Author Topic: Til Debt Do Us Part  (Read 7722 times)

rob in cal

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Re: Til Debt Do Us Part
« Reply #50 on: May 19, 2019, 12:36:18 AM »
Zamboni, thanks for starting the thread and the info about the show.  Love it, even my wife and kids are enjoying it.  Season 2, episode 2, now that was hilarious and sad.  But it was interesting to see a couple actually fail during the month of coaching by Gail, to lend some diversity of results.

5catlady

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Re: Til Debt Do Us Part
« Reply #51 on: May 19, 2019, 06:09:59 AM »
Gail lives nearby and she is just as much of a straight talker when calling out the local mayor! 

GrumpyPenguin

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Re: Til Debt Do Us Part
« Reply #52 on: May 19, 2019, 08:45:57 AM »
Gail lives nearby and she is just as much of a straight talker when calling out the local mayor!


I would LOVE to see that!

5catlady

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Re: Til Debt Do Us Part
« Reply #53 on: May 19, 2019, 10:05:38 AM »
Follow her on Twitter if you'd like to get an idea of what she's really like.  I think she's awesome and a great advocate but many find her overwhelming.

Zamboni

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Re: Til Debt Do Us Part
« Reply #54 on: May 30, 2019, 04:42:54 PM »
Okay okay, here is where I admit that we had a milk box on our stoop when I was a kid . . . everyone had them, and the local dairy delivered filled bottles for the number of empty bottles you put out. So bags of milks seems crazy weird to me.

I have not been updating this although I have continued watching. They were getting  repetitive, but then I hit S2E13 THE WEDDING EPISODE! Slightly new format, and this one is really hitting close to home since I'm thinking about tying the knot myself. Fortunately my other half and I are older and wiser than these kids, and there's always inspiration in Gail's firm but kind manner.

Laserjet3051

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Re: Til Debt Do Us Part
« Reply #55 on: May 30, 2019, 05:41:21 PM »
Okay okay, here is where I admit that we had a milk box on our stoop when I was a kid . . . everyone had them, and the local dairy delivered filled bottles for the number of empty bottles you put out. So bags of milks seems crazy weird to me.

I have not been updating this although I have continued watching. They were getting  repetitive, but then I hit S2E13 THE WEDDING EPISODE! Slightly new format, and this one is really hitting close to home since I'm thinking about tying the knot myself. Fortunately my other half and I are older and wiser than these kids, and there's always inspiration in Gail's firm but kind manner.

Wait until you get to Season 4 and see the problems "Stinky" brings to the table.

Zamboni

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Re: Til Debt Do Us Part
« Reply #56 on: May 31, 2019, 07:42:03 AM »
This seems like a dare to jump ahead to the stinky episode. Hmmmm.

Okay, edited to add that I am now watching the episode with Stink. He is a pretty boy.

But right off the top I gots to say this: does literally every dude in Canada play hockey? And golf? Kind of a winter fun/summer fun combo pack up there? And where are all the hockey playing Canadian chicks? I mean, I get why the chicks aren't golfing, cause golf sucks.
« Last Edit: May 31, 2019, 09:21:47 AM by Zamboni »

Goldielocks

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Re: Til Debt Do Us Part
« Reply #57 on: May 31, 2019, 09:33:35 PM »
This seems like a dare to jump ahead to the stinky episode. Hmmmm.

Okay, edited to add that I am now watching the episode with Stink. He is a pretty boy.

But right off the top I gots to say this: does literally every dude in Canada play hockey? And golf? Kind of a winter fun/summer fun combo pack up there? And where are all the hockey playing Canadian chicks? I mean, I get why the chicks aren't golfing, cause golf sucks.

Hah.  Women golf.   
You forgot curling. !!!  Oh the drama at work when curling season overlaps with golf.   People that don't play hockey curl.  Co ed teams.   Lots of adult leagues for all these sports.

Bowling used to be more common and faded out in the 80's... (5 pin bowling, not 10pin)

Prairies:  Golf, Hockey, Curling.   Ringette for younger women. Some hockey for adult women
BC: More $$ goes towards housing and there is more to do so not as common. More women play hockey here than in the prairies, I find.  I have a team or two I could ask to join if I played and I did take a "power skate for hockey" class to warm up to try it and never did finally join...

Zamboni

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Re: Til Debt Do Us Part
« Reply #58 on: June 01, 2019, 11:46:11 AM »
Oh yeah, curling . . . It's like bocci in that you can mostly keep one hand free to hold your beer.

I've switched to Money Moron today.

Season 1 Episode 3. Wow, that table got turned pretty quick! I've never seen anything quite like that guy.

Gail summed it up perfectly:
"You know what? Working is a lot easier than living with an asshole."
« Last Edit: June 01, 2019, 11:50:24 AM by Zamboni »

RetiredAt63

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Re: Til Debt Do Us Part
« Reply #59 on: June 01, 2019, 12:00:14 PM »
Oh yeah, curling . . . It's like bocci in that you can mostly keep one hand free to hold your beer.

I've switched to Money Moron today.

Season 1 Episode 3. Wow, that table got turned pretty quick! I've never seen anything quite like that guy.

Gail summed it up perfectly:
"You know what? Working is a lot easier than living with an asshole."

Gail has such good lines.  And she is right.

Spitfire

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Re: Til Debt Do Us Part
« Reply #60 on: June 03, 2019, 09:33:22 AM »
Thanks for the thread, after reading it, I binged pretty much the whole thing in the last month or so. I also started another one that she did called "money moron."

Kind of sad to see so many situations where people have no clue what they are doing, but at the same time it seems she is a great help to them by the end.

Zamboni

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Re: Til Debt Do Us Part
« Reply #61 on: June 03, 2019, 02:36:59 PM »
Yeah, she manages to help most of the people, which is great. It's startling how many people shop for entertainment.

MMM seems to have it nailed down: cars, eating out, shopping as entertainment. These are the main things that crush people financially.

TVRodriguez

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Re: Til Debt Do Us Part
« Reply #62 on: June 06, 2019, 09:37:56 AM »
Thanks for posting this and suggesting this show on YouTube.   I started watching it and am through the first season and into season 2.  I like how she rewards the couples who follow through and even do extra, while not rewarding the extraordinarily lazy.

Zamboni

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Re: Til Debt Do Us Part
« Reply #63 on: June 06, 2019, 09:53:52 AM »
^I'm glad you found it!

I'm finding Money Moron is mostly the same show as Til Debt Do Us Part except that not all of the folks are married couples. She also hones in on people she can really help in terms of getting their debt paid off pretty fast.

For example, I just watched MM S2E5: they made $90K combined, had $11K in credit card debt, owed his parents $14K, and a home equity line of credit of $30K from a kitchen renovation and pool addition. I could see how this type of debt could build up pretty fast. Unfortunately his rate of paying the HELOC was so low that it would take 356 years to pay it off! They also had no plan for retirement. Gail helped this couple a lot with just some basic common sense. Getting debt free isn't that hard as long as you catch yourself before it gets completely out of control.

Zamboni

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Re: Til Debt Do Us Part
« Reply #64 on: June 08, 2019, 04:50:31 PM »
Serious question: several people on the show (who are renting) seem to have a "line of credit" on which they owe $20-$30K.

How is this possible? Credit card consolidation lines of credit? Why do banks give people these?

Malkynn

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Re: Til Debt Do Us Part
« Reply #65 on: June 09, 2019, 04:50:59 AM »
Serious question: several people on the show (who are renting) seem to have a "line of credit" on which they owe $20-$30K.

How is this possible? Credit card consolidation lines of credit? Why do banks give people these?

???

Most people I know have a personal line of credit of some sort. The banks offer them all the time. They have an interest rate usually between 4-7%. When I got my latest LOC offer, it specifically was marketed in terms of reducing credit card payment interest, so yeah, I would assume that's what most people are using it for.

Is this not a thing outside Canada?

scantee

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Re: Til Debt Do Us Part
« Reply #66 on: June 09, 2019, 07:29:03 AM »
Serious question: several people on the show (who are renting) seem to have a "line of credit" on which they owe $20-$30K.

How is this possible? Credit card consolidation lines of credit? Why do banks give people these?

???

Most people I know have a personal line of credit of some sort. The banks offer them all the time. They have an interest rate usually between 4-7%. When I got my latest LOC offer, it specifically was marketed in terms of reducing credit card payment interest, so yeah, I would assume that's what most people are using it for.

Is this not a thing outside Canada?

I think it is less common in the US. Homeowners and business owners will typically have lines of credit. Certainly some people outside of those groups use LOCs, but itís just not as ubiquitous as credit cards. Iíve never had a personal LOC, nor known anyone who used one where I was familiar enough with their financial situation that we would be discussing this sort of thing.

OtherJen

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Re: Til Debt Do Us Part
« Reply #67 on: June 09, 2019, 09:20:22 AM »
Serious question: several people on the show (who are renting) seem to have a "line of credit" on which they owe $20-$30K.

How is this possible? Credit card consolidation lines of credit? Why do banks give people these?

???

Most people I know have a personal line of credit of some sort. The banks offer them all the time. They have an interest rate usually between 4-7%. When I got my latest LOC offer, it specifically was marketed in terms of reducing credit card payment interest, so yeah, I would assume that's what most people are using it for.

Is this not a thing outside Canada?

I think it is less common in the US. Homeowners and business owners will typically have lines of credit. Certainly some people outside of those groups use LOCs, but itís just not as ubiquitous as credit cards. Iíve never had a personal LOC, nor known anyone who used one where I was familiar enough with their financial situation that we would be discussing this sort of thing.

Not all homeowners here have a line of credit. Husband and I don't, and we're 15 years into our mortgage. We avoid interest-bearing non-mortgage debt like the plague.

Zamboni

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Re: Til Debt Do Us Part
« Reply #68 on: June 09, 2019, 10:02:03 AM »
Okay, yeah, probably I have been offered these types of "bank products" in the mail. I always just assumed they would be tied to my house.

When I see the folks making $20K or $30K who are renters and have a $20K-$30K line of credit debt on this show, well I just think that's irresponsible of the banks. Predatory lending is clearly alive and well.

Goldielocks

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Re: Til Debt Do Us Part
« Reply #69 on: June 09, 2019, 12:13:25 PM »
A personal line of credit or unsecured LOC are typically $5K and have an interest rate about 3% higher than a HELOC.

People will get them as emergency fund backup or bridge financing if they are temp. Short.  The larger amounts are often for debt consolidation loans.  I think the US has these by that name?  The bank sees that the client had insurious interest rates but is stable and can make monthly payments and a lower rate helps a lot.  They see an opportunity to make 7% interest with modest risk and the client saves the 14% or more interest in CC's. 

These could also be consolidation of car loans, student loans and CC's all together, too, for lower net interest.

Zamboni

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Re: Til Debt Do Us Part
« Reply #70 on: June 09, 2019, 02:35:48 PM »
So easy in North America to get into debt .  .  . thus the name of the show.

I've been bouncing around rather than watching the episodes in order. Latest one I watched had a husband who kept refinancing their house to take out more and more equity and thought that was being smart. Gail pointed out how amortizing your steak dinner over 30 years is a bad idea even if the interest rate is low.

Malkynn

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Re: Til Debt Do Us Part
« Reply #71 on: June 10, 2019, 04:33:05 AM »
A personal line of credit or unsecured LOC are typically $5K and have an interest rate about 3% higher than a HELOC.

Maybe the limits are different here in Ontario?

DH and I each have ~30K personal unsecured LOCs. We use them as an e-fund.

As for pp calling it predatory lending, can someone explain that to me?

Dogastrophe

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Re: Til Debt Do Us Part
« Reply #72 on: June 10, 2019, 05:13:26 AM »
My wife has a LOC for around $36K (prime + 1%) and we have a joint LOC for $35K (prime + 0.5%); both unsecured. We've had these for 15 years and 10 years, respectively. 

When we bought our condo the bank tried to convince us that we should set up a HELOC to take advantage of it's "great" rate ... but wanted an extra 1/4% on the mortgage rate. o.O
« Last Edit: June 10, 2019, 05:16:47 AM by Dogastrophe »

OtherJen

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Re: Til Debt Do Us Part
« Reply #73 on: June 10, 2019, 06:55:19 AM »
A personal line of credit or unsecured LOC are typically $5K and have an interest rate about 3% higher than a HELOC.

Maybe the limits are different here in Ontario?

DH and I each have ~30K personal unsecured LOCs. We use them as an e-fund.

As for pp calling it predatory lending, can someone explain that to me?

The above poster who mentioned predatory lending was describing the situation of someone with an annual income of $20-$30K who managed to rack up an equivalent amount of unsecured LOC debt at a fairly high interest rate. Obviously that is not your situation.

Malkynn

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Re: Til Debt Do Us Part
« Reply #74 on: June 10, 2019, 06:59:27 AM »
A personal line of credit or unsecured LOC are typically $5K and have an interest rate about 3% higher than a HELOC.

Maybe the limits are different here in Ontario?

DH and I each have ~30K personal unsecured LOCs. We use them as an e-fund.

As for pp calling it predatory lending, can someone explain that to me?

The above poster who mentioned predatory lending was describing the situation of someone with an annual income of $20-$30K who managed to rack up an equivalent amount of unsecured LOC debt at a fairly high interest rate. Obviously that is not your situation.

Reading too quickly on my phone. I totally missed the "making 20-30K" part.

Yeah, I would be seriously questioning a bank lending that much unsecured to people with such low incomes. Is that a common thing?

OtherJen

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Re: Til Debt Do Us Part
« Reply #75 on: June 10, 2019, 07:02:30 AM »
A personal line of credit or unsecured LOC are typically $5K and have an interest rate about 3% higher than a HELOC.

Maybe the limits are different here in Ontario?

DH and I each have ~30K personal unsecured LOCs. We use them as an e-fund.

As for pp calling it predatory lending, can someone explain that to me?

The above poster who mentioned predatory lending was describing the situation of someone with an annual income of $20-$30K who managed to rack up an equivalent amount of unsecured LOC debt at a fairly high interest rate. Obviously that is not your situation.

Reading too quickly on my phone. I totally missed the "making 20-30K" part.

Yeah, I would be seriously questioning a bank lending that much unsecured to people with such low incomes. Is that a common thing?

I donít know. I hope not.

Zamboni

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Re: Til Debt Do Us Part
« Reply #76 on: June 10, 2019, 07:22:47 AM »
I'm starting to agree with Dave Ramsey that banks and lenders are, for many people, the enemy. While I don't agree with everything Dave says, there is definitely a pattern of people thinking "oh cool, this interest rate is only 5%!" Most don't seem to realize that racking that rapidly up to $60K, which is easy to do with home repairs, cars, vacations, etc. now means the bank is getting $3000 of your take home pay each year . . . and that's $3K every year in addition to any dent you try to make a dent in the principal.

A personal line of credit or unsecured LOC are typically $5K and have an interest rate about 3% higher than a HELOC.

Maybe the limits are different here in Ontario?

DH and I each have ~30K personal unsecured LOCs. We use them as an e-fund.

As for pp calling it predatory lending, can someone explain that to me?

Based upon what a financial advisor has told me, thinking of a LOC as an e-fund is dangerous. The terms of most LOC's allow the bank to cancel it, freeze it, or even recall it at their whim. While I've never heard of that happening, he said he'd seen people lose their jobs, think "good thing I can use my line of credit!" and then the bank computers notice that their paycheck is no longer being deposited and trigger the LOC getting frozen. LOC's and CC's are not e-funds. An e-fund is your own actual saved money that you can access within a few days.

Back on topic, I just had a fun time watching TDDUP collide with Hoarders:

Money Moron
Mike and Celeste Season 2 Episode 2

Wow, they were a very cute couple, and you could tell that Gail really liked them right off the bat.


Malkynn

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Re: Til Debt Do Us Part
« Reply #77 on: June 10, 2019, 07:55:37 AM »
Based upon what a financial advisor has told me, thinking of a LOC as an e-fund is dangerous. The terms of most LOC's allow the bank to cancel it, freeze it, or even recall it at their whim. While I've never heard of that happening, he said he'd seen people lose their jobs, think "good thing I can use my line of credit!" and then the bank computers notice that their paycheck is no longer being deposited and trigger the LOC getting frozen. LOC's and CC's are not e-funds. An e-fund is your own actual saved money that you can access within a few days.

Yeah, I literally don't worry about this.

I don't see any reality where multiple banks shut down multiple LOCs, where a small stockpile of cash is actually going to save me. It's just not a risk scenario I bother trying to mitigate.

The real problem with using LOCs as emergency funds is that because they are so low interest compared to CCs, people don't feel motivated to pay them off and so they carry a significant balance for years, as seen in a lot of episodes.

Typically, financial risks are mostly behavioural, not actually true financial risks.

Goldielocks

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Re: Til Debt Do Us Part
« Reply #78 on: June 13, 2019, 03:07:40 PM »
A personal line of credit or unsecured LOC are typically $5K and have an interest rate about 3% higher than a HELOC.

Maybe the limits are different here in Ontario?

DH and I each have ~30K personal unsecured LOCs. We use them as an e-fund.
I could be provincial, although BC and AB are similar.... also, it depends on the year when you got your LOC.  I had a large-ish one, maybe $25k, that did not have any balance on it, originally set up around year 1999 for a small home reno then I paid off.  Anyway the bank reduced it to $5k during the 2008 recession, to reduce the numbers on their books.   After that, I found that most banks default to $5k max for a personal LOC unless you are asking for it for a very specific purpose like a renovation or to consolidate cc debt.

These are the exact opposite of predatory lending in my opinion -- low fees, rates are low (4-8%) and are a perfect counter-point to payday loans.'

Rural

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Re: Til Debt Do Us Part
« Reply #79 on: June 13, 2019, 07:44:27 PM »
Based upon what a financial advisor has told me, thinking of a LOC as an e-fund is dangerous. The terms of most LOC's allow the bank to cancel it, freeze it, or even recall it at their whim. While I've never heard of that happening, he said he'd seen people lose their jobs, think "good thing I can use my line of credit!" and then the bank computers notice that their paycheck is no longer being deposited and trigger the LOC getting frozen. LOC's and CC's are not e-funds. An e-fund is your own actual saved money that you can access within a few days.

Yeah, I literally don't worry about this.

I don't see any reality where multiple banks shut down multiple LOCs, where a small stockpile of cash is actually going to save me. It's just not a risk scenario I bother trying to mitigate.


A lot of banks shut down HELOCs during the 2008 crash: https://money.cnn.com/2008/04/18/real_estate/heloc_freeze.moneymag/index.htm?section=money_pf
« Last Edit: June 13, 2019, 07:46:00 PM by Rural »

Malkynn

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Re: Til Debt Do Us Part
« Reply #80 on: June 14, 2019, 04:46:29 AM »
Based upon what a financial advisor has told me, thinking of a LOC as an e-fund is dangerous. The terms of most LOC's allow the bank to cancel it, freeze it, or even recall it at their whim. While I've never heard of that happening, he said he'd seen people lose their jobs, think "good thing I can use my line of credit!" and then the bank computers notice that their paycheck is no longer being deposited and trigger the LOC getting frozen. LOC's and CC's are not e-funds. An e-fund is your own actual saved money that you can access within a few days.

Yeah, I literally don't worry about this.

I don't see any reality where multiple banks shut down multiple LOCs, where a small stockpile of cash is actually going to save me. It's just not a risk scenario I bother trying to mitigate.


A lot of banks shut down HELOCs during the 2008 crash: https://money.cnn.com/2008/04/18/real_estate/heloc_freeze.moneymag/index.htm?section=money_pf

As I said already, the risk of multiple large Canadian banks simultaneously shutting down multiple personal LOCs (not HELOCs), one of which is a business LOC, is just not something I spend any energy worrying about.

I worry about a lot of things, but this scenario isn't one of them. 

partgypsy

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Re: Til Debt Do Us Part
« Reply #81 on: June 14, 2019, 07:24:42 AM »
Based upon what a financial advisor has told me, thinking of a LOC as an e-fund is dangerous. The terms of most LOC's allow the bank to cancel it, freeze it, or even recall it at their whim. While I've never heard of that happening, he said he'd seen people lose their jobs, think "good thing I can use my line of credit!" and then the bank computers notice that their paycheck is no longer being deposited and trigger the LOC getting frozen. LOC's and CC's are not e-funds. An e-fund is your own actual saved money that you can access within a few days.

Yeah, I literally don't worry about this.

I don't see any reality where multiple banks shut down multiple LOCs, where a small stockpile of cash is actually going to save me. It's just not a risk scenario I bother trying to mitigate.


A lot of banks shut down HELOCs during the 2008 crash: https://money.cnn.com/2008/04/18/real_estate/heloc_freeze.moneymag/index.htm?section=money_pf

yes, this happened in the US, around that time our loc of 15K from our mortgage was frozen. It didn't make any sense, as it was tied to our mortgage and even at that time we had over 100K in equity. Apparently the bank was overleveraged and shut down accounts wholesale. I had it frozen again when going through divorce, and I guess I still have it? (probably still frozen). I'm not using it but it feels weird to close as it cost money and paperwork to open.