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Personal Finances / Credit Cards and Consumer Debt
|Subject: update to friend upside down in everything||Date: 4/26/2013 11:58 PM|
|Author: 401kinvestor||Number: 306929 of 311074|
A few years ago my friend at work was upside down on his car, trailer, and cc debt. He filed for bankruptcy protection and stuck it to Wells Fargo Bank. He moved in with his relatives in Phoenix and saved up $6K to buy a single wide trailer for $10,000. The lady selling it financed the loan at 0%! and payments of $200 a month. He is almost paid off.
2 months ago the car dealership was able to finance a brand spanking new car for $34,000 at a credit union that he didn't belong to. They gave him a rate of 6.5% for 7 years. They are debiting his checking account at his bank for the payment.
He still has 2 401k loans for $2500 which is the max he can borrow.
Beginning of the year he cancelled his phone and internet because he could afford it.
I sometime put a quarter on his desk when he isn't looking so he can but rammen noodles at the store.
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