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originally posted by: JAGStorm
a reply to: CriticalStinker
Unfortunately I do as well. I've seen a huge uptick in credit line offers in the past month. My credit union has also reached out to me by phone asking if I needed any credit lines, and they've sent bogus literature explaining interest rates are at an all time low, and now is the time to lock in a mortgage, lol.
I have pretty high credit limits, and noticed they have all been raised. It's amusing. These companies are salivating at that fact that some will use the credit because they have to, others will just do it even if they don't. Interest rates have only one way to go, and that is up! Not touching it with a ten foot pole!
Anyone that is smart will pay any debts they have now to the best of their ability.
originally posted by: eletheia
originally posted by: Assessor
I am a 30 year retired military enlisted veteran. I started investing $400 a month back in 1994. That was a butt load of money for an E-5 back then. Never wavered, and upped the amount when promoted, and went without for many years while others had the latest in gadgets and cars. Hell, we were a one car family until I was 42 years old. I have have since taken some of my investment money and put it down on 3 separate rental properties. To scrimp and save all those years to have a renter tell me sorry but they aren’t paying isn’t going to end well.
Yea been there done that under different circumstances...... blood, sweat,
and tears, to come out the other end with a degree of success only to have the
entitled who never gave a thought about the future, thinking that you had it
easy and were "born with a silver spoon in your mouth!!"
With your fundamental lack of knowledge on how credit works -- I'm truly surprised you have high limits. Credit is for non-broke people. Credit used by broke people is dangerous for that broke persons financial future. While using credit when you have money, lets you keep your money. As long as you earn more then the loans are worth, you won't spend an effective penny acquiring new assets.
They can always stop paying the mortgage and put the house up for sale. No one is forcing anyone to invest in rental properties.
originally posted by: Isurrender73
You are correct about the corporate housing situation. The rich get richer in every crisis. I don’t know what the answer is but something needs to be done before the 1% literally own everything.