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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. |
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