Given a Shovel........

[CarpenterSteve]

Gramm was right, we are a nation of whiners.

Many people got into the home equity trap, it is starting to come back and bite now.

Interesting times.

[Frank N]

Originally Posted by Bob D'Amico

Must be why you are a Libertarian.

That's 'small L' as in libertarian. The philosophy is sound, that party is a bunch of kooks!

[ragman]

That anything like a librarian? I learned the hard way. If I can't pay cash, or at least before the interest starts, I dont think I need it that bad...

[RobS]

I'm one of the bad folks (well not that bad but relatively...)

Got *plenty* of equity in our home, thankfully, but have way too much credit card debt due to a perfect storm of events over the past 2 years, including school, house repairs (e.g. furnace roof etc), CHILD (two "adult" children that are not responsible), car, health and fuel expenses.

I never carried credit card debt, but have more than I could ever imagine right now.

Of course, want to downsize so great, sell the home... but no, market is now in the tank.

Not desperate, hence not lowballing the home, but still paying way too much into the cc company pockets right now.

May be refinancing to lower the mortgage payment to accelerate cc payoffs.
That's about the only thing I can see right now.

[Bob D'Amico]

Originally Posted by RobS

May be refinancing to lower the mortgage payment to accelerate cc payoffs.
That's about the only thing I can see right now.

Read the NY Times articles very carefully and watch the video of the young couple from Bensalem, PA. Please do a lot of research, read and understand all the fine print if you decide to refinance your mortgage and make sure you get "references," i.e. business practices, about the bank or mortgage company.

Debt experts also say that the best way to pay off credit cards is first to call and ask for a lower interest rate. You may be refused but it won't hurt to ask. Second concentrate on paying down the credit card with the biggest balance first, even though other cards may have higher interest rates. Third, when you get close to paying off a card (say in 3 more months), stop using it and contact them and advise them to close your account.

This web site has a lot of useful information:
http://www.bankrate.com/

[RobS]

Originally Posted by Bob D'Amico

Read the NY Times articles very carefully and watch the video of the young couple from Bensalem, PA. Please do a lot of research, read and understand all the fine print if you decide to refinance your mortgage and make sure you get "references," i.e. business practices, about the bank or mortgage company.

Debt experts also say that the best way to pay off credit cards is first to call and ask for a lower interest rate. You may be refused but it won't hurt to ask. Second concentrate on paying down the credit card with the biggest balance first, even though other cards may have higher interest rates. Third, when you get close to paying off a card (say in 3 more months), stop using it and contact them and advise them to close your account.

This web site has a lot of useful information:
http://www.bankrate.com/

Bob, that's solid advice on the credit cards and will keep it in mind.

As to the refinance, my first option would be to go through Wells Fargo, who I have now.

[Bob D'Amico]

In my email today, UNBELIEVABLE! They are desperate to get me into debt!

I especially love the end of the first sentence. "....even a morning coffee."

[neverrude]

Here's a very good read on Federal Reserve

http://www.apfn.org/APFN/reserve2.htm