"Mike" wrote in message
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"Calif Bill" wrote in message
m...

"HK" wrote in message
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Frogwatch wrote:


If the interest rate truly determines whether or not you can pay a
mortgage, then in my opinion you should borrow less. Using the ARM
rate to justify overborrowing is silly. ARMs are ALWAYS risky.
If you borrow needing two incomes to pay and you lose one income, no
sympathy from me.
HOWEVER, if you buy a small house and your payments are less than 25%
of a single income and then you lose your job, OK you have my
sympathy.
Other peoples failure to plan for contingencies should not allow them
to rob me to pay their bills.

No one wants your rotten old boats and rusty old trucks.

And it may be why he probably has money in the bank and not credit card
debt. Today in guitar class we are discussing 1099's when doing a short
sale or write down of credit card debt. One kid, about 21-22 years old,
says he did not get a 1099 when they wrote off 70% of his $25,000 CC
debt. I asked him how a 21 year old can rack up that much CC debt. Said
it was easy. Went to Vegas and bought $1500 clothing outfit to look
good. Things like that. These are the types getting bailed out.


The CC companies are just as much to blame. They get what they deserve if
they give a kid that young a line so high. That's just stupid. Of course,
the kid learns absolutely nothing from the experience, and will do it
again.

My first CC had a line of a whole $100. Times have changed.

--Mike


And the rest of us are paying for the write downs with higher fees, etc.
I did not use my first CC for maybe 5 years after I got it. Needed gas in
the middle of the night and not enough cash on hand. I use my CC now for
most things. Even the phone bill is billed to the CC as well as paying for
2 university educations and weddings. But I do not run a balance and use
the miles accumulated to travel.