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It’s a Debt, Debt, Debt, Debt World After Lehman’s Collapse

The last post in this topic was posted 730 days ago. 

 

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been thinking about this a lot... I think it is smart to have zero or as low as possible household debt. but perhaps it does not matter much given the macroeconomic forces that will be released in the next crisis?

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I know way too many people that participated in a negative way in 2008. Sadly many of those same people will participate again in a negative way.

 

I just don't like debts and reoccurring payments month after month after month.

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I looked at a home over the weekend that's listed for 30% more than what the current owner paid in June of 2017.  Nice place, but clearly there have been zero noticeable improvements in the past year.

 

I'm 100% sure I could get it financed at asking price with attractive terms.

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My current home just received a HELOC appraisal for $165K, which I bought in early 2012 for $102K, and currently owe about $86K. House 5 doors down just went to pending status at $174.9K, only real differences in that house and mine is the fresher coat of paint and nicer landscaping, and maybe a newer roof.

Current mortgage company sends me letters every week and emailing at least twice per day trying to get me to cash out refinance.

Edited by IndyPoolPlayer

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Saw a news report that evening that there is a uptick in those using home equity loans just to pay monthly bills.

 

No home improvement projects, just simply borrowing to keep up.

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13 hours ago, TheVig said:

Saw a news report that evening that there is a uptick in those using home equity loans just to pay monthly bills.

 

No home improvement projects, just simply borrowing to keep up.

That is dumb. Right up there with vacation loans.

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12 hours ago, IndyPoolPlayer said:

That is dumb. Right up there with vacation loans.

Nothing has changed in people's mindsets. In the near future we will see a fresh batch of new CB members. Along with repeat offenders. 

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On 9/20/2018 at 1:46 AM, TheVig said:

Saw a news report that evening that there is a uptick in those using home equity loans just to pay monthly bills.

 

No home improvement projects, just simply borrowing to keep up.

Shortly before the crash a local REALTOR® told me that you can find homes that are headed for foreclosure simply by following Hummers home.

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