No. of Recommendations: 11
As I eluded to in my previous post, there are some people with scary credit out there! I recently found out that a friend is one of them! We talked on the phone last week and she told me the following:

- She's been settling her CC debt with companies. One company told her, "We can't settle unless your account is at least 6 months past due," so she told them not to expect payment for the next six months and that she'll call them after to arrange a payoff. ?!?! She had $3000 to settle on a $6000 debt. Why not just send over the 3k and deal with the rest? I don't get it!

- She traded in her 1997 Honda Civic for a 2000 Audi A6! I still can't figure out how she managed that, since she was already embroiled in the CC payoff fiasco. I felt some comfort knowing that her monthly payment is around $600 - I know that's due to her funky credit and her stunning lack of negotiating skills (I SAW her lease a car at the STICKER PRICE - hahaha). Mine on the same car would be around $400 or so.

- Her husband decided that he HAD to trade in his 1999 Toyota Camry for a 2000 BMW 325i. Of course, does he qualify for a BMW 325i? Ha! I don't even think he'd qualify for a 1990 325i! So, my friend signs the lease on her credit, which is (frighteningly) much better than his!

- Now, my friend and her husband are separating. I feel bad for them, but they were never the most stable couple. When she moved out, she told him he would have to arrange for the lease to be put in his name on the BMW. He told her that he could neither qualify nor had the payoff money to buy out the lease. Therefore, she took the car. She's got a friend driving it and she is refusing to make any more payments on it. She said "they can hunt me down, put a boot on it or repo it before I'll do anything about it." She's just gonna let her friend drive it, without payment until they come to get it. What is the logic behind this? I think I'd at LEAST try to sell that bad boy and get some or all of the payoff on the lease for it. I asked if she was prepared for a repo to show up on her credit. She said, "Hey, if I'm gonna get screwed, I'm gonna put up a fight over it." Whatever!

What is wrong with people? As I get older and take on more responsibility, it becomes apparent to me that people are fundamentally lacking in education about their credit and personal finanaces. They don't want to know - they don't care. I was raised with the mentality that you don't do anything to hurt your credit - ever. You LBYM and charge sparingly. I STILL managed to rack up some impressive debt numbers, however, I've started snowballing and I've always paid my bills diligently and I'm still saving, short-term and for retirement.

I'm glad there are Fools around to tell these stories to who care. I like sharing and reading some of the hard-knock stories, since it makes me feel MUCH better about my credit and the hard work I've done to maintain it.

Fool on, Fools!

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