Just found out the wife ran up some serious credit card debt

That sticker on the tail probably knocks at least a grand off the price.

 

She doesn't look like the crack whore variety I had envisioned.

 

Just wait till it lying on it's side in the morning with fluids dripping out and your wallet it empty.

 

Speaking from personal experience ?

 

The bike....or....?

 

mountain ... meet mole hill. But please, keep telling the guy to keep 25% credit cards, and not consider 7% home equity line. "copy" .

and what i was saying... was he's already got the credit card debt crushing him at 25%, mol $12,000 a year in interest (which you seem to brush off as no big deal) , so why not consider a home eq line, BUT IF for some reason, he's in danger of losing the house as he's failing to curb the wife's spending habits, yea, he could just put the debt BACK on a credit card. Call me crazy.. but please, tell me the problem with this plan?

 

Because it's still trying to borrow your way out of debt.

 

You're ignoring all the other borrowing options that maybe a bit slightly higher than a Heloc, Way cheaper than credit cards, but yet won't leverage himself out of a house if the spending continues.

There are a lot of lower interest options than a credit card that don't put your primary residence in jeopardy.

I have an unsecured line of credit and the interest rate is at 8.34% when I just checked now. It fluctuates, I actually haven't paid attention to it in a while, and thought it was much lower...... There is a limit to how high you can go with an unsecured line, but mine is around 30k.

 

It's hiding a scratch. I need to remove it, and either put another sticker on, or get some black vinyl to cover it.

 

Well, you did say whore, and not crack whore. I have one or ten of those crack rabbit varieties. They do leak fluids, and leave my wallet empty at times...

 

87K new IRS agents....... life needing more grief?

 

Also let me be constructive before I tell ALL Y'ALL to get off my lawn...

Financial advice:
1) people who have money and no debt
2) those that have debt and all the angles
Marriage advice:
1) someone who has been married 40 years
2) someone who ahs been divorced twice

Pick your sources....

 

All can provide you with valuable knowledge in certain ways. Sometimes knowing exactly what NOT to do is worth more than anything .

 

I chose my source based on the problem of which I need to solve. I'm not asking anyone that hasn't been divorced for advice about divorce any more than I'd ask a broke guy for financial advice.

 

Not borrowing such a small portion of his equity on a low interest, no fee HELOC and instead choosing to pay tens of thousands in CC interest just to discipline himself and his family is a poor financial decision IMO.

I do understand the need to reprogram ones self to avoid borrowing, but get yourself out first and then start the disciplining.

Now let's see the pics.

 

So ex wera racer can’t afford his wife’s lifestyle should have been the thread title?

 

HELOC is a no brainer as far as I’m concerned.

that is the cheapest way out of the debt. If the underlying spending habits and communication don’t improve, the results are in the divorce thread.

And the house is gone regardless in that situation

 

just my opinion..going to be a long road...given assets.. and such... communication is going to be the biggest asset yall have while going through this.. money can always be made.. communication..and if shit doesn't change you will have another choice to make

 

The problem is you suggested that he write off the HELOC interest as part of a fictitious construction project.

Great plan as he needs to add the IRS as an interested party to his personal finances.

Had you not suggested the write off, it would have actually been a legitimate response.

 

The reality is the standard deduction for married people filing jointly is $25,900. So I’m guessing most people don’t pay over 25,900 on interest and taxes. My house taxes are around 5k and I don’t know what my interest is without looking it up, but it would have to be over 20k which I’m pretty certain it isn’t?

So what I always learned and even taught my kids is mortgage interest is deductible, but I think for many regular people the standard deduction is so high now a days, your mortgage may not be deductible?

Well at least when we had 30 year mortgages below 3%.