For this month’s debt relief blog, we turn to another popular TV show from the past, the sitcom Happy Days! This episode is entitled ‘The Fonz Gets a New Motorcycle.’
Fonzie – Ehhhh, Mr. C. I just bought a new bike!
Mr. Cunningham (C) – That’s very exciting Fonzie, but didn’t you tell me that things were a little slow at the shop and the money isn’t rolling in like it used to?
Fonzie – Yeah, but Mr. C. I found this great place called Upside where they lend you money to buy bikes and cars.
Mr. C. – Uh huh. And did they tell you about the interest costs on those loans? And do you know about depreciation? Or how to access debt relief if you need it?
Fonzie – Whoa Mr. C., I just wanted a bike! What’s all this about interest and depreci…who shun?
Mr. C. – Fonzie, how do you think Upside makes money on those loans? They charge you interest! There’s a cost to borrowing their money. You have to be careful, because if the interest in too high you don’t end up paying off your bike, you just pay their costs. Then what happens is you go ‘UPSIDE’ DOWN. That is, your bike is worth less than the loan!
And as for depreciation, that’s what happens when your bike loses value as you use it and it ages. Do you think a used bike is worth as much as a new one? Things like wear and tear have to be taken into account.
Fonzie – I didn’t know that Mr. C. I wish I could have talked to you before I bought my bike.
Fonzie – Ehhhh Richie! I just bought a new bike and you father just taught me all this stuff that I didn’t know about interest costs and depreci…something.
Richie – I think you mean depreciation, Fonz.
Fonzie – Yeah, yeah… I never knew about that stuff!
Richie – Well Fonz maybe this will help. I’ve been having some money trouble myself, so I went to see Caplan Debt Solutions. They taught me all kinds of stuff, like how interest charges work on loans and how interest rates can have a huge impact on affordability. They were so easy to talk to, I felt like I was just sitting down for a family dinner.
Fonzie – Richie that sounds great. I’m going to contact Caplan Debt Solutions – it sounds like I need some advice.
[Enter Mrs. Cunningham]
Fonzie – Ehhhh Mrs. C., I was just talking to Mr. C. and Richie! They gave me some great advice on some debt relief and told me about this great place called Caplan Debt Solutions.
Mrs. C. – Well Arthur, I know all about Caplan Debt Solutions. Before I met Mr. C., I had some financial problems of my own. I visited Caplan Debt Solutions, and they really helped me get my financial life back in order. I owed so much that I had to file this thing called a Consumer Proposal, and then I went through some budgeting lessons with them. It was the best financial education I’ve ever had. I’m glad that Howard gave you that advice. Good luck Arthur you’ll be in great hands … and enjoy your new motorcycle!