Chris and his finances: An in-depth review of his debt

[garbageraider]

1. Chris's known current debt is almost $8,000 and may be more.
2. Chris and Barb probably have only a few more months in the rental house. Then they're on their own.
3. Most of the tugboat is going to Barb. Chris is struggling to pay the monthly minimums on his credit cards.

Even if he tried, is it within Chris's power to pay off his debt at this point?
Or is he beyond the point of no return, where bankruptcy and default is inevitable?
If so, how long until he defaults on his debt?
Thoughts? Opinions?

Scenarios: (assuming $8,000 starting debt, interest compounded monthly)
----------------------
Chris pays $800 a month, and the APR is 15%= 11 months, total payment of $8,600.
Chris pays $800 a month, and the APR is 25%= 12 months, total payment of $9,064
Chris pays $800 a month, and the APR is 33%=12 months, total payment of $9,485
----------------------
Chris pays $400 a month, and the APR is 25%= 28 months, total payment of $11,048
Chris pays $400 a month, and the APR is 33%=30 months, total payment of $11,775

 

[RP 520]

I'm guessing Barb is taking all of Chris's money for bills, q-sands, and maybe medication?

(I'm saying medication since she seems like one of those morbidly obese elderly people in wal-mart that rides a scooter-cart and carries a zip-lock bag with 200 different medications while wearing a breathing aid.)

 

[garbageraider]

1. Chris's known current debt is almost $8,000 and may be more.
2. Chris and Barb probably have only a few more months in the rental house. Then they're on their own.
3. Most of the tugboat is going to Barb. Chris is struggling to pay the monthly minimums on his credit cards.

Even if he tried, is it within Chris's power to pay off his debt at this point?
Or is he beyond the point of no return, where bankruptcy and default is inevitable?
If so, how long until he defaults on his debt?
Thoughts? Opinions?

Scenarios: (assuming $8,000 starting debt, interest compounded monthly)
----------------------
Chris pays $800 a month, and the APR is 15%= 11 months, total payment of $8,600.
Chris pays $800 a month, and the APR is 25%= 12 months, total payment of $9,064
Chris pays $800 a month, and the APR is 33%=12 months, total payment of $9,485
----------------------
Chris pays $400 a month, and the APR is 25%= 28 months, total payment of $11,048
Chris pays $400 a month, and the APR is 33%=30 months, total payment of $11,775

I gotta say that it looks like Chris is well beyond the point of no return. He can't pay off a significant amount of debt in the few months that he and Barb have left at the rental house. When Chris and Barb are on their own, Chris will have to put most or all of the tugboat towards essential bills and living expenses. Unless he takes out more credit (another loan) at that point to pay his minimum monthly payments, he's going to default on his debt. The thing is, up to this point, Chris has usually taken out all the credit that he can get, so he probably can't get more credit. My money is on that he defaults on his debt before the end of the year. And when he does, of course, it will be anyone's fault but his own.
TL;DR Chris is financially fucked and beyond the point of no return.

 

[Sweet and Savoury]

I guess it possible that Rocky gets the church to donate some money to Barb and Chris once they lose the rental home. Other then that they are seriously screwed as they have no fallback. No family no friends and no more options.

 

[Kosher Dill]

Even if he tried, is it within Chris's power to pay off his debt at this point?

I think these days the rules are structured so that as long as you make the minimum payments (and don't immediately rack up more debt) you're guaranteed to pay off the debt within X number of years. Chris could probably slowly pay off the debt if he stopped sucking the Lego dick.

 

[fuzzypickles]

I almost feel bad for Chris as he's doomed to wind up on the streets of Charlottesville, wind up in jail for a petty crime or worse, but then again, he dug his own grave years ago, and now he's stepping inside and covering himself up.

 

[garbageraider]

I think these days the rules are structured so that as long as you make the minimum payments (and don't immediately rack up more debt) you're guaranteed to pay off the debt within X number of years. Chris could probably slowly pay off the debt if he stopped sucking the Lego dick.

Back at 14 Branchland Court, especially when Bob was still alive, Bob and Barb could pay the household bills and have spending money left over. Chris could put almost his entire tugboat towards paying off his debt if he had to. But with the situation now, most of his tugboat is going to pay fixed expenses. Also, his debt is over twice as high as it's ever been before. Now, even if Chris suddenly got a large sum of money, he'd probably just buy more LEGOS instead of put it towards paying off his debt. He's that stupid. His current financial situation is hopeless, but I count on Chris to make it even worse before he finally defaults.

 

[Takayuki Yagami]

Of course not. Everyone knows CWC-Cola is best served from the fountain and drunk with a straw.

And spiked with Chris's comeuppance.

 

[Optimus Prime]

I gotta say that it looks like Chris is well beyond the point of no return. He can't pay off a significant amount of debt in the few months that he and Barb have left at the rental house. When Chris and Barb are on their own, Chris will have to put most or all of the tugboat towards essential bills and living expenses. Unless he takes out more credit (another loan) at that point to pay his minimum monthly payments, he's going to default on his debt. The thing is, up to this point, Chris has usually taken out all the credit that he can get, so he probably can't get more credit. My money is on that he defaults on his debt before the end of the year. And when he does, of course, it will be anyone's fault but his own.
TL;DR Chris is financially fucked and beyond the point of no return.

Can you tell us if they have a car? Provided it doesn't get repossessed, they'll probably just live out of that once the rental's gone. I'm pretty sure Son-Chu's been gone for years, but they get to those fast food joints and LEGO-selling stores somehow.

 

[Silver]

19-year-old who doesn't know shit about money here... what would it mean for Chris if he defaulted?

 

[AnimuGinger]

19-year-old who doesn't know shit about money here... what would it mean for Chris if he defaulted?

Credit score plummets, collections can get called in. They can cut you off until you pay them. You gotta work stuff out with them.

You can ignore it, but then they'll get the jerkops involved. You can file for bankruptcy, and all that fun stuff. You can try to settle the debt.

Bad times friend ahead.

 

[Tubular Monkey]

Back at 14 Branchland Court, especially when Bob was still alive, Bob and Barb could pay the household bills and have spending money left over. Chris could put almost his entire tugboat towards paying off his debt if he had to. But with the situation now, most of his tugboat is going to pay fixed expenses. Also, his debt is over twice as high as it's ever been before. Now, even if Chris suddenly got a large sum of money, he'd probably just buy more LEGOS instead of put it towards paying off his debt. He's that stupid. His current financial situation is hopeless, but I count on Chris to make it even worse before he finally defaults.

Don't worry about Chris. All he has to do is sell a few Sonichu drawings for several thousand dollars. It's basically a license to print money.

 

[ToroidalBoat]

I gotta say that it looks like Chris is well beyond the point of no return.

I've said it before, but had Chris been able to stick with the Cub Scouts and Boy Scouts, he just may have learned the importance of thrift.

 

[Alec Benson Leary]

My money is on that he defaults on his debt before the end of the year. And when he does, of course, it will be anyone's fault but his own.

That's the main reason I don't want even weens to offer him piddly money for his drawings. I'm just anxious to get on with the show, giving him money will delay it for a bit.

 

[CalmMyTits]

That's the main reason I don't want even weens to offer him piddly money for his drawings. I'm just anxious to get on with the show, giving him money will delay it for a bit.

Are you sure him getting a bit of money for his drawings will delay this any? He doesn't know how to save so I don't think that any profit he could ever (realistically) make from his drawings will delay the inevitable.

I'm still somewhat flabbergasted that Chris is in this much debt. I remember when Bob was alive he was like 3k in the hole or something and Bob paid them off in exchange for taking more of Chris' tugboat. Looks like Bob's death unraveled the Chandler household in more ways than one.

 

[garbageraider]

That's the main reason I don't want even weens to offer him piddly money for his drawings. I'm just anxious to get on with the show, giving him money will delay it for a bit.

It's going to be interesting. Up to now, in his entire life, he's never had to deal with the consequences of his financial irresponsibility. The entitled prick thinks that he deserves everything that he wants, and is above working, because he's better than everybody else. Given that there are many honest, hardworking people out there that are financially responsible, Chris's attitude really pisses me off. He's going to tard rage at his credit being maxed out and not being able to buy anything more, but the truth is that he never deserved any money or credit in the first place. And to those saying "Chris isn't able to work" that's not true. Chris could hold a manual labor job, the only thing preventing him from doing so is his poor attitude and laziness.

 

[Alec Benson Leary]

Are you sure him getting a bit of money for his drawings will delay this any? He doesn't know how to save so I don't think that any profit he could ever (realistically) make from his drawings will delay the inevitable.

Good point. He does seem to spend whatever he gets right away no matter how much he has.

 

[Sweet and Savoury]

Well it follows the pattern, Fatty has alway had someone come in a solve his problems for him. Old Bobby cleaned up his credit and forced him to pay attention to his finances and we all know how well that has worked in the long run.

Somehow Rob Bell got him off Scott-free after running down Mike and State Farm saved the day after Mr. Pants-On-Head burned down his own home.

But now who will step in and save Fatty this time?

At best he can ignore the calls from his creditors, at least he is well practiced at that, however sooner or later he will face them and either strike a deal (lol Fatty bargaining with collection agents!) or have to declare bankruptcy.

Sadly I think this will be another of those things where Fatty's autism will save the day as if he just ignores his creditors he'll be fine as they can't garnish his tug-boat. So the stupid fuck will get to keep all his little toys without have to pay for them. This won't save him in the long run as he will continue to live beyond his means but it will delay the day of reckoning.

 

[FifthColumn]

This will be good for him. The gravy train has to end at some point.
I wonder how he will cope/ react to all of this?

 

[Marvin]

Are you sure him getting a bit of money for his drawings will delay this any? He doesn't know how to save so I don't think that any profit he could ever (realistically) make from his drawings will delay the inevitable.

Well, any little profit Chris makes will contribute to his ability to maintain his current lifestyle of pissing away money. And more importantly, it'll make Chris feel hopeful, like his fantasy world isn't that infeasible. I mean, it might be unavoidable, but still, I'd prefer if someone wasn't puffing up Chris' ego in that way.

Somehow Rob Bell got him off Scott-free after running down Mike and State Farm saved the day after Mr. Pants-On-Head burned down his own home.

Heh, and even that wasn't good enough for Chris. That wuss charged them money to help them avoid jailtime!