Credit Card confessions....

[Alcan]

He's been banned. Again.

[Felly Jr.]

Originally Posted by Alcan

He's been banned. Again.

He's almost catching up to JJ!

[ippon20]

It's kinda sad really....poor guy just doesn't learn.

[scottschoe]

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?

Return (and exit) of the luxury guy...

[hflee55]

when will it ever end....

[GradyPhilpott]

Sell the house and keep the watches.

[ArizonaHD]

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...

X2 4-6 years to be back where we are now. You thought you saw banks fail under the S&L / RTC scandals you have seen nothing yet.

[Bisquitlips]

Originally Posted by GradyPhilpott

Sell the house and keep the watches.

[BillA]

Sell the wife and all your problems are over LOL

[mailman]

Originally Posted by Felly Jr.

He's almost catching up to JJ!

He has a long way to go for that

[topcat30093]

[QUOTE=2careless;914505]I think there are several incarnations already:
archie42
Stephens
Mathew Aspen (or Matthew Aspen)

You might have something there
Does anybody want to run a "Book" on what he may come back as next?????

[JJ Irani]

Originally Posted by Felly Jr.

He's almost catching up to JJ!

Too damned funny, ya tosser!!

[JJ Irani]

Originally Posted by mailman

He has a long way to go for that

Thanks to you, ya bastid!!

[mailman]

Originally Posted by JJ Irani

Thanks to you, ya bastid!!

It's been a while

[Taffi Abernathy]

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?

Honda Guy -

I think you have 2 distinct issues here. To begin with, it sounds as though your spending may have been out of control in proportion to what you were earning (regardless of "the market crashing"). After all, you list 4 expensive watches you have purchased, while also indicating you earn middle class money and have numerous bills. Is this an isolated incident or a does it indicate a pattern of impulsive purchasing? I ask this because you also mentioned you obtained a Citibank card to pay off your debts, but again got sidetracked by immediate gratification and purchased something you did not need and could not afford.

Second, while it is good that you have decided to "come clean," the most important person to share this situation with is your wife. These decisions you made have affected her, your relationship and you need to face the proverbial music. If you feel you have a pattern of impulsive behaviors that is damaging your life and self-esteem, you might want to reach out for professional help to get on the right track (IMHO). I wish you well, Honda Guy.

[Welshwatchman]

Closed due to Honda Guy being an alias of a known Troll.