Model railroading yourself into debt...

[selector]

QUOTE: Originally posted by AggroJones

If I don't have the straight cash to obtain said item, then I don't recieve said item.

I don't use credit for anything railroad related.

That's the attitude, Aggro. It serves everyone well.

I wonder how their marriage is doing. A woman who likes security and maturity is not going to want to hang on to a child.

[AggroJones]

If I don't have the straight cash to obtain said item, then I don't recieve said item.

I don't use credit for anything railroad related.

[BRAKIE]

Well,I seen 2 others like him before..Sadly one of them lost everything including his family..He is still in the hobby spending mega bucks..The other guy and his family moved to parts unknown I suppose to start a new life style.I will say though that his wife love living well above their means..

[MAbruce]

QUOTE: Originally posted by Tracklayer


Anyone out there know what this guy is in for other than a bad credit rating ?

Unfortunately this behavior is typically only the tip of the iceberg of many other problems. One can only use their imagination. [:0]

It’s good to hear that you are a disciplined spender. [:)]

[rrgrassi]

Hmmm...Cutback on income should also mean cut back on all NON necessary spending, including on our wonderful hobby.

[davekelly]

Probably looking at becoming an ebay seller.

[talon104]

well i'd hate to say it but ,he might have to start clearing house to make up the difference to get himself out of hock. THoe 500.00 trains wont go for that much but it might help him out if he has gotten to that point? I know from experiance this ordeal and have had to get rid of stuff that was mine and i really charished( A Quad comes to mind) because my wife messed up our credit.

[Tracklayer]

QUOTE: Originally posted by jeffers_mz

Unlikely a guy who plunks $500 he doesn't have for a locomotive is financially responsible in the rest of his lifestyle. A must have prototype on credit, as part of a long term strategy, maybe, but not when it's a regular thing.

He's painted himself into a corner. Congress just changed personal bankruptcy laws, and it's not so easy to get out from under credit card debt anymore. When the dominoes start falling, he'll either learn the hard way, and then have to drag himself back up by his bootstraps, or come apart completely. Either way, he's in for a rough time.

If he was a friend, I'd have a blunt talk with him. He could still avoid a crash if he buys into a whole new outlook. If he's not listening, I'd tell him I had no choice but to take some big steps back, and exactly why, that I didn't really want to watch what was about to happen. You can lead the horse to water...

I did try to warn him. I asked him way back when if he had ever stopped to think about all the interest he was going to end up paying, but it didn't seem to phase him. I just figured he knew what he was doing and had his finances under control...

Tracklayer

[RoyalOaker]

QUOTE:
Anyone out there know what this guy is in for other than a bad credit rating ?.

Tracklayer

He is in for some hard life lessons. The sooner he learns from them, the better he and his family will be. Some advice I would give is for him to start selling the trains in order to pay his debt.

[Tracklayer]

QUOTE: Originally posted by Adelie

If the debt is big enough, litigation, wage garnishment and possible attachment of assets. If it can be proven that he deliberately rang up the debt and is refusing to pay, maybe worse.

According to his sister Linda (the one that told me about it), he'd been making his payments up until a couple of months ago, but after being cut back at work, he said he couldn't aford it anymore and just stopped making his payments. I think she said his debt is like $11,000.00... And 99% of what he bought on the card was model railroad related.

Tracklayer

[jeffers_mz]

Unlikely a guy who plunks $500 he doesn't have for a locomotive is financially responsible in the rest of his lifestyle. A must have prototype on credit, as part of a long term strategy, maybe, but not when it's a regular thing.

He's painted himself into a corner. Congress just changed personal bankruptcy laws, and it's not so easy to get out from under credit card debt anymore. When the dominoes start falling, he'll either learn the hard way, and then have to drag himself back up by his bootstraps, or come apart completely. Either way, he's in for a rough time.

If he was a friend, I'd have a blunt talk with him. He could still avoid a crash if he buys into a whole new outlook. If he's not listening, I'd tell him I had no choice but to take some big steps back, and exactly why, that I didn't really want to watch what was about to happen. You can lead the horse to water...

[Adelie]

If the debt is big enough, litigation, wage garnishment and possible attachment of assets. If it can be proven that he deliberately rang up the debt and is refusing to pay, maybe worse.

[talon104]

well depending on his other finance's . I f his other obligations are good probably letters forever,then a bad credit rating. If he is lettnig all his other obligations go down the tubes as well he is most likely looking at bankruptcy ? i guess ?

[Tracklayer]

I heard through the grapevine this morning that a guy I use to hang out with a number of years ago has gotten himself into trouble by maxing out one of his credit cards, then refusing to make his payments anymore. I remember when we'd go to the train shops how he would buy a $500.00 loco, rolling stock or what ever else he wanted like it was nothing and plop the card down on the counter.

I personally have one card other than my bank card and I try to keep it paid off.

Anyone out there know what this guy is in for other than a bad credit rating ?.

Tracklayer