The new normal

[FLBK7]

Did anyone else notice something missing from the story of the couple with the house in Maryland? They took out a mortgage way over their heads and then racked out CC debt trying to hang on? (sounds familiar).

Anyway, they talked to them and they said, "well now we're cash only." and everything seemed all happy and pleasant. Um, how they did fix their situation?

I said to my husband that they must have filed bankruptcy. Money didn't just fall from the sky to allow them to pay that mortgage, pay at least the minimums on their racked-up $50K in debt and now they have cash to cover all of their living expenses? Even if you cut back, that doesn't make sense.

I'd like an explanation, please !

Sounds like they filed BK and got a fresh start.

[Ifonly]

Definitely nothing wrong with filing BK....I just thought if that was the case it was lame that they didn't say it. I thought it was lame that they didn't show how they got out from under, period. Made it look too easy.

[Bandit]

Definitely nothing wrong with filing BK....I just thought if that was the case it was lame that they didn't say it. I thought it was lame that they didn't show how they got out from under, period. Made it look too easy.

Whenever I see that "now we use cash only" speech and credit is evil claim, it reminds me of people who are poor at managing money. I also think that people like that who racked up a bunch of debt by living above their means, often just assume that everyone is poor at handling finances and lived above their means as being the reason that everyone has to file BK, when that is not always true. That could be why they did not mention BK as well as being ashamed of it. It is pretty lame not to reveal how they got to the cash only boogie man.