I have a life-long friend... Yet he doesn’t listen when I tell him about Dave Ramsey, Crown Financial, or other debt reduction programs. It’s just frustrating.
Never heard of Crown Financial so I googled them. What a complete joke! I fail to see their qualifications. And Dave, Ramsey, puhlease!
Go to religion to comfort you if that's what you need. It's not a solution to bad life/financial decisions. He needs education!
I'm not sure I appreciate the tone of this message but I will try to respond in cordial manner addressing the issue at hand. Usually I agree with your logic doinghomework. In fact from what I’ve read you, doinghomework, are one of the better minds on these forums. Not sure if this was just a bad day or what.
I noticed a similar tone when doinghomework responded on Feb 22, 2012 2:21pm to a comment in this thread by stannius. Perhaps this topic hits a nerve as seen below.
Perhaps my initial cynicism in my response was because I am also in a similar situation and always have been, well at least since around college.
Both Financial Peace and Crown Financial have helped lots of people get out of debt. I know this from personal experience. I used Financial Peace to help me better understand budgeting, reduce my debt with the “debt snowball strategy”, and having the freedom to live debt free. I went from being thousands of dollars in debt to being debt free. So it is a valid system. Just not for everyone. I just mentioned Crown Financial because I'd heard of it before. Please specify which program you have used or recommend.
I'm looking for constructive feedback not a beat down. Nor am I interested in a debate about religion.
We may agree to disagree on religion. My roommate in college and I disagreed on many issues but we still got along. People do every day. Different isn't always better or worse. It is just different. The topic of this thread is what to do with a financially strapped person you care for.
Your friend is a deadbeat. He got himself into the situation. His wife might have dumped him because he is a loser. Above all else I don't understand why trying to get his child support reduced is a good thing. Why would you support him taking money away from his kids?
Once again this is not a helpful paragraph. I know my friend made mistakes. But he is not a looser. He made over 100k a year at a fortune 500 company and worked there for almost 20 years. Understand that his wife was just as much to blame as he was. Maybe even more so. It takes two to tango. She spent both his and her paychecks, she lived beyond their means to impress family/friends, she tried to control all aspects of his life (she handled the finances), maxed out the credit cards in his name while maintaining her credit cards with no balances, and she ended up cleaning out what was left of their mutual savings accounts.
As to the reason why he tried to reduce his child support. is his wife made over 100k a year as well. He was living off of 25k a year. Yet she was receiving $700 a month of his $1500 paycheck. Do the math. He couldn’t even support himself with basic necessities. She had the house he paid for. He gave it up for his little girl to have a good home to grow up in. Plus he got stuck with all the credit card debt which she charged. I hope that sheds some light on the matter.
Suggestions: I’ve suggested he declare bankruptcy now that his daughter is full grown and has a full athletic scholarship to a great university. As I understand it he would need to have about $1500-2000 to get a lawyer to process the bankruptcy.
Anyone else have other suggestion and/or constructive feedback?