Menu

Home › Forums › Financial Markets/Economics › An idea I would like some feedback on!

Viewing 15 posts - 16 through 30 (of 96 total)
1 2 3 … 5 6 7
  • Author
    Posts
  • February 11, 2009 at 9:32 AM #344386
    Veritas
    Participant

    Socratt, I have heard that some banks will soon be increasing minimum monthly credit card payments so they are closer to 4% rather than the current average of around 2%. Some major banks have already increased the minimum payments and others are about to follow suit.

    I heard a caller on a talk show last night say that Chase just did this to him on one of their low interest loans and that he might not be able to pay it. Then the rate goes up. I am sure you are not in the same boat, but it is something to be prepared for.

    February 11, 2009 at 9:40 AM #344713
    peterb
    Participant

    Credit is contracting and will probably continue for at least another year or two. This makes US$ worth more since credit is how we got huge inflation. Your scenario only works with strong inflation. We aint there yet.

    February 11, 2009 at 9:40 AM #344949
    peterb
    Participant

    Credit is contracting and will probably continue for at least another year or two. This makes US$ worth more since credit is how we got huge inflation. Your scenario only works with strong inflation. We aint there yet.

    February 11, 2009 at 9:40 AM #344392
    peterb
    Participant

    Credit is contracting and will probably continue for at least another year or two. This makes US$ worth more since credit is how we got huge inflation. Your scenario only works with strong inflation. We aint there yet.

    February 11, 2009 at 9:40 AM #344852
    peterb
    Participant

    Credit is contracting and will probably continue for at least another year or two. This makes US$ worth more since credit is how we got huge inflation. Your scenario only works with strong inflation. We aint there yet.

    February 11, 2009 at 9:40 AM #344821
    peterb
    Participant

    Credit is contracting and will probably continue for at least another year or two. This makes US$ worth more since credit is how we got huge inflation. Your scenario only works with strong inflation. We aint there yet.

    February 11, 2009 at 11:29 AM #345025
    Coronita
    Participant

    fail.

    Interest rate on a CC probably is around 15-20% right now. Unless you’re the virtual stockstrader, you are probably not doing 15-20% right now. Plus, your assumption in buying commodities that that your rates are going to rise less or at least in line with inflation. Question, is that if dollar weakens and we see another 10% inflation, don’t you think your 20%+ APR now is going to go up as much as well?

    You’re third option would be to just walk on your CC debt. But unless they change the bankruptcy laws, you don’t get a clean pass on CC debt, and frankly not sure if you want to go down that route over a few thousand, unless you can manage to take hundreds and thousands from multiple CC’s.

    If you wanted to do something like this, pick a loan that that rates aren’t crappy…I was contemplating taking a Heloc at 2.5% and use it to pay your 5-6% primary loan.

    February 11, 2009 at 11:29 AM #344788
    Coronita
    Participant

    fail.

    Interest rate on a CC probably is around 15-20% right now. Unless you’re the virtual stockstrader, you are probably not doing 15-20% right now. Plus, your assumption in buying commodities that that your rates are going to rise less or at least in line with inflation. Question, is that if dollar weakens and we see another 10% inflation, don’t you think your 20%+ APR now is going to go up as much as well?

    You’re third option would be to just walk on your CC debt. But unless they change the bankruptcy laws, you don’t get a clean pass on CC debt, and frankly not sure if you want to go down that route over a few thousand, unless you can manage to take hundreds and thousands from multiple CC’s.

    If you wanted to do something like this, pick a loan that that rates aren’t crappy…I was contemplating taking a Heloc at 2.5% and use it to pay your 5-6% primary loan.

    February 11, 2009 at 11:29 AM #344466
    Coronita
    Participant

    fail.

    Interest rate on a CC probably is around 15-20% right now. Unless you’re the virtual stockstrader, you are probably not doing 15-20% right now. Plus, your assumption in buying commodities that that your rates are going to rise less or at least in line with inflation. Question, is that if dollar weakens and we see another 10% inflation, don’t you think your 20%+ APR now is going to go up as much as well?

    You’re third option would be to just walk on your CC debt. But unless they change the bankruptcy laws, you don’t get a clean pass on CC debt, and frankly not sure if you want to go down that route over a few thousand, unless you can manage to take hundreds and thousands from multiple CC’s.

    If you wanted to do something like this, pick a loan that that rates aren’t crappy…I was contemplating taking a Heloc at 2.5% and use it to pay your 5-6% primary loan.

    February 11, 2009 at 11:29 AM #344927
    Coronita
    Participant

    fail.

    Interest rate on a CC probably is around 15-20% right now. Unless you’re the virtual stockstrader, you are probably not doing 15-20% right now. Plus, your assumption in buying commodities that that your rates are going to rise less or at least in line with inflation. Question, is that if dollar weakens and we see another 10% inflation, don’t you think your 20%+ APR now is going to go up as much as well?

    You’re third option would be to just walk on your CC debt. But unless they change the bankruptcy laws, you don’t get a clean pass on CC debt, and frankly not sure if you want to go down that route over a few thousand, unless you can manage to take hundreds and thousands from multiple CC’s.

    If you wanted to do something like this, pick a loan that that rates aren’t crappy…I was contemplating taking a Heloc at 2.5% and use it to pay your 5-6% primary loan.

    February 11, 2009 at 11:29 AM #344896
    Coronita
    Participant

    fail.

    Interest rate on a CC probably is around 15-20% right now. Unless you’re the virtual stockstrader, you are probably not doing 15-20% right now. Plus, your assumption in buying commodities that that your rates are going to rise less or at least in line with inflation. Question, is that if dollar weakens and we see another 10% inflation, don’t you think your 20%+ APR now is going to go up as much as well?

    You’re third option would be to just walk on your CC debt. But unless they change the bankruptcy laws, you don’t get a clean pass on CC debt, and frankly not sure if you want to go down that route over a few thousand, unless you can manage to take hundreds and thousands from multiple CC’s.

    If you wanted to do something like this, pick a loan that that rates aren’t crappy…I was contemplating taking a Heloc at 2.5% and use it to pay your 5-6% primary loan.

    February 11, 2009 at 11:34 AM #344901
    IONEGARM
    Participant

    Congrats, that is the worst idea I have heard today.

    But I have hope, the day isn’t over yet.

    February 11, 2009 at 11:34 AM #344471
    IONEGARM
    Participant

    Congrats, that is the worst idea I have heard today.

    But I have hope, the day isn’t over yet.

    February 11, 2009 at 11:34 AM #344932
    IONEGARM
    Participant

    Congrats, that is the worst idea I have heard today.

    But I have hope, the day isn’t over yet.

    February 11, 2009 at 11:34 AM #345030
    IONEGARM
    Participant

    Congrats, that is the worst idea I have heard today.

    But I have hope, the day isn’t over yet.

  • Author
    Posts
Viewing 15 posts - 16 through 30 (of 96 total)
1 2 3 … 5 6 7
  • You must be logged in to reply to this topic.