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Posted on 5/26/23 at 8:47 am to Eightballjacket
quote:
It’s crazy that something like rising insurance premiums is enough to put a person in the position that they’re begging friends for money.
that's just what's tipping the scale, bottom line is his friend is over extended and is financially irresponsible
Posted on 5/26/23 at 8:50 am to Eightballjacket
quote:
It’s crazy that something like rising insurance premiums is enough to put a person in the position that they’re begging friends for money.
It’s not the insurance, it’s all the other bad decisions they appear to be making.
If they lived reasonably, he could afford his boat without having to ask a friend for money.
What’s not been mentioned is what kind of debt they have. I assume they’ve maxed out cards or close to it…
Posted on 5/26/23 at 8:53 am to Eightballjacket
quote:
It’s crazy that something like rising insurance premiums is enough to put a person in the position that they’re begging friends for money.
I think the OT is overall a bubble due to most of it being college educate career-type people or business owners but you would be very shocked how many people truly live paycheck to paycheck. Even when they get raises instead of saving it they take on other expenses or do more stuff.
Look at what people have been paying just for Taylor Swift concert tickets as a sign of poor decision-making. Going to a concert isn't as important as paying bills to them and that's the problem. Most of them probably put it on a credit card and on top of paying $2500 for the ticket now they will pay the minimum balance on that card at 22% interest.
Posted on 5/26/23 at 9:09 am to Eightballjacket
quote:
It’s crazy that something like rising insurance premiums is enough to put a person in the position that they’re begging friends for money.
When we were buying our house right before the market went nuts, we purposefully bought something that gave us plenty of wiggle room if costs rose.
I have more than a few friends who used the full amount that was loaned to them and are in the process of becoming upside down on their mortgages.
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