The same people late on mortgage payments spend on top cell-phones, flat TVs, etc.
- Thread starter crgarcia
- Start date
Cash out and buy bonds after the peak
yes, I work in the mortgage industry and that is definitely the truth.
You should see some of these peoples' money management habits...really laughable if it was so freaking horrible....Some of these people have kids and stuff and I hate to see them have to have idiot parents like that.
In a world of economic chaos, the 72" TV offers a stable constant voice. That one thing that Joe Consumer can depend on at the end of a long day. The 6 0'Clock news, the 8 oclock sitcom.. they all provide some form of stability.
So in his world it makes perfect sense to spend $5000 on a Plasma when the mortgage is in arrears. If you don't know who you are, BMW provide you with an "identity" for a small fee.
Quote from sophiekay:
In a world of economic chaos, the 72" TV offers a stable constant voice. That one thing that Joe Consumer can depend on at the end of a long day. The 6 0'Clock news, the 8 oclock sitcom.. they all provide some form of stability.
So in his world it makes perfect sense to spend $5000 on a Plasma when the mortgage is in arrears. If you don't know who you are, BMW provide you with an "identity" for a small fee.
I agree with you. It's true....and the crazy thing is that people seriously will call in and ask to refinance a mortgage that is like 60 days delinquent for CASH OUT. heh heh
Sad.
People have no confidence in themselves, they place it all in the hands of the plasma screen manufacturer, Entertainment Weekly, and the car companies to tel them if they are good enough.
This is impossible. The interest rate on debt MUST exceed inflation otherwise it's an automatic loss for the lender. It's basic economics.
Have you guys actually met people like this? Sure we read about it, but I know very few people who are that irresponsible with money.
I was surprised to learn that the majority of people have fico scores over 700.
I was surprised to learn that the majority of people have fico scores over 700.
Not the majority of poeple who apply for credit......
I see probably 20 scores a day......
average is about 650 to MAYBE 700, but usually less....
at least from what I have seen myself....I personally don't think that many poeple who have FICO's over 700 apply for credit very often....so maybe the results are skewed for me...