What did you guys think about that episode. I am in shock that the first family shown would allow such spending for their kids and yet they barely have clothes for their children. Then the dad signed one of those adustable rate mortagages and he is going to get screwed even more.
Then the second family who took out 200,000 in student loans. Jesus. Does school cost that much these days? I have never.
Anybody out there going through a similar situation?
2007-10-19 00:58:00 · 8 answers · asked by e j 2 in Family & Relationships ➔ Marriage & Divorce
I honestly think if I owed that much money I would die. As it is if my credit card bill gets over $500 I get physically ill from owing that money....so I definetly can't see how people do that! i guess I was just raised differently ......of course my sister that has the same parents with the same upbringing as me has filed bankruptcy once, is about to again, about to get her house foreclosed and owes about 100,000 on student loans....unbelievable! And the funny thing to me is this...we make a huge deal about going to college and taking out loans for it. Well every last person I know who went to college has been drowning in debt ever since but those of us who just worked are doing well.....maybe it's time the college thing is reconsidered as well....
2007-10-19 01:24:20 · answer #1 · answered by . 6 · 2⤊ 0⤋
I saw that show and I honestly think that is more the norm than anything. When I was younger, I wondered how other families "seemed" to have more. It started hitting me when a mortgage broker offered us an ARM and I was so offended I got up from the table in a huff. I knew right then that was NO way to pay down debt....at all! I realized that many are living in houses they cant afford and not paying down principal at all. If people just understood interest and how much it COSTS they would pay things off and cut up the credit cards. I think we are seeing the affects of a sense of entitlement. People grew up having things and think that as soon as you are on your own you should have the same things. People have lost the sense of working your way up. We are big on saving and working to pay off our mortgage.We payed off our student loans before we bought a home or new cars OR before we even considered having kids. We have four kids who all have health insurance, see a dentist regularly. I can't even imagine spending $400 on a pair of SHOES while my kids go without!!! My husband and I look forward to a very nice retirement just after all four of our kids are educated. If we do things right and give our kids the best start possible, we should be able to splurge THEN....not now.....Being in debt at all is bad, seeing that show yesterday just made me shake my head....
2007-10-19 02:29:16 · answer #2 · answered by Anonymous · 1⤊ 0⤋
Yes school cost that much. You can get an education anywhere but some schools give a step up in particular careers and over a persons lifetime, its worth the cost. I do believe it should be the students debt, not the parents however if school cost more than say a state university.
The most we ever spent on extras for our kids was around a 100 for a game system, twice. Spoiling your kids doesn't get you anywhere.
2007-10-19 01:16:33 · answer #3 · answered by tjnstlouismo 7 · 1⤊ 0⤋
Not that bad at all... I have credit card debt and am paying it down. This Christmas,.. it will be cash only for gifts. No gifts will be purchased on credit.
Spending to keep up with the Jones like that is an illness and someone who has to worry about whether her kids have a zoo at a birthday party, taking a 16 yr old to Las Vegas... that's sick.
The adults need therapy... these are huge self esteem issues.
It's sad. Now they have to sell their house and move out of state. Suzie Ormon... whoa... she's tough.
2007-10-19 01:02:20 · answer #4 · answered by teritaur 5 · 0⤊ 0⤋
I didn't see the show, but, I know it does not take thousands to raise kids a year, lol... people need to quit buying tommy hilfiger stuff, or guess stuff, or letting the kids spend lots on doing their hair @ the salon, etc... simple life is best... as far as the student loans, I think most colleges are 15 to 25 grand a year, sheesh! lol... so we pay professors to hook up romantically w/ these kids, too, sigh! what a world... =(... I suggest kids going to the local community college for 2 years then transferring to the major college they want for the last 2 to 4 years... saves lots of money!!!
2007-10-19 01:05:56 · answer #5 · answered by elvlayarvvi fEisty wife and mom 6 · 1⤊ 1⤋
We aren't, but I knew a family that had 90,000.00 in credit card debt (not counting their home and other bills) . I was sort of shocked she would tell me about it (she babysat my kids). I couldn't even imagine that. We have one credit card that we owe under 3000 on and I can't wait to get it paid off. I couldn't even think about 90,000. I think I would have a stroke.
My parents taught me early on how to manage my money. They should have money management classes in school's starting young, maybe 4-5 grade and have a class on it every year until graduation. I know a lot of people that got into trouble right after graduation with credit cards and going over board with them. They just didn't know how to manage money.
2007-10-19 01:10:42 · answer #6 · answered by ♦justme♦ 6 · 0⤊ 0⤋
Nope. Some of us know the value of a dollar and know how to budget. Those families sound like losers.
2007-10-19 01:01:09 · answer #7 · answered by Anonymous · 0⤊ 3⤋
No sorry
2007-10-19 01:01:37 · answer #8 · answered by sexyguy 2 · 0⤊ 1⤋