On the subject of finances, cars, etc, etc

I really can't belive the stupidity of some people!!

My wifes step brother....always been Jack the lad. Only good thing he had going was he owned his own flat, but otherwise, has always been bad with money.

He met a girl a good while ago (single Mum), who had her own (council) house. They hooked up, he decided to move in with her. All goes well, he sells his flat, makes 60 grand, buys himself a plasma tv and a used 04 plate 3 series BMW deisel for approx 10k. This must have been 12 months ago.

So every time I see the inlaws, I ask my wifes mum how her son is. She always responds that she hasn't heard from him.

GOOD BIT
Last night I heard why he never shows his face....he had been round asking for money from my wife's Dad, who actually gave him some. The reason he has not been back is because he is avoiding paying it back!!!!

FIFTY GRAND IN ROUGHLY 12 MONTHS DOWN THE PAN!

To top it off, I was also told that his Mum leant her niece a grand to insure a new car.....BRAND NEW.....12 months ago, and has not had anything back!!!

I am dumbfounded.

its too easy to borrow money and its even easyer to spend it when you've not had to earn it, borrowing money is BAD! we all have to borrow it at some stage like mortgages, cars, bikes ect but other than that i try not to borrow any and do not own a credit card, if i aint got the money i cant have it.

He'll learn the hard way.

Maria

Idiot. He should have rented his flat out. Then he'd have some income from it and could always move back if the relationship fails (which I imagine it will do, as he sounds like a total loser).

Originally Posted by kwak zzr

and do not own a credit card,

That is a very costly mistake!!!

As long as you are not an idiot and have the means to pay the card off IN FULL every month, that money you are spending on it can be sat in a ~4% savings account every month. If you have 1500/month go through your credit card (and most of it going out early on), that is the potential for ~60/month interest (~700/year) you are loosing out on ... now that really is just as fecking stoopid as abusing a card and paying ~?700/year on interest isn't it!!!!!

Credit cards are great unless you are a retard and then they are very dangerous!!!

I don't have a credit card either. I learned the hard way

Originally Posted by Ed

I don't have a credit card either. I learned the hard way

i'd rather not have one

what a plonker,

I'm seriously thinking of doing the 0% credit card thing as sugested by MArtin Lewis, I've always been good with money and this makes sense, put every thing onthe 0% card ie.e shoppoing petrol etc, you have the money to pay for it but put that money in an ISA or high interest rate account (90 dya) to avoid the temptation) gain the interest over the year then pay off the card in full at the end and take out anotherone next year. If you pay the minimum aprently the debt does not count against you.

Anyone any thoughts.

p.s. there is no credit crunch the government are trying to came the economy..... remeber money goes to money!!!!

Sadly this is a story that you hear everywhere nowadays - almost as common as the people who remortgaged their houses to release equity during the housing boom ---"so I only owe 10K on my mortgage, but my house is now worth 200k - I'll re-mortgage and spend it on a stupidly big 4X4 "--

I've heard the BMW X5 is the favourite as you can be like a footballer/WAG. Was reading about the surge in their availability on eBay as these idiots realise how much it costs to run one of these, and why even very rich people very rarely have them as they cost a fortune.

I totally agree on the credit card as well - I'm on an AMEX cash back, just got about £250 off it for the last year - I enjoy making money out of the banks and not the other way round

Originally Posted by kwak zzr

its too easy to borrow money and its even easyer to spend it when you've not had to earn it, borrowing money is BAD! we all have to borrow it at some stage like mortgages, cars, bikes ect but other than that i try not to borrow any and do not own a credit card, if i aint got the money i cant have it.

Kwaks right, and I agree about only borrowing when you really really need it, like for education (student loan) or a place to live (morgage). If I wanted something like a new bike, for example, then I would save, rather than get a loan or go on finance. When I get a house with maria, I'll get a credit card but that'd only be for emergencies, like if e.g. the fridge-frezer broke and we needed a new one right away, but dont have the money until the end of the month or something.

People who are not good with money tend to never be good with money, at least that what I've observed.

Matt