold the laundry."
I guess they have to fold the laundry; they've thrown all the bills in the laundry basket...

This mindset of "we have to deal with the bills everday" puzzles me. At my house, when a bill arrives, it's payment date is logged on a calendar. Once a week we write checks or make the online payments. Then again, I'm not in debt; perhaps daily juggling is needed??

Guess I'm still trying to decide if they're in denial, or just don't care, or if they're having some kind of a power struggle over this.
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Re: Revolving debt, home equity I must have it now syndrome
Old 05-19-2007, 08:42 PM   #27
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Re: Revolving debt, home equity I must have it now syndrome

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Originally Posted by deserat
Until our congress critters see how 'horrible' this is and 'how good we savers have it' and justify taking from us 'just to help them and even out the playing field.' This kind of story scares the crap out of me.
Right. I have this fear of Roth earnings being taxed. The debt-laden boomers have to keep up their standard of living somehow!
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Re: Revolving debt, home equity I must have it now syndrome
Old 05-19-2007, 08:43 PM   #28
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Re: Revolving debt, home equity I must have it now syndrome

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Originally Posted by runchman

And 30-some k for software design? He must not be much of a programmer, that is a crazy low salary for someone that can code.
That was my first thought. Either he's exaggerating his job title/description, or he needs to ask for a serious raise.
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Re: Revolving debt, home equity I must have it now syndrome
Old 05-19-2007, 11:15 PM   #29
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Re: Revolving debt, home equity I must have it now syndrome

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Originally Posted by VoyT
This mindset of "we have to deal with the bills everday" puzzles me. At my house, when a bill arrives, it's payment date is logged on a calendar. Once a week we write checks or make the online payments. Then again, I'm not in debt; perhaps daily juggling is needed??
Exactly! What's the with the 'everyday' deal? Like you say, once a week works. Although for myself, I just found it easier to pay as they came in. (otherwise I'd probably forget to pay once in a while....at least 'on time'....I tend to forget things occasionally)

I always knew what the 'closing date' of my CC's were, and so the day after closing (or as near to it as possible) I'd get online and pay the bill. Still do with the one CC I use, as well as a couple of other monthly bills that aren't on 'auto-pay' (yet).

So I'd guess, according to the Moellerings, most of us here just aren't normal! But then again, I've always enjoyed be abnormal. .......
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Re: Revolving debt, home equity I must have it now syndrome
Old 05-20-2007, 12:02 AM   #30
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Re: Revolving debt, home equity I must have it now syndrome

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Originally Posted by bright eyed
I also think it is interesting - the denial - but also just the overall spiralling out of control-ness of the story. they eat out when they have a bad day - i don't think they feel in control of their lives - and look up and wonder why they are depressed.
One giveaway is the passive voice in many of the quotes fromthe couple. They see things as "happening to them" rather than realizing that their situation is the net result of all their decisions (big and small). Going out to eat tonigt is not going have a big impact on their overall situation--but it will have a small one.

The 1948 education film Khan linked to http://early-retirement.org/forums/i...?topic=14163.0 might have looked a little hokey, but this couple could benefit a lot from something as simple as a piece of graph paper with their road out of debt plotted out over time. That, and getting into the habit of delaying gratification.

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Re: Revolving debt, home equity I must have it now syndrome
Old 05-20-2007, 01:16 AM   #31
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Re: Revolving debt, home equity I must have it now syndrome

perhaps they can come up with a new home economics that includes folding laundry, paying bills and reading the fine print on the credit cards!

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Re: Revolving debt, home equity I must have it now syndrome
Old 05-20-2007, 10:48 AM   #32
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Re: Revolving debt, home equity I must have it now syndrome

Education is not the issue. These same people:
1) Buy what is advertised on TV and radio
2) Shop in the retails stores and pay full price
3) Buy cars at the local dealer at the price quoted
4) Finance our "free"credit cards
5) Keep life insurance companies in business.

and many other things beyond just financing SS and Medicare...

We need to count our blessings that WE are the exceptions.
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Re: Revolving debt, home equity I must have it now syndrome
Old 05-20-2007, 11:14 AM   #33
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Re: Revolving debt, home equity I must have it now syndrome

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Education is not the issue. These same people:
...
4) Finance our "free"credit cards
...
and many other things beyond just financing SS and Medicare...
Agreed. Don't be so hard on them, they are good for us.
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Re: Revolving debt, home equity I must have it now syndrome
Old 05-20-2007, 12:08 PM   #34
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Re: Revolving debt, home equity I must have it now syndrome

Here's another sucker fish on the line.. Just got to wonder how long $34K will last her each year. With a nice steady supply of money each year think how far into the future she can borrow. :P

http://www.cnn.com/2007/US/05/20/luc....ap/index.html
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Re: Revolving debt, home equity I must have it now syndrome
Old 05-20-2007, 12:13 PM   #35
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Re: Revolving debt, home equity I must have it now syndrome


Hey...if everyone was saving and shooting for early retirement.....who would pay for our social security!

I know....I may not have any by the time I am 62...but it gives me something to smile about!
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Re: Revolving debt, home equity I must have it now syndrome
Old 05-20-2007, 12:29 PM   #36
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Re: Revolving debt, home equity I must have it now syndrome

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Originally Posted by UncleHoney
Here's another sucker fish on the line.. Just got to wonder how long $34K will last her each year. With a nice steady supply of money each year think how far into the future she can borrow. :P

http://www.cnn.com/2007/US/05/20/luc....ap/index.html
already able to recognize her problem, i suspect she will fair well.

"If I'd have taken a lump sum, I'd be broke again within five years," she said
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