My roommate and I have been living together for about 2 years now and we have been good friends for about five years before that. Due to both of us being school and him not having a job he is relying on student loans to pay for his day to day expenses like food gas for the car and the occasional Splurge. However his spending seems to be getting out of control. Last year he told me that he was in debt with his credit card and had trouble paying it off because he only had a summer job so I was helping him out by managing his finances for him. I noticed however that recently he has maxed out his credit card and a line of credit and is now about$20,000 in debt and keeps spending. This debt is all on his credit card and line of credit not including his student loans. Yesterday he came home with a brand new $6,000 TV with the excuse "oh it was free for six months". When I confronted him about it he basically told me that he was in so much debt already that 6000 extra dollars would not matter. I also found out that the $6,000 he used for the TV was a credit increase he had done from the bank which in my opinion is not a good idea. He also told me that in six months he's sure to have money to pay for the TV so it's not going to be a problem but I think that's relying on possible income is not a good idea for financing something so expensive as a TV. What are my options in terms of helping him because he doesn't seem to be listening to me when I tell him to stop spending money and save up. Every time I tell him to save up he just told me that there's no point because he owes so much money anyway. Is there anything I can do or should I just let him be? I tried to help him he doesn't want to listen to me, and short of giving him money which I don't want to do because it might enable him, I don't know what else I have as an option available to me.
Submitted April 24, 2017 at 05:51AM by MD-4 http://ift.tt/2q67SSa
