Underwater life
 

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.

Underwater life
 

"HK" wrote in message
...
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.

Underwater life
 

Calif Bill wrote:
"HK" wrote in message
...
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.




Chump change. It's the wall street pukes who are cashing in during the
bailout.

Underwater life
 

"HK" wrote in message
...
Calif Bill wrote:
"HK" wrote in message
...
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.


Chump change. It's the wall street pukes who are cashing in during the
bailout.

I thought it was those Democrat pols. Got a pay raise during this downturn.

Underwater life
 

"Calif Bill" wrote in message
m...

"HK" wrote in message
...
Calif Bill wrote:
"HK" wrote in message
...
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.


Chump change. It's the wall street pukes who are cashing in during the
bailout.

I thought it was those Democrat pols. Got a pay raise during this
downturn.


And traveling overseas on our bucks.

Underwater life
 

"Calif Bill" wrote in message
m...

"HK" wrote in message
...
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

Underwater life
 

On Feb 20, 2:03 am, "Mike" wrote:
"Calif Bill" wrote in message

m...





"HK" wrote in message
...
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

In 1982 being married a whole year, I begged my wife not to ge a cc
cuz I was afraid of going into debt. She got one with a whopping $200
limit. Turns out, she is cheaper than me. One time since then, we
paid interest one month by mistake cuz I got the payment there late;
you'd have thought we'd gone bankrupt for all the grief she gave me.
That was 10 yrs ago and I still hear about it at least one a week.
Being cheap makes you free. Buying things makes you a slave.

Underwater life
 

"Mike" wrote in message
...

"Calif Bill" wrote in message
m...

"HK" wrote in message
...
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.

Underwater life
 

On Fri, 20 Feb 2009 10:20:43 -0800, "Calif Bill"
wrote:


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.

Strange concept that. Looks like banks subsidising airlines.

Casady

Underwater life
 

wrote in message
...
On Fri, 20 Feb 2009 19:55:10 GMT, (Richard
Casady) wrote:

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.

Strange concept that. Looks like banks subsidising airlines.

It is bundled in the price of any product you get from any company
that accepts cards and does not directly pass that cost on to the
customer. It is typically between 2 and 5%.

Does not cost me anymore than writing a check to them.