Your high credit and mortgage pays for others

[BigRed]

Hey we pay taxes and the government gives it away.

State produces NOTHING without plundering citizen.

 

[mmcbeat]

Saw that on Fox this morning - speachless.

 

[Texasjack]

In California, electric utilities have started billing people based upon their income.

Nikita Khrushchev threatened to crush America and install communism. He would have been shocked to find out that we would do it ourselves.

 

[billtool]

So this Puppet-in-chief can wave a magic wand and just do this? I'm going to call my local bank and ask if they're participating.

 

[BBL]

So this Puppet-in-chief can wave a magic wand and just do this? I'm going to call my local bank and ask if they're participating.

Yup. It is called "dictatorial powers".
Stalin had them. Hitler had them. Castro had them. Every good dictator has them. That's how they destroy the economy under the guise of "helping".

 

[OutlawStar]

Sorry to beat this horse a few more times, but I did see a Dave Ramsey radio show clip about this news article today. They hate debt and think this is stupid and unfair HOWEVER per their general mortgage guidance pointed out it does NOT apply to 15 or 10 year mortgages.

I started with a 30 year mortgage and was just paying extra every month, did a refinance last year to a 15 year and still throwing most spare cash at the mortgage. While I hope this motivates people to prefer a 15 year mortgage and higher down payment, I have a VERY strong suspicion this news story and the government program will be forgotten about in about 3 months. Considering the current state of finance, most people will shrug and say its just an extra $40 a month or "I can still afford the monthly payments" and it'll just be another grift.

I hope you old timers are teaching everyone you can to go for a 15 year mortgage and get completely out of debt including the mortgage as fast as possible. I have 2-3 years left on mine and I might push to make the mortgage go away faster. I know the conventional wisdom is if the APR is low enough DON'T pay off the mortgage. This year I'll have paid $2500 in interest. Thats $2500 out of my bank account and it doesn't feel good. I might just drain savings and pile cash for a solid year after the mortgage then invest making far more in interest while stacking cash than mortgage interest and tax deductions will ever give back to me. I'm so salty over it this afternoon, sorry guys.

 

[V-Tach]

Well....the FHA did approve 40 year mortgages.......

 

[OutlawStar]

Well....the FHA did approve 40 year mortgages.......

I won't be surprised if those are pushed a little harder in the future; a Ramsey host pointed out for a $400k mortgage over 30 years you pay something like $500k in interest. For a 40 year mortgage on that same $400k they make something like $1million in interest. 10 years longer to double the payout? Why wouldn't banks be pushing people to do that?

 

[Grumps21]

I won't be surprised if those are pushed a little harder in the future; a Ramsey host pointed out for a $400k mortgage over 30 years you pay something like $500k in interest. For a 40 year mortgage on that same $400k they make something like $1million in interest. 10 years longer to double the payout? Why wouldn't banks be pushing people to do that?

We have 84 month car loans now, so why not? I was wonder if this is what Barry meant when he said “you will own nothing”.

 

[striker55]

My parents never finished paying their car loan, always traded in for a newer model before it was paid. My 2018 Impala has been paid off and now Biden wants us to go electric, I don't think so.

 

[oldag]

Yes, let's encourage and help people who can't afford a mortgage to buy a home. That worked out so well last time.

 

[Wudidiz]

 

[lightflyer1]

Paid off all debt including the home mortgage 11 years ago. Taught my kids that debt was the modern form of slavery. There are times when it is needed, but not for what most use it for. Paid off my 30 year note in 11 years. At 53 years old then it felt really good! Now at 64, and waiting for retirement it feels even better!