Author Topic: The housing market, credit card debt, and home equity loans  (Read 549 times)

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Offline mommydi

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The housing market, credit card debt, and home equity loans
« on: Wed Aug 24, 2022 - 10:50:43 »
I don't have a tiktok account, but can still watch this clip a friend just sent to me. We've been discussing the housing market and what will come of it. This little clip has some interesting points - how credit card debt is at an all time high (it really is) and people are taking out equity loans to help make ends meet, but meanwhile housing prices are cooling. This sounds like a huge disaster in the making.

https://www.tiktok.com/@curlsgreeneyes2/video/7127831563143859499?_r=1&_t=8V6SXRqAou6&is_from_webapp=v1&item_id=7127831563143859499

Offline Texas Conservative

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Re: The housing market, credit card debt, and home equity loans
« Reply #1 on: Wed Aug 24, 2022 - 10:58:08 »
No credit card debt for me.  I have never considered a home equity loan, cars are paid off, only debt is my mortgage and interest rate is just a bit above 2.5% on a 15 year term.

I have some cash on hand just in case.  I don't understand how people couldn't see the signs of this coming.  I saw it the minute Trump signed the stimmy's.  No such thing as a free lunch.

Offline mommydi

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Re: The housing market, credit card debt, and home equity loans
« Reply #2 on: Wed Aug 24, 2022 - 11:23:00 »
Speaking of paying the piper-

Joe Biden is forgiving a lot of student debt - which means inflation will soar higher for all of us.


Offline Texas Conservative

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Re: The housing market, credit card debt, and home equity loans
« Reply #3 on: Wed Aug 24, 2022 - 11:24:54 »
Speaking of paying the piper-

Joe Biden is forgiving a lot of student debt - which means inflation will soar higher for all of us.

We are giving more money away to Ukraine than students.  My bigger concern about forgiving debt isn't inflation, but that it is buying votes.

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Re: The housing market, credit card debt, and home equity loans
« Reply #3 on: Wed Aug 24, 2022 - 11:24:54 »

Offline mommydi

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Re: The housing market, credit card debt, and home equity loans
« Reply #4 on: Wed Aug 24, 2022 - 11:28:14 »
We are giving more money away to Ukraine than students.  My bigger concern about forgiving debt isn't inflation, but that it is buying votes.

That's exactly what he's doing. However, he's buying a few votes, but there are some on the left who didn't go to college, or paid off their own debts who are against this because they know what he's doing to the economy.

Offline RB

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Re: The housing market, credit card debt, and home equity loans
« Reply #5 on: Wed Aug 24, 2022 - 15:54:13 »
No credit card debt for me.  I have never considered a home equity loan, cars are paid off, only debt is my mortgage and interest rate is just a bit above 2.5% on a 15 year term.

I have some cash on hand just in case.  I don't understand how people couldn't see the signs of this coming.  I saw it the minute Trump signed the stimmy's.  No such thing as a free lunch.
Good for you brother! I have nothing to pay except a light bill and insurance, food, etc. I do support a family of six almost 100% and that's okay~God said remember the poor and I do, especially if they are flesh and blood of your own family.

It would not be wise to pay off a house loan with so little interest, but you probably know more than I do.

Offline Rella

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Re: The housing market, credit card debt, and home equity loans
« Reply #6 on: Wed Aug 24, 2022 - 16:43:05 »
but that it is buying votes.

Absolutely. Especially as those who will benefit who got all that lefty talk from their profs

Offline Alan

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Re: The housing market, credit card debt, and home equity loans
« Reply #7 on: Wed Aug 24, 2022 - 20:36:54 »
Too late for me. I've jumped into my home equity line of credit this year, nothing substantial but it was necessary to complete some of the upgrades to the home, and especially necessary after my wife was fired from her job for refusing the jab.

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Re: The housing market, credit card debt, and home equity loans
« Reply #8 on: Thu Aug 25, 2022 - 03:07:09 »
Too late for me. I've jumped into my home equity line of credit this year, nothing substantial but it was necessary to complete some of the upgrades to the home, and especially necessary after my wife was fired from her job for refusing the jab.
One of my children did as well, and at times for some it's necessary, and a few can do so wisely, and Alan you seem to be one of those people. The Lord be with you brother and make your increase for doing what you think is best for your family.

Offline Wycliffes_Shillelagh

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Re: The housing market, credit card debt, and home equity loans
« Reply #9 on: Thu Aug 25, 2022 - 13:07:33 »
Yeah I took out a HELOC on my paid-for house a couple years ago when we had some water damage from a busted pipe.

Just re-financed it into a traditional loan with a fixed-rate a couple months ago.  I can read the writing on the wall just fine.

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