Page 1 of 4 1234 LastLast
Results 1 to 9 of 36

Thread: More homeowners using credit cards to pay mortgages

  1. #1
    Olympic Champ
    Join Date
    Apr 2007
    Location
    It's a long way from East Colorado
    Posts
    3,740

    Default More homeowners using credit cards to pay mortgages

    They won't ever admit it, but credit card cos (e.g. Bank of America, Wells Fargo, Capital One, HFC, Citibank, MSNB, etc.) actively market to the vulnerable. I bet those who who are making payments with their credit cards, are still getting more offers, and are getting their credit limits automatically raised. They may even occasionally get a live check. We used to call this loan sharking or usury.

    http://news.yahoo.com/s/nm/20071028/...tcards_debt_dc

  2. #2
    Olympic Champ
    Join Date
    Mar 2007
    Location
    On the forums
    Posts
    8,345

    Default Re: More homeowners using credit cards to pay mortgages

    At least they have their freedom to use their credit cards as skipster would argue. We wouldn't want to take that away from them.

  3. #3
    Olympic Champ
    Join Date
    Apr 2007
    Location
    It's a long way from East Colorado
    Posts
    3,740

    Default Re: More homeowners using credit cards to pay mortgages

    No, they are free to go bankrupt, get divorced, turn to drinking, beat their kids out of frustration, and lose their house. And at the end of the day, they will still owe their soul to the company store (aka Mastercard). Freedom is a wonderful thing.

  4. #4
    Olympic Champ
    Join Date
    Mar 2007
    Location
    On the forums
    Posts
    8,345

    Default Re: More homeowners using credit cards to pay mortgages

    John Locke once said that children of working families should not be allowed leisure beyond age of 3. Perhaps the children should start helping out paying those credit cards.

    Locke is a big authority on Western politics and economy. He intimated its their own fault when poor can't make ends meet.

  5. #5
    Super Moderator Dart Shark's Avatar
    Join Date
    Apr 2007
    Location
    New Brighton, MN
    Posts
    2,866

    Default Re: More homeowners using credit cards to pay mortgages

    Quote Originally Posted by matclone View Post
    They won't ever admit it, but credit card cos (e.g. Bank of America, Wells Fargo, Capital One, HFC, Citibank, MSNB, etc.) actively market to the vulnerable. I bet those who who are making payments with their credit cards, are still getting more offers, and are getting their credit limits automatically raised. They may even occasionally get a live check. We used to call this loan sharking or usury.

    http://news.yahoo.com/s/nm/20071028/...tcards_debt_dc
    About to close on a house in two weeks. ... there's no way I'll ever do this.

  6. #6

    Default Re: More homeowners using credit cards to pay mortgages

    Definitely a scary market out there right now, building in the Twin Cities really has come to a crawl.

  7. #7
    Olympic Champ
    Join Date
    Mar 2007
    Location
    On the forums
    Posts
    8,345

    Default Re: More homeowners using credit cards to pay mortgages

    I don't know if buying now is a smart thing to do since housing prices will be falling for the next year or two.

  8. #8
    Olympic Champ RYou's Avatar
    Join Date
    Mar 2007
    Location
    New Jersey
    Posts
    8,376

    Default Re: More homeowners using credit cards to pay mortgages

    Paying the mortgage by credit card, as long as there is no supplementary fee, can get you ton of reward points really fast.

    I'll be honest, I've never heard of a bank taking a credit card transaction for the mortgage.

    I've paid tuition bills with a card, until they started charging $60-120, or percentage of the value for the privaledge.

  9. #9
    Olympic Champ RYou's Avatar
    Join Date
    Mar 2007
    Location
    New Jersey
    Posts
    8,376

    Default Re: More homeowners using credit cards to pay mortgages

    The feds won't let housing sink much further. There is much greater risk to the economy if they do. You'll a drop in interest rates this week. Maybe another in December.

    Prices here in NJ are down about 5% from the peak, not a big change, but we don't have the massive developments that AZ and NV that were sold on speculation over the past 4 years.

    Housing sales will begin to rebound in the spring. No better time to buy than on the downside of the market. I was paying 173/8% on my first mortgage, but got the house at a 30% discount. Interest rates were down to 7% in 2 years, while the value of the house doubled. A whole hoist of folks will be looking to makea move come spring and it'll trigger the sell/buy domino affect.

Tags for this Thread

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •