A CW who carpool with me lended 4,500$ 2 years ago to her 29 years-old-baby for her to buy a car. The loan carry no interest but my CW is not debt free so she pay some interest on her side. Anyway, she "needed" to upgrade the main bathroom and need some $$ so, she brings her daugther to the bank and have her borrow 8,000$ @ 12.25%!!! This way, she can repay the 1,500$ remaining to Mom, clear the CC's balances and enjoy life! Listening that story, I just tought that's 1k$ of interest charge (cuz I now assume the loan to be repaid in about 10 years if ever repaid!)
Gee, how can you be in the ditch that much at 29 with a good paying job, no kidz, no house, a used car, living in a not so expensive area??? I'm clueless about this kind of shit!