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I have a friend that is filing bankruptcy to the toon of 300K. I give him an A+ for effort, but really it was his own fault. Credit Cards! He started a pizza shop and worked hard. Then he bought the building so he didn't have to pay rent.(Smart!) Then he got a second store and worked harder. His business was making money. He got a third store and worked hard. He got a fourth store and.......... is filing for bankruptcy.
We had the come to Jesus talk a couple of months ago, but I don't think he got it. Thats when I searched the web and found all of these PF blogs. I am addicted to reading about people and how they get into debt... Seriously, it is like crack to me.

My buddy was making money and he also had perfect credit. The credit card companies loved him. Pays the mimimum on time every month. Has over a million dollars in cash flow! Then the banks sucked him dry too. Oh, Mr. so and so, what you need is to take all the equity out of your house. Here is a big pile of cash. HAHAHA! Oh, that wasn't enough, lets take all the equity out of your pizza shop building. Here is a big pile of cash. Excellent, you are still making all of your minimum payments on time, but now you have bigger loans and bigger payments. Now throw in a litte recession and the bussiness stops making money. The big piles of cash to help make payrole are gone. SHIT! I know, apply for more credit cards. You have perfect credit. Ching! 100K in new unsecured credit. Throw in a little more recession and all four stores are closed. The end...

PS. At least he tried, and filed bankruptcy because he tried to keep his business alive. He had a truck with 200K miles on it. He didn't have a fancy house or designer jeans that he pluked down on the credit card. The banks ate his lunch even though it was too late. They let him max it all out. That should be against the law. Yes, I am sure there was a little discretionry spening on the credit cards, like the girls need shoes. But really!

As for the rest of you idiots, stop procreating!