[quote=ibjames]How do you end up like that, with that much credit card debt? I just don’t get it, you would have to try to get that much debt[/quote]
Use the credit cards to pay for the house in jacksonville.
as best i see it, guy gets suckered into
investing in florida real estate boom.
Takes 100K out in HELOC/2nd Mortgage.
Lives large, decides to buy Primary residence in Maryland.
Wants to sell, house goes negative in 2007, begins
draining credit cards probably has 100K in credit cards, add in
late fees, overages, 28% APR, rises to 250K, fast.
Decides to Kill family rather then face ignominy of Bankruptcy.
Stupid.
If he had taken the HELOC and Credit Card debt used it to
pay off house in maryland, mailed keys to bank, mailed
fuck you letter to banks, paid 900/month on
payment plan, would be fine today.
Shattered credit, but, with decent income would survive.
