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Nightcrawler
you had $30,000 worth of beer stockpiled in your garage?
3147 Hours
- Thread starter Brown54
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Re-Raise
Well-Known Member
you had $30,000 worth of beer stockpiled in your garage?
Lol No, not quite that liquid. I go through it too quickly to get that far ahead.
BigBrownSanta
Well-Known Member
you had $30,000 worth of beer stockpiled in your garage?
Now that was friggin' hilarious!!!
New Englander
Well-Known Member
Most first time home buyers use little to no money down.
ARM's are not necessarily for someone to buy a more expensive house. They were used on ;ots of different ones.
ARM's are not necessarily for someone to buy a more expensive house. They were used on ;ots of different ones.
diesel96
Well-Known Member
I'm with New England on this. You have to understand that most consumers are not financial gurus and yes it's partially their fault for believing they can sustain their financial obligations, but eventually, whether they lived above their means, fell on hard times, or just financially illiterate, the market flooded our in-boxes, mailboxes,TV/Radio boxes with loan/credit "yes we can" applications and ads. Now the financial professionals had this unlimited, untapped pool of consumers which the regulation bars have been lifted to unleash the preditory sharks to just feed and ravage on anything they can sink their teeth into. Unchecked capitalism = greed. JMHO
Go ahead check your mailbox today, guarantee there's some sort of loan/credit application even if your credit sucks.....you just pay more interest. Yeah, thats going fix our economy. Lets charge high risk, lower income consumers extra-
ordinary high interest rates.
Go ahead check your mailbox today, guarantee there's some sort of loan/credit application even if your credit sucks.....you just pay more interest. Yeah, thats going fix our economy. Lets charge high risk, lower income consumers extra-
ordinary high interest rates.
Re-Raise
Well-Known Member
I still don't think you can blame the bank when you buy a house you can't pay for. It is like the people who blame McDonalds when they are obese.
You can send me an add for anything you want, whether it be easy credit or cheeseburgers. The responsibility lies with me to make proper decisions. Are people really unable to read what they are signing.
We are a country full of people who want everything now, and yes I agree that greedy businesses will take advantage of this if they can.
You can send me an add for anything you want, whether it be easy credit or cheeseburgers. The responsibility lies with me to make proper decisions. Are people really unable to read what they are signing.
We are a country full of people who want everything now, and yes I agree that greedy businesses will take advantage of this if they can.
rod
Retired 22 years
I believe it is all a trickle down effect from the days of the World War II vets not wanting to have their baby boomer kids have it as rough as they did growing up. Each generation of young adults made life easier for the next generation to where most of the "youngens" of today EXPECT to have the best of everything when they leave the nest. I've seen too many newlyweds spending way over their heads. Not just any old car will do - Heaven forbid you would start out your married life with just a "starter house" - everything seems to have to be the "best of". And the banks where right there helping with this American dream. Unfortunately now it's time to pay the piper.
Re-Raise
Well-Known Member
My wife and I were watching a show once where they did a marshmallow test. They offered children 1 marshmallow now or if they were willing to wait 2 marshmallows later.
The test was a better indicator of future success than intelligence tests.
Whenever we find our children doing the old give it to me now thing we remind them of the marshmallow. I will not raise instant gratification children. So many of lifes problems are caused by the need for instant gratification, all the way from buying things you can't afford to cheating on your spouse.
I believe the best things in life take time and patience.
I just noticed this is the second post in this thread that I mentioned my wife in, she will be thrilled.
The test was a better indicator of future success than intelligence tests.
Whenever we find our children doing the old give it to me now thing we remind them of the marshmallow. I will not raise instant gratification children. So many of lifes problems are caused by the need for instant gratification, all the way from buying things you can't afford to cheating on your spouse.
I believe the best things in life take time and patience.
I just noticed this is the second post in this thread that I mentioned my wife in, she will be thrilled.
diesel96
Well-Known Member
What if one child skipped breakfest before the test and the other had a Grand Slam meat lovers breakfest at Denny's before the test?.
Doesn't that change the equation..
browndevil
Well-Known Member
Is he eating sushi?What if one child skipped breakfest before the test and the other had a Grand Slam meat lovers breakfest at Denny's before the test?.
Doesn't that change the equation..
chev
Nightcrawler
Agreed, but it is still up to us to be responsible consumers and not fall for every credit offer that comes down the pike. Can we afford it? "NO WE CAN'T"! Creditors don't make the decisions for us. We do. Just because you have a "gun" in your hand does not mean you have to shoot yourself in the foot.I'm with New England on this. You have to understand that most consumers are not financial gurus and yes it's partially their fault for believing they can sustain their financial obligations, but eventually, whether they lived above their means, fell on hard times, or just financially illiterate, the market flooded our in-boxes, mailboxes,TV/Radio boxes with loan/credit "yes we can" applications and ads. Now the financial professionals had this unlimited, untapped pool of consumers which the regulation bars have been lifted to unleash the preditory sharks to just feed and ravage on anything they can sink their teeth into. Unchecked capitalism = greed. JMHO
Go ahead check your mailbox today, guarantee there's some sort of loan/credit application even if your credit sucks.....you just pay more interest. Yeah, thats going fix our economy. Lets charge high risk, lower income consumers extra-
Wow this thread has gotten way off track..................
705red
Browncafe Steward
When i bought my first home about 12/13 years ago, we didnt have much to put down and the only way was to go with an arm. I paid 125,000 for a townhouse and only put 4,000 down. The payments were well within our budget the first year, the second year but went up and the third year it was hard. Because i had just went ftime driving and only had 1 income at a lower yearly earning than compared to my 2 jobs.
We looked in to refinacing seeing that we had built up a great credit history during this time. Our townhome was apraised at 190,000 just 3 years later, now i had done some work, but nothing major, besides a huge deck.
We decided to buy a single family home with our own back yard, now since i was in progression my earnings kept rising, so we sold our toenhouse for 189,000 in about 2 weeks and bought a much bigger house for 220,000 with a fixed loan.
The people that got in to trouble just wanted the american family dream of a nice house with a picket fence and a back yard for their kids to play in. Well the rates were rising and home values were rapidly dropping. Now alot of these people owe more on their homes than what they paid and this is were the trouble lies.
These people should be giving the oppurtunity to keep there homes with a reasonable loan at a decent fixed rate. The home flippers that made alot of money over the last 8 years by gambling, should not.imo
We looked in to refinacing seeing that we had built up a great credit history during this time. Our townhome was apraised at 190,000 just 3 years later, now i had done some work, but nothing major, besides a huge deck.
We decided to buy a single family home with our own back yard, now since i was in progression my earnings kept rising, so we sold our toenhouse for 189,000 in about 2 weeks and bought a much bigger house for 220,000 with a fixed loan.
The people that got in to trouble just wanted the american family dream of a nice house with a picket fence and a back yard for their kids to play in. Well the rates were rising and home values were rapidly dropping. Now alot of these people owe more on their homes than what they paid and this is were the trouble lies.
These people should be giving the oppurtunity to keep there homes with a reasonable loan at a decent fixed rate. The home flippers that made alot of money over the last 8 years by gambling, should not.imo
