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Thread: More homeowners using credit cards to pay mortgages

  1. #28
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    Default Re: More homeowners using credit cards to pay mortgages

    Cash,
    Cash in-fuusion.
    Credit crunch
    Re-so-luution

    http://news.yahoo.com/s/ap/20071101/...ge/fed_markets

    WASHINGTON - The Federal Reserve pumped $41 billion into the U.S. financial system Thursday, the largest cash infusion since September 2001, to help companies get through a credit crunch.

    The action comes one day after Fed Chairman Ben Bernanke and all but one of his central bank colleagues voted to slice a key interest rate for the second time in six weeks to protect the economy from the ill effects of collapse in the housing market, aggravated by the credit troubles.

  2. #29

    Default Re: More homeowners using credit cards to pay mortgages

    This is far from over. There is a price to be paid for the fiscial mismanagement of our economy and these measures are just delaying the inevitable. The longer we delay paying the piper the higher the price we will all pay. Oil producing countries are threatening to change the currency of choice for payment from the dollar to the euro. The dollar is just becoming to weak. The safety and security of US finacial instruments, which always kept foreign money flowing in, are eroding before our eyes. The day is fast approaching when they will look at their US holdings, Treasuries, bonds, and the like, and decide to move their money to greener pastures.

    We need to get our economic house in order if we expect to stay an economic world leader for much longer. Another 10, 20, or 30 years of this nonsense and we will no longer enjoy this distinction if we continue to stay this course.

  3. #30
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    Default Re: More homeowners using credit cards to pay mortgages

    I know this is a huge question, but what do you suggest we do to get our economic house in order?

  4. #31

    Default Re: More homeowners using credit cards to pay mortgages

    No simple answers to this one. There are so many factors involved and each decision made needs to be weighed against how it impacts the other factors and the economy as a whole.

    The prevailing school of thought is that we can grow our way out of our troubles. Two problems with this. First, our government continues to grow as fast or faster then any expansion of our economy so the size of our government needs to remain the same to see any positive results from this. To speed the results it should be reduced. Second, our tax system needs to be overhauled or replaced by a better system. You know that I favor the Fair Tax proposal so I will not go into that here but our current system is flawed and is a major drag on our economy.

    The war in Iraq needs to end. We can not afford to fight now and pay later. If the American people really back this war then make it pay as you go much like WWII.

    Our dependence of foreign oil needs to end or at least be reduced by a large degree.

    We need to address the most important component of our economy and society, human capital. Entirely to many people are marginalized in this society. In order to maintain our economic leadership we must find ways to include everyone as contributing partners in our overall well being. We can no longer afford to write off entire segments of our population and expect our prosperity to continue. As hope dies, so does the American Dream. Our strenght is our people, all of them.

  5. #32
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    Default Re: More homeowners using credit cards to pay mortgages

    A fair prescription--except you know I am suspicious of the so-called fair tax. In any case, we can't cut taxes, and increase gov't spending at the same time.

    I couldn't agree more with your last paragraph. I would add: it all starts with children. If we promote their health (from an early age) and education, and don't marginalize them, then they will grow up to be productive members of society.

  6. #33
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    Default Re: 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. - clone

    Do you place any blame on the individual or is it OK to be incredibly stupid?

    One post gave me a idea - could I pay mortgage by credit card and get flying points? I would just pay off my card every month.

  7. #34
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    Default Re: More homeowners using credit cards to pay mortgages

    Do you place any blame on the individual?

    I wasn't passing judgment, or assigning blame, just pointing out a problematic practice.

    The problem in your view seems to be the messenger. On any given issue, the first thing you apparently do is determine sides, then go from there.
    Last edited by matclone; 11-03-2007 at 02:42 PM.

  8. #35
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    Default Re: More homeowners using credit cards to pay mortgages

    clone,
    You just NEVER want irrespondsible people to be held accountable. Always give them a free pass.

  9. #36
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    Default Re: More homeowners using credit cards to pay mortgages

    Whatever. It must be nice to feel superior in so many ways, especially to those irresponsible credit card users. I'm sorry that I attempted to stretch the understanding on this particular matter (usurius practices). It was a complete and utter failure.

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