Mandlewho?
There is nothing remotely preachy about those replies. This guy who says he is on a good salary is borrowing money at 137% APR.
What are we supposed to do?
Ignore all that? I really don't think so.
He says he has in the past borrowed money at exorbitant rates for convenience, and knows that it's nuts, hence his question. So people straying off topic (see posting guideline number 19!
) to expound a point he is already aware of, is unnecessary and condescending.
By the way, you refer to another thread. I have not seen that other thread and maybe the other posters haven't either.
Well Derek was the first to preach, and he linked to the other thread, which OP had started over in Money Makeover (where, by the way, I'd have no issue with him being preached at because that's the whole point of THAT forum!) - I can only assume from the content of subsequent posts (some of which contain detail that is in the OP's Money Makeover thread but not in his OP on the CU thread) that the posters had seen his other thread and decided to double dip on their preaching.
If someone asks a question about the most painless way to commit suicide, are we supposed to tell him that hanging isn't great, but a gun in the mouth is more efficient, but a bit messy for his relatives to clean up afterwards? I think it would be better to suggest to him to seek professional advice.
Not the same thing at all - we're not talking about someone who is plunging himself into unaffordable debt, but rather someone who just doesn't have a regular saving pattern built up - big deal, that's his choice and his right. He clearly wants to change that pattern, as is evident from his other thread in the money makeover forum. Some people are actually suggesting that the first thing he needs to do is cancel a holiday which he can quite clearly afford, in order to punish himself for not having paid for it out of savings...?!
Throwing away anything up to 2 or 3 thousand in order to avoid whatever the financing cost of his 2k shortfall is, sounds dafter to me than anything OP says in his posts!
Bronte, derek and gnf and others were absolutely right to question the advisability of a high earner to borrow €5k to spend on a holiday in March.
He's looking to finance 2k Brendan, if you read his OP - that's the amount he's short by. He is saying he has 3k of the 5k he needs, he's happy to lodge 3k to the CU in order to secure a 5k loan (presumably with the intention being to clear the 2k as quickly as he can and then use the 3k of shares to clear the balance). Given his income and ability to clear it quickly once he knuckles down, the on topic answer to his question would probably be that it's a toss up between doing that or seeing if his bank will give him a credit card / overdraft facility with a €2k limit.
Let's be realistic, the guy is going on his holidays - no amount of people here telling him not to is going to change that, to think otherwise is just silly - what he is proposing to do to finance the outstanding balance of the holiday is fairly sensible when you start from the position as it is now and without shoulda's and coulda's. The place for those, is on his money makeover thread.
