I have no problem getting credit......

[greg334]

....in this credit crisis

You know I can not believe there is a credit crisis because I just got a call telling me I am approved for another home equity loan for $30,000 at 6% fixed and I can pick up the check this afternoon. I am not going through with it but I did it to see if I can.

I did not put on the application that I was working, my SS number, I already have a mortgage and home equity loan, cr*ppy credit rating and the appraisal on my house went down. I did not list my assets, I only mentioned that we own our home and my wife works.

WHAT CREDIT CRISIS?

I think the problem is we need to put back regulations to prevent this from happening. I also think that there is no reason someone could even consider saying “I didn’t know I had to pay it back†excuse when they lose their house.

 

[Broompilot]

There is equity in your asset No. 1 your working your wife is working.

CASH FLOW.

I agree and have said it how many times here. Over exteneded?

Your more secure than all these student loans of 150K or more or less but they have nothing to tie there loan to if in default although the Govt. will not allow you to ever get out of not repaying a debt but should anything happen illness, death, drunkiness, drugs, lazyness. No one gets nothing. Think it could not would not happen?

 

[Broompilot]

Continuation;

Thomas Jefferson said "Banks are more of a threat to a Country than Standing Armies."

The banking industry is by far the Greediest of all Corporations.

They will finance your very last dime of income to keep you in debt; They make more $ off of your income in intrest than any other source of $. They are bent on loaning you your last loaf of bread not caring like they use to how your gona be able to buy groceries or pay for Auto Insurance.

Its everywhere, people who have exteneded 80-90% of there Net to payments. House payments with seconds, two car payments, credit line, three Visa Cards, Sears, and than they stoop to the Cash Advance Stations. Ignorance in the Consumer Yes, Greed on the Lender Double Yes:

At least there is a movement in this Country about the Shame of Debt: It has a long way to go, but its a move in the right direction.

And the Govt. is just as much to blame, by giving tax breaks for people to THINK they are comming out ahead by buying more house than they can actually afford. Than by using second mortages to tie up the rest of the equity to pay off other debt: Think about it way back when one working person to a household could keep a family supported: Now two cannot even keep up, so double the income or increase it by another 60-80% and how many more $ does that send to D.C.? I am also not refering just to Federal Tax but the S.S. income stream that is not included in this tax deduction. So its a FARSE and scheme to seperate you from your hard earned dollars dreamed up by the Banking Industry Lobbied to D.C. in a Scheme to screw us all dumb enough to fall into there ploy. This all equals to to big of Houses, to big of Cars, all to keep up with Marketing plan.

Use to be a time when NO ONE WOULD HAVE EVER CONSIDERED such a move to use the Safety Net of ones biggest asset (most peoples asset that is) for paying down stupid spending. Once years ago one would have been shamed by parents, and friends. Now with the marketing on these loans its encouraged and is common place.