zombieslayer
16 years ago



There's the Bingo!

When the government started deregulating everything in the 80's it opened up the whole financial system to the wolves in three piece suits.

The sub prime mortgage problem is directly linked to deregulation (and The ARM loans haven't reared their ugly heads yet)

Also, there used to be usury laws in this country, deregulation fixed that right up. If you're not familiar w/ the term usury, it's defined as "the illegal action or practice of lending money at unreasonably high rates of interest." When the government (Repubs and Dem's) started getting paid off by lobbyists we became a nation of indentured servants. 30% interest on a credit card? No problem guys, go for it!

As long as we the people keep paying attention to the political talking points (God, Guns, Abortion ad nauseum) and not the fact that most are only in it for the money we will continue to have these pukes (Repub's and Dem's) stealing from us.

Most of the regulation that has been destroyed came out of the EXACT SAME greed that brought about the Great Depression and we just keep on mortgaging the future so we can have that big screen TV and the application that makes our Iphones fart.

Bottom line is they are elected officials and we are the idiots who put them in power by believing they have our best interests at heart.

But hey, Greed is good!

"dingus" wrote:



Wow. That's pretty good.

I agree with you about b.s. issues that just divide. Right now, they are gay marriage, abortion, stem cell research, flag burning, etc. Everyone's got a strong opinion on them one way or another. Meanwhile, the Republicrats are stealing from the American people and the Americans are too busy fighting over those b.s. issues.

The reason I asked Tripp about credit cards - I had no credit card balance until my job got sent to India. Then it took 22 months to find another job (this was during the dot com bust). Well, still had bills to pay and soon had credit card balances. We had a renter that was always late so we ended up bouncing a few checks.

Well, you bounce a check against a credit card and they mark it as a missed payment so it instantly goes to 30% interest. I can get better than 30% interest from borrowing from the mob.

And it wasn't like I'm a spendhappy yuppie. I bought a used tv for $50, always drove cheap cars that I paid off asap (Ford Taurus, Saturns, never anything flashy). I have a used suit for interviews, etc.

I guess we didn't learn from the first time. Here, the banks were lending 950k houses to people who made 90k a year. They looked the other way as the people making 90k said they were making 250k. Then one of the guys I knew with a 950k house bought himself a 55k BMW. The other guy with the 950k house bought himself a 90k Audi. They've both since walked away from the houses.

That's deregulation for you. In reality, the banks are lying and us taxpayers are left bailing them out. Our grandkids are going to hate our generation, as they should.
My man Donald Driver
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(thanks to Pack93z for the pic)
2010 will be seen as the beginning of the new Packers dynasty. 🇹🇹 🇲🇲 🇦🇷
DarkaneRules
16 years ago
Our simple (yet massive) misstep we take with all these businesses is to use language like these companies are too big to fail. The government is not playing fair right now. They say these companies are too big to fail, spend billions on a stimulus plan to take part ownership of the companies, then decide oh yeah I guess restructuring is in order.

When we need innovation that is when we get innovation. This ain't the Manhattan Project here.
Circular Arguments: They are a heck of an annoyance
zombieslayer
16 years ago

pay off smallest ones 1st then what ever you were paying on those add that amount to the next one and so on

personal loan has a set rate unlike credit cards..you know when youll pay off the loan, but could be DECADES to pay off cards

"longtimefan" wrote:



Thanks. That's actually what I've been doing. I have four left to pay and two without balances. Been closing one at a time too because I heard you're not supposed to close accts all at once.

2005, I had 11 credit cards all with balances, with 2 at 30% interest. Scary times. Almost at the end though. We've been adamant about not spending for anything but necessities and every extra dime goes to our retirement accts, savings, and paying off credit cards.
My man Donald Driver
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2010 will be seen as the beginning of the new Packers dynasty. 🇹🇹 🇲🇲 🇦🇷
Trippster
16 years ago
A couple of points,

Zombie, sorry I didn't see your response til now. When it comes to loans and credit cards, pay the minimum on all the accounts and the nput all your extra payments on what ever has the highest interest rate, regardless of the size of the account. as soon as that is payed off, do the same with the next highest interest rated account. This is the quickest and most effective to pay off debt.

Ironman, a mortgage is much better than rent. First off, my guess is you will never be able to save enough to buy a home for cash. homes increase in value at approximately 5% a year. at that rate, if you saved 100k (7500 /yr) for a home in 15 years, when you went to buy the 100k home, it would now be selling for 200k. However, if you took a loan now, bought the 100k home and had it for 15 years on a 15 year mortgage (your payments would be about 800/mo . your house would be paide off, and your would have net worth of 200k.

Now if you saved your money, in 15 years you would have 100k. however, you would also have spent 90k in rent (15yrs at 600mo.) So you would be paying the rent AND saving 7500/yr which means a 14,700 a year outlay.

so in renting, you paid 90k increase your net worth 10k....and you still don't have a house.

Another tidbit, if you make 50k or more and are single, you will need tax deductions, and all your home loan interest is 100% tax deductable.
"Let Your Light Shine!"
Formo
16 years ago

Using cash for a car, other toys, furniture and things of that nature is awesome and that is how it should be done...

But your losing money each month when you pay rent to someone else.

The same exact thing you dont want the government to do, your sort of already doing

"IronMan" wrote:


Paying rent doesn't bother me too much. I don't have to worry about upkeep, taxes, insurance, mowing, etc.

"longtimefan" wrote:



Funny.. the people that say that paying rent is throwing money away, are the ones with 2 mortgages taken out on a home they can't afford.. and in the end, they end up paying $200,000 on a house originally signed for $40,000.

Who's throwing money away?
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Formo
16 years ago


Ironman, a mortgage is much better than rent. First off, my guess is you will never be able to save enough to buy a home for cash. homes increase in value at approximately 5% a year. at that rate, if you saved 100k (7500 /yr) for a home in 15 years, when you went to buy the 100k home, it would now be selling for 200k. However, if you took a loan now, bought the 100k home and had it for 15 years on a 15 year mortgage (your payments would be about 800/mo . your house would be paide off, and your would have net worth of 200k.

Now if you saved your money, in 15 years you would have 100k. however, you would also have spent 90k in rent (15yrs at 600mo.) So you would be paying the rent AND saving 7500/yr which means a 14,700 a year outlay.

so in renting, you paid 90k increase your net worth 10k....and you still don't have a house.

Another tidbit, if you make 50k or more and are single, you will need tax deductions, and all your home loan interest is 100% tax deductable.

"Trippster" wrote:



Tripp, while I respect your financial guruness, I have to disagree with you on ONE little bit.. Mortgages are only better than paying rent IF said person giving the mortgage is living below their means.. Which well over the majority of Americans do NOT do.

Live below your means, save up money.. Say someone did that in your example.. And in the time they save that 100K for the now 200k home, they can now put half down on the payment, and have a payment plan set to an affordable rate. Or just buy another 100k home outright.

If more people did that, you realize the housing market values would NOT increase at the rate they do.

I agree with you otherwise.. paying towards a mortgage is way better than paying rent. Just be smart and live below your means.. Don't jump into the housing market just because everyone else is and 10 years later get bit by the downturn in the market (like what's happening to people now.)
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longtimefan
16 years ago
it all depends on where you want to live..you can live in milwaukee renting for under 300 a moth in some places

where as in some areas in and around milwaukee you can pay 1200+ a month in rent
Cheesey
16 years ago

it all depends on where you want to live..you can live in milwaukee renting for under 300 a moth in some places

where as in some areas in and around milwaukee you can pay 1200+ a month in rent

"longtimefan" wrote:


Of course the problem with that is.......if you live in one of the $300 a month places, you have to add in the cost for your "bullet proof vest!" :thumbleft:
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zombieslayer
16 years ago


Of course the problem with that is.......if you live in one of the $300 a month places, you have to add in the cost for your "bullet proof vest!" :thumbleft:

"Cheesey" wrote:



You can get really good bullet proof vests for only $360-380. Just don't get shot in the head.
My man Donald Driver
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2010 will be seen as the beginning of the new Packers dynasty. 🇹🇹 🇲🇲 🇦🇷
longtimefan
16 years ago


Of course the problem with that is.......if you live in one of the $300 a month places, you have to add in the cost for your "bullet proof vest!" :thumbleft:

"zombieslayer" wrote:



You can get really good bullet proof vests for only $360-380. Just don't get shot in the head.

"Cheesey" wrote:




some people are so hard headed they dont need to worry
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