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Originally posted by silent thunderThere are also millions of idiots who just whipped out the credit-card with no thought for tomorrow, or bought overpriced houses with marble countertops they "absolutely had to have" without rationally thinking of how they would pay them off. Why should these idoits be given a free ride while people who lived within their means get nothing in return for acting rationally and responsibly?
Originally posted by hautmess
is tomorrow worth thinking about? how are we sure it even exists. The other day i saw a bus stop completely demolished from a car accident, u can get in a car accident without even being in a car, i hope no one was waiting for the bus.
Originally posted by hautmess
I am on completely on the fence when it comes to how I feel about being in debt and if i should pay it off or not.
"My 25 year old niece had $10,000 of outstanding credit card debt. Recently, she told the bank she couldn't pay. She is not unemployed so the 'hardship' is all relative. Nevertheless, the bank offered her a concession which she refused. They offered another concession, she refused again. Finally, they told her if she paid $150/month for 2 years (total of only $3600 with no interest), they would call it paid in full! She accepted in a heartbeat. It is less than a month later, and she celebrated her good fortune by going on a cruise to Hawaii."
"A friend owns a small manufacturing co. He tells me of one of his female employees who was saddled with a $450,000 home she purchased almost five years ago with no down pmt. One year after her purchase she pulled $75,000 home equity and purchased 'fun stuff' including a boat. She recently walked away from the house (now saddled with $525K mortgage), purchased a new house for $200,000 (in her sister's name) and kept all the goodies purchased from the home equity withdrawal. With the much lower mortgage payment she just bought a new car.
Almost everyone in my "survey" is aware of, or knows someone living rent free in their home for an extended period of time, having stopped paying their mortgage. Many of these free boarders are spending lavishly on non-essentials. My hard-working part-time assistant knows two different 35+ yr olds who have enjoyed over 9 months (one is up to month eleven) of rent-free living in very nice homes they purchased in 2004/2005! Both are employed and both enjoy a non-frugal lifestyle. My assistant wonders if he should do the same or have me pay him more so that he too can enjoy the 'good life'.
My sister is a nurse with 25+ years on the job. She told me of a young couple that she is good friends with that both work at her hospital making a decent joint income. They didn't like the fact that they grossly overpaid for their 3000 sq ft home in 2006. They stopped making hefty monthly payments six months ago and haven't yet been contacted by the bank. They have decided to wait until contacted and then walk away. In the meantime, they just returned from NYC from a week vacation in the Big Apple.
My brother-in-law wanted to know if he should stop making payments on everything. He lives in Virginia and his carpentry skills are not as marketable as they were in the height of the boom. He and his wife's best friend have lived close-by for many years. For the past 13 months since they strategically decided to stop paying their mortgage, they had yet to be contacted by their bank. Not even one letter! My brother-in-law doesn't understand how they get to pocket the mortgage and spend carefree, including a 10-day Caribbean vacation.
Apparently there are lots more anecdotes of this type -- potentially "millions of similar stories across the country."
Originally posted by ComadantZero
Sorry to go against the grain of every banker is God but sheesh man, they got their bail out that me and my kids have to pay.
Originally posted by discl0sur3
Although I've been very tempted, I would have to agree with QueenBob. Our social and economic structure would begin to collapse literally over night if everyone shared that attitude.