Credit Card confessions....

[Honda Guy]

Hello fellow TRF members,
I have been silly and it is time I come clean.

I bought a number of watches (rolex included) and used debt to pay for them. These watches have really made me happy but now I worry about the interest, wife finding out, stupidity of it all.

I earn middle class money but - after paying the home loan, car loan, credit card bills, I have nothing left. I then got a Citibank personal loan pre-approval in the mail,.... I took the money (which I was going to pay off the credit cards) and bought some watches.

I bought the following pieces (i paid about $20K):-
Rolex 16233, 69173 (for the wife)
Breitling Navitimer
Cartier ladies Diablo
Omega Speedie

Since buying the watches (used) the market has crashed. The dealer I bought them from staid he is now selling very little.

I owe $60k excluding the home loan.

When do you think the market will come good again?

[buz-lh]

Bless you. It will probably be at least two years from what I'm reading. I think it may be time to come clean with the wifey. She's in this with you whether she wants to be or not. I would suggest if you're spending every penny you have just to reduce debt to go ahead and take the beating by disposing of these and paying the debt down as much as possible. Just my two cents. Good luck.

[charliec]

Surely you should be asking Santa for help ???

In seriousness, the new watch market is dead but aparently there is still life in the used market here in the UK according to a major dealer here. The outlook for our economy is bleak and forecasts indicate official recession for most counties with depression for some. The good news for those in serious debt is that regulations are about to be implemented that will grant leave of absence (within reason) for those that cannot afford to pay everything owed without the immediate threat of home repossesion. However IVA are's on the up and lenders are panicking hence the loan crisis currently experienced.

[2careless]

Sounds archie...

[rajurama]

Archie yes it is.

[ArizonaHD]

Hello Archie...

And Goodbye Archie

[ArizonaHD]

Please not another run of youtube videos...

Spare us!

[SPORTSFAN]

Hi Archie,

You must win the persistancy prize................

I think that you should charge a fee to watch your You tube videos.......that would be a start..............

Happy Christmas......................

Regards Mike.

[Honda Guy]

Who is archie?

[SPORTSFAN]

Originally Posted by Honda Guy

Who is archie?

You are Archie.
"The LUXURY GUY".........................




Regards Mike.

[toph]

Originally Posted by 2careless

Sounds archie...

Originally Posted by rajurama

Archie yes it is.

Originally Posted by ArizonaHD

Hello Archie...

And Goodbye Archie

Originally Posted by SPORTSFAN

You are Archie.
"The LUXURY GUY".........................




Regards Mike.

that is exactly what i was thinking when i saw the post on another thread?

maybe he has made a band?
http://uk.youtube.com/watch?v=mGL4bt...next=1&index=7

[SPORTSFAN]

Hi Toph and Happy Christmas......

Archie just can't resist the ladies of the night can he !.....


Regards Mike.

[buz-lh]

I can't believe I fell for this, as my Archiedar has been on high alert lately. Doh

[toph]

Originally Posted by SPORTSFAN

Hi Toph and Happy Christmas......

Archie just can't resist the ladies of the night can he !.....


Regards Mike.

Merry Christmas to you too

I know he is a fiend

[Dylan Wade]

I'm lost on this one guy's; what or who is "Archie"?

Just some prank...........?

[cody p]

fascinating stuff!

[DoxaDavid]

Must be some inside joke I missed out on? Anyone want to tell the rest of us so we can laugh along?

[mretzloff]

Originally Posted by DoxaDavid

Must be some inside joke I missed out on? Anyone want to tell the rest of us so we can laugh along?

Ya. Who's archie?

[Mike B]

There was this Archie fellow on here awhile back who (during his FIRST post if I'm not mistaken) posted up ALL his/his wife's personal belongings, along with thier cost/value for EACH item (and I mean ALL of thier stuff watches, handbags, etc. etc.). It was a fun read, but got old REAL fast. Dig around here for "Archie" and I'm sure you'll catch on quick to the person we refer. Oh, and check out his Youtube videos while your at it lol :)

[builtforspeed]

I think Archie provides a cautionary tale concerning the ugly obsession with the price of things, and the prestige the Archies/Stephens of the world believe those things convey. Pathetic, actually.

Cheers,

Chris

[bodybump]

Hahahaha oh archie....Well getting back on you question...i know its sometimes tempting to buy watches and especially when you have this credit cards hanging around with small interest but once you add that up its totally big money...Even right now if you check the sales forum there are a lot of deals and tempting deals...Market will not rebound in the first quarter of the year..it might be a slow growth..but i hope with our new president something chages...$60k is a lot of money i mean a lot of debt..you should be very very careful with your spending..You have very nice collection..but its really time to make a descision..I say kepp you Rolex and sell eveything else... Hope everything works fine with you in the new year... Merry Christmas to you!!!

[Bisquitlips]

Ah HA!

I do remember Archie!!!!!

Well, if it is Archie, and he is telling the truth about his CC debt, then I would not want to be him when his wife gets a whiff of this!

[2careless]

I think there are several incarnations already:
archie42
Stephens
Mathew Aspen (or Matthew Aspen)

Serial pest it is.
gif credit to Paul :-)

[Perpetuator]

well that was three minutes well spent...

[dcash0615]

I have to give you credit for sharing this story with us. Not many will admit their true financial situation. I am a little concerned for you though down the road. This market is not going to get better for quite some time.

Now to your situation at hand. What were you thinking? Not real smart, but I can understnad why you did it. It is a disease once you catch the watch bug. You can never have enough.

You mention that you have a home. Hopefully you have some equity. Maybe not though, not sure. If you do have equity, I would refinance and pull cash out to pay off these debts (consolidate). Mortgage interest rates are at 50 year lows. By doing this you can consolidae all or some of your debts and lower your monthly payment obligations. The interest you pay on the first $100K cash you take out of your house in a refi is basically tax deductable regardless of what you use the funds for. I know it is not good to use your home as an ATM machine, but in your case, I do not see any other option. You are headed for trouble unless you do something now.

Good luck.

Originally Posted by Honda Guy

Hello fellow TRF members,
I have been silly and it is time I come clean.

I bought a number of watches (rolex included) and used debt to pay for them. These watches have really made me happy but now I worry about the interest, wife finding out, stupidity of it all.

I earn middle class money but - after paying the home loan, car loan, credit card bills, I have nothing left. I then got a Citibank personal loan pre-approval in the mail,.... I took the money (which I was going to pay off the credit cards) and bought some watches.

I bought the following pieces (i paid about $20K):-
Rolex 16233, 69173 (for the wife)
Breitling Navitimer
Cartier ladies Diablo
Omega Speedie

Since buying the watches (used) the market has crashed. The dealer I bought them from staid he is now selling very little.

I owe $60k excluding the home loan.

When do you think the market will come good again?

[TempoKing]

Originally Posted by Honda Guy

Hello fellow TRF members,
I have been silly and it is time I come clean.

I bought a number of watches (rolex included) and used debt to pay for them. These watches have really made me happy but now I worry about the interest, wife finding out, stupidity of it all.

I earn middle class money but - after paying the home loan, car loan, credit card bills, I have nothing left. I then got a Citibank personal loan pre-approval in the mail,.... I took the money (which I was going to pay off the credit cards) and bought some watches.

I bought the following pieces (i paid about $20K):-
Rolex 16233, 69173 (for the wife)
Breitling Navitimer
Cartier ladies Diablo
Omega Speedie

Since buying the watches (used) the market has crashed. The dealer I bought them from staid he is now selling very little.

I owe $60k excluding the home loan.

When do you think the market will come good again?

Hello there Honda Guy
I am sorry to hear that you have invested 20.000 dollars in these 5 used
watches. Unfortunately when the market will recover (4-6 years from now)
I can only see the Navitimer and the Omega (if both mechanical)
to recover & increase in value by then.

The Diablo will remain in your household to remind you of a bad dream for
a long time to come, unless you give it away.

The two Rolex watches (thank God you bought those) as they are the bread and butter
of the watch business can be sold any time with about 10% to 25% loss at the moment
from what you paid, depending how greedy the Jeweler was.

I wish you the very best for the New Year and next time ask before you buy.
Regards

Anastasios
Important Watches-used price specialist...

[2careless]

Ehhh, guys... This OP has previously stated in another thread that he's paying maintenance for his "wife". So, unless he's a Muslim or a Mormon, his story doesn't add up... We can just about forget whatever tripe he wrote here.

[onkyo]

Originally Posted by TempoKing

Hello there Honda Guy
I am sorry to hear that you have invested 20.000 dollars in these 5 used
watches. Unfortunately when the market will recover (4-6 years from now)
I can only see the Navitimer and the Omega (if both mechanical)
to recover & increase in value by then.

The Diablo will remain in your household to remind you of a bad dream for
a long time to come, unless you give it away.

The two Rolex watches (thank God you bought those) as they are the bread and butter
of the watch business can be sold any time with about 10% to 25% loss at the moment
from what you paid, depending how greedy the Jeweler was.

I wish you the very best for the New Year and next time ask before you buy.
Regards

Anastasios
Important Watches-used price specialist...

4-6 years recovery time .... I hope you are wrong....

[Felly Jr.]

Originally Posted by 2careless

Ehhh, guys... This OP has previously stated in another thread that he's paying maintenance for his "wife". So, unless he's a Muslim or a Mormon, his story doesn't add up... We can just about forget whatever tripe he wrote here.

Yeah, it goes a little something like this:

[Carolina]

Oh gosh - again?!?