Comments on: Make a Budget: Mommy Ruined Tommy’s Credit

By: James W

James W — Thu, 19 Nov 2009 11:23:47 +0000

this story reminds me of a car crash.

the key to getting out of financial difficulty is not to find another way to get more money through credit but to face up to the issues and take control of your finances and credit score.

personal budgeting is the only way to:

1. fully understand where all of your money is going
2. make intelligent decisions about how to better spend the income you
receive.

budgets give you knowledge and as the saying goes, knowledge is power.

By: denise

denise — Mon, 06 Apr 2009 03:26:44 +0000

I was in that same situation but thank god for the clear cedit blueprint that it didn’t take me that long to got it cleared up because having good credit is vital to our living status in today’s economy

By: Viet

Viet — Mon, 04 Jun 2007 19:07:14 +0000

Wow, that makes a lot more sense now. Looks like I gotta pay the tax now…

By: dave mcclure

dave mcclure — Wed, 18 Apr 2007 15:24:50 +0000

>>Ramsey’s Stupid Tax stories are not related to tax in any way

that’s an interesting sentence, but i presume you mean that “Stupid Tax” = “Tax you pay for being Stupid”, not “Stupidness about doing my Taxes”, right?

By: Viet

Viet — Tue, 17 Apr 2007 20:34:59 +0000

that is definitely a tough situation Jon. zap’s suggestion of coming to terms or reaching an understanding with the parents can be an approach you may consider; after all, he is your father.

consolidating your loan to a different lender to get a better rate, or negotiating with your current one can also be something you can consider. I’m not too sure what you meant when you said “I don’t think there is any way to get the loan out of my name,” so if you can clarify that, maybe I can point you toward sites with relevant information.

By: Tyler

Tyler — Tue, 17 Apr 2007 20:06:56 +0000

Ramsey’s Stupid Tax stories are not related to tax in any way. Check them out at his web site. You’ll find that your Train Wreck series is pretty much the same thing as the Stupid Tax. It all deals with personal financial no-no’s etc.

By: zaphod2016

zaphod2016 — Tue, 17 Apr 2007 20:04:24 +0000

Jon:

I feel for you. I’ve currently got about 17k in school debt, and both of my parents fell short on a few promises.

Every situation is unique, but my solution was to consolidate all student loan debt with Sallie Mae. I was able to negotiate a 15-year term at 7%, even with less-than-perfect credit. My monthly payment is about $200. I was able to avoid going into default by simply calling up my loan companies and telling the truth,

Money aside, the real “cost” is the emotional conflict this has caused. Again, each situation is unique, but my solution was to tell my parents that I was happy to pay off the debt, and to accept that sometimes even “rich” people are bad with money.

Good luck to you.

Zap

By: Jon

Jon — Tue, 17 Apr 2007 18:04:46 +0000

Great story – I am actually involved in a similar situation so I can relate to this. My dad promised to pay back my student loans and fell behind. I didn’t think twice about it because he is a doctor. The worst part was I didn’t notice he wasn’t paying them until 3 months after the fact. So now after working so hard in college I have to start out handicapped.

To take it a step further after finding this out, paying the balance myself, and him promising to pay it – he still didn’t pay. Now I am stuck with 15K in debt that I was promised would be paid. I would have gladly paid them in the first place if he would have simply asked for my help, but he was too embarrassed.

Unfortunately this situation also ruined our relationship – I don’t even talk to him anymore. I don’t think there is any way to get the loan out of my name, but if anyone has any advice I would appreciate it.

By: Viet

Viet — Tue, 17 Apr 2007 14:07:10 +0000

I’ve never read Ramsey’s Stupid Tax stories before, but from the sound of it, it is probably similar. Although our train wreck stories aren’t limited to tax mistakes. Thanks for the comment!

By: Tyler

Tyler — Tue, 17 Apr 2007 13:08:32 +0000

So these Tuesday Train Wreck stories are your version of Dave Ramsey’s Stupid Tax stories? I like Dave’s better.