- This topic has 40 replies, 6 voices, and was last updated 15 years, 4 months ago by
Fearful.
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AuthorPosts
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November 19, 2007 at 4:45 PM #10947
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November 19, 2007 at 5:19 PM #101373
citydweller
ParticipantBased on my experience this morning, I would have to say the answer to your question is “No”.
I got a HELOC with B of A in 2003, when my condo was appraised at about 35% more than it is worth now. I spent part of what was available to me, then locked the rate on that portion that I had borrowed (at 6.5%, when the adjustable rate would have been just 4.25%, but is now around 7.75%). I set up an automatic payment plan where my monthly payments were just deducted from my checking account.
So, today I called their customer service line to tell them that I would like to start making additional payments to pay down the principle. Before she would make the transfer she wanted to know if I was aware that I had X amount of dollars available!!! and for a limited time only, any money I borrowed would only be charged 6.25%!!!! until March of 2008!!!
What part of “paying down principle” didn’t she get? Why would I go from wanting to pay down my loan to wanting borrow even more? I guess some people would find 4 months of 6.25% interest too hard to resist.
And getting back to your question, if I did decide to borrow the X amount of dollars available to me, I would certainly be upside down, owing more than I could sell my condo for.
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November 19, 2007 at 5:57 PM #101388
nla
ParticipantI can’t resist it.
It’s principal not principle. You mentioned it twice, so I don’t think it’s a typographical error.
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November 19, 2007 at 6:02 PM #101393
djrobsd
ParticipantThat’s just wrong. By the way, if you use a Mac instead of a PC, it auto spell checks all your posts on the web for you as you’re typing them… One more reason to use a Mac, but wayyyyyyyyyyyyyyyyyy off topic for this site.
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November 19, 2007 at 6:02 PM #101479
djrobsd
ParticipantThat’s just wrong. By the way, if you use a Mac instead of a PC, it auto spell checks all your posts on the web for you as you’re typing them… One more reason to use a Mac, but wayyyyyyyyyyyyyyyyyy off topic for this site.
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November 19, 2007 at 6:02 PM #101490
djrobsd
ParticipantThat’s just wrong. By the way, if you use a Mac instead of a PC, it auto spell checks all your posts on the web for you as you’re typing them… One more reason to use a Mac, but wayyyyyyyyyyyyyyyyyy off topic for this site.
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November 19, 2007 at 6:02 PM #101507
djrobsd
ParticipantThat’s just wrong. By the way, if you use a Mac instead of a PC, it auto spell checks all your posts on the web for you as you’re typing them… One more reason to use a Mac, but wayyyyyyyyyyyyyyyyyy off topic for this site.
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November 19, 2007 at 6:02 PM #101535
djrobsd
ParticipantThat’s just wrong. By the way, if you use a Mac instead of a PC, it auto spell checks all your posts on the web for you as you’re typing them… One more reason to use a Mac, but wayyyyyyyyyyyyyyyyyy off topic for this site.
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November 19, 2007 at 6:37 PM #101403
citydweller
ParticipantThanks nla, you’re right it wasn’t just a typo. I debated between the two spellings and chose the wrong one…dang!
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November 19, 2007 at 6:43 PM #101408
kev374
ParticipantThe malls are packed and people seem to be on a buying binge even now. If not the HELOCs I am sure the credit cards are being maxed out. Or perhaps they are spending every last penny they make.
But in any case, running up ridiculous amounts of debt and then crying for a handout seems to be the American way. People are just spoiled these days, it’s the “I deserve to have it now” attitude!
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November 20, 2007 at 4:41 AM #101572
Coronita
ParticipantThe malls are packed and people seem to be on a buying binge even now. If not the HELOCs I am sure the credit cards are being maxed out. Or perhaps they are spending every last penny they make.
But in any case, running up ridiculous amounts of debt and then crying for a handout seems to be the American way. People are just spoiled these days, it's the "I deserve to have it now" attitude!
You know, I've always been curious. How much does the average consumer spend on the winter holidays (to be politically correct)?
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November 20, 2007 at 8:39 AM #101607
Fearful
ParticipantI met socially with a nice lady who is in the clothing business. She says that early indications are this is a really bad retail season. The demand is just not there.
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November 20, 2007 at 8:39 AM #101693
Fearful
ParticipantI met socially with a nice lady who is in the clothing business. She says that early indications are this is a really bad retail season. The demand is just not there.
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November 20, 2007 at 8:39 AM #101705
Fearful
ParticipantI met socially with a nice lady who is in the clothing business. She says that early indications are this is a really bad retail season. The demand is just not there.
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November 20, 2007 at 8:39 AM #101724
Fearful
ParticipantI met socially with a nice lady who is in the clothing business. She says that early indications are this is a really bad retail season. The demand is just not there.
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November 20, 2007 at 8:39 AM #101751
Fearful
ParticipantI met socially with a nice lady who is in the clothing business. She says that early indications are this is a really bad retail season. The demand is just not there.
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November 20, 2007 at 4:41 AM #101659
Coronita
ParticipantThe malls are packed and people seem to be on a buying binge even now. If not the HELOCs I am sure the credit cards are being maxed out. Or perhaps they are spending every last penny they make.
But in any case, running up ridiculous amounts of debt and then crying for a handout seems to be the American way. People are just spoiled these days, it's the "I deserve to have it now" attitude!
You know, I've always been curious. How much does the average consumer spend on the winter holidays (to be politically correct)?
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November 20, 2007 at 4:41 AM #101670
Coronita
ParticipantThe malls are packed and people seem to be on a buying binge even now. If not the HELOCs I am sure the credit cards are being maxed out. Or perhaps they are spending every last penny they make.
But in any case, running up ridiculous amounts of debt and then crying for a handout seems to be the American way. People are just spoiled these days, it's the "I deserve to have it now" attitude!
You know, I've always been curious. How much does the average consumer spend on the winter holidays (to be politically correct)?
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November 20, 2007 at 4:41 AM #101688
Coronita
ParticipantThe malls are packed and people seem to be on a buying binge even now. If not the HELOCs I am sure the credit cards are being maxed out. Or perhaps they are spending every last penny they make.
But in any case, running up ridiculous amounts of debt and then crying for a handout seems to be the American way. People are just spoiled these days, it's the "I deserve to have it now" attitude!
You know, I've always been curious. How much does the average consumer spend on the winter holidays (to be politically correct)?
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November 20, 2007 at 4:41 AM #101716
Coronita
ParticipantThe malls are packed and people seem to be on a buying binge even now. If not the HELOCs I am sure the credit cards are being maxed out. Or perhaps they are spending every last penny they make.
But in any case, running up ridiculous amounts of debt and then crying for a handout seems to be the American way. People are just spoiled these days, it's the "I deserve to have it now" attitude!
You know, I've always been curious. How much does the average consumer spend on the winter holidays (to be politically correct)?
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November 19, 2007 at 6:43 PM #101494
kev374
ParticipantThe malls are packed and people seem to be on a buying binge even now. If not the HELOCs I am sure the credit cards are being maxed out. Or perhaps they are spending every last penny they make.
But in any case, running up ridiculous amounts of debt and then crying for a handout seems to be the American way. People are just spoiled these days, it’s the “I deserve to have it now” attitude!
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November 19, 2007 at 6:43 PM #101505
kev374
ParticipantThe malls are packed and people seem to be on a buying binge even now. If not the HELOCs I am sure the credit cards are being maxed out. Or perhaps they are spending every last penny they make.
But in any case, running up ridiculous amounts of debt and then crying for a handout seems to be the American way. People are just spoiled these days, it’s the “I deserve to have it now” attitude!
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November 19, 2007 at 6:43 PM #101522
kev374
ParticipantThe malls are packed and people seem to be on a buying binge even now. If not the HELOCs I am sure the credit cards are being maxed out. Or perhaps they are spending every last penny they make.
But in any case, running up ridiculous amounts of debt and then crying for a handout seems to be the American way. People are just spoiled these days, it’s the “I deserve to have it now” attitude!
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November 19, 2007 at 6:43 PM #101551
kev374
ParticipantThe malls are packed and people seem to be on a buying binge even now. If not the HELOCs I am sure the credit cards are being maxed out. Or perhaps they are spending every last penny they make.
But in any case, running up ridiculous amounts of debt and then crying for a handout seems to be the American way. People are just spoiled these days, it’s the “I deserve to have it now” attitude!
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November 19, 2007 at 6:37 PM #101489
citydweller
ParticipantThanks nla, you’re right it wasn’t just a typo. I debated between the two spellings and chose the wrong one…dang!
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November 19, 2007 at 6:37 PM #101501
citydweller
ParticipantThanks nla, you’re right it wasn’t just a typo. I debated between the two spellings and chose the wrong one…dang!
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November 19, 2007 at 6:37 PM #101517
citydweller
ParticipantThanks nla, you’re right it wasn’t just a typo. I debated between the two spellings and chose the wrong one…dang!
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November 19, 2007 at 6:37 PM #101545
citydweller
ParticipantThanks nla, you’re right it wasn’t just a typo. I debated between the two spellings and chose the wrong one…dang!
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November 19, 2007 at 5:57 PM #101474
nla
ParticipantI can’t resist it.
It’s principal not principle. You mentioned it twice, so I don’t think it’s a typographical error.
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November 19, 2007 at 5:57 PM #101486
nla
ParticipantI can’t resist it.
It’s principal not principle. You mentioned it twice, so I don’t think it’s a typographical error.
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November 19, 2007 at 5:57 PM #101502
nla
ParticipantI can’t resist it.
It’s principal not principle. You mentioned it twice, so I don’t think it’s a typographical error.
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November 19, 2007 at 5:57 PM #101531
nla
ParticipantI can’t resist it.
It’s principal not principle. You mentioned it twice, so I don’t think it’s a typographical error.
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November 19, 2007 at 5:19 PM #101459
citydweller
ParticipantBased on my experience this morning, I would have to say the answer to your question is “No”.
I got a HELOC with B of A in 2003, when my condo was appraised at about 35% more than it is worth now. I spent part of what was available to me, then locked the rate on that portion that I had borrowed (at 6.5%, when the adjustable rate would have been just 4.25%, but is now around 7.75%). I set up an automatic payment plan where my monthly payments were just deducted from my checking account.
So, today I called their customer service line to tell them that I would like to start making additional payments to pay down the principle. Before she would make the transfer she wanted to know if I was aware that I had X amount of dollars available!!! and for a limited time only, any money I borrowed would only be charged 6.25%!!!! until March of 2008!!!
What part of “paying down principle” didn’t she get? Why would I go from wanting to pay down my loan to wanting borrow even more? I guess some people would find 4 months of 6.25% interest too hard to resist.
And getting back to your question, if I did decide to borrow the X amount of dollars available to me, I would certainly be upside down, owing more than I could sell my condo for.
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November 19, 2007 at 5:19 PM #101471
citydweller
ParticipantBased on my experience this morning, I would have to say the answer to your question is “No”.
I got a HELOC with B of A in 2003, when my condo was appraised at about 35% more than it is worth now. I spent part of what was available to me, then locked the rate on that portion that I had borrowed (at 6.5%, when the adjustable rate would have been just 4.25%, but is now around 7.75%). I set up an automatic payment plan where my monthly payments were just deducted from my checking account.
So, today I called their customer service line to tell them that I would like to start making additional payments to pay down the principle. Before she would make the transfer she wanted to know if I was aware that I had X amount of dollars available!!! and for a limited time only, any money I borrowed would only be charged 6.25%!!!! until March of 2008!!!
What part of “paying down principle” didn’t she get? Why would I go from wanting to pay down my loan to wanting borrow even more? I guess some people would find 4 months of 6.25% interest too hard to resist.
And getting back to your question, if I did decide to borrow the X amount of dollars available to me, I would certainly be upside down, owing more than I could sell my condo for.
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November 19, 2007 at 5:19 PM #101487
citydweller
ParticipantBased on my experience this morning, I would have to say the answer to your question is “No”.
I got a HELOC with B of A in 2003, when my condo was appraised at about 35% more than it is worth now. I spent part of what was available to me, then locked the rate on that portion that I had borrowed (at 6.5%, when the adjustable rate would have been just 4.25%, but is now around 7.75%). I set up an automatic payment plan where my monthly payments were just deducted from my checking account.
So, today I called their customer service line to tell them that I would like to start making additional payments to pay down the principle. Before she would make the transfer she wanted to know if I was aware that I had X amount of dollars available!!! and for a limited time only, any money I borrowed would only be charged 6.25%!!!! until March of 2008!!!
What part of “paying down principle” didn’t she get? Why would I go from wanting to pay down my loan to wanting borrow even more? I guess some people would find 4 months of 6.25% interest too hard to resist.
And getting back to your question, if I did decide to borrow the X amount of dollars available to me, I would certainly be upside down, owing more than I could sell my condo for.
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November 19, 2007 at 5:19 PM #101516
citydweller
ParticipantBased on my experience this morning, I would have to say the answer to your question is “No”.
I got a HELOC with B of A in 2003, when my condo was appraised at about 35% more than it is worth now. I spent part of what was available to me, then locked the rate on that portion that I had borrowed (at 6.5%, when the adjustable rate would have been just 4.25%, but is now around 7.75%). I set up an automatic payment plan where my monthly payments were just deducted from my checking account.
So, today I called their customer service line to tell them that I would like to start making additional payments to pay down the principle. Before she would make the transfer she wanted to know if I was aware that I had X amount of dollars available!!! and for a limited time only, any money I borrowed would only be charged 6.25%!!!! until March of 2008!!!
What part of “paying down principle” didn’t she get? Why would I go from wanting to pay down my loan to wanting borrow even more? I guess some people would find 4 months of 6.25% interest too hard to resist.
And getting back to your question, if I did decide to borrow the X amount of dollars available to me, I would certainly be upside down, owing more than I could sell my condo for.
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November 20, 2007 at 4:36 AM #101567
Coronita
ParticipantI'm curious how the housing market will affect holiday spending, as the equity lines dry up and people can't tap their HELOCS to fund their holiday spending extraveganzas?
You don't have to worry about this. I'm sure the average american consumer will find new and more creative ways to spend money that they don't have, or at least re-leverage existing means of spending money they don't have. Afterall, why live in poverty when you can live in debt? No HELOC to tap, no problem max out a few more CC. CC maxed out, borrow against the 401k. Apply for more CC's.
What you need to worry about is what the retailers are doing this year. Actually, I think they are anticipating weaker spending. Anyone else notice that Black friday events are starting earlier this year? Also, a lot of high end retailers are giving unusual discounts. For example, Gucci is offering 10% discounts of purchases (never done before). Of course, spending $1000-$3000 on a purse is an interesting concept it itself.
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November 20, 2007 at 4:36 AM #101654
Coronita
ParticipantI'm curious how the housing market will affect holiday spending, as the equity lines dry up and people can't tap their HELOCS to fund their holiday spending extraveganzas?
You don't have to worry about this. I'm sure the average american consumer will find new and more creative ways to spend money that they don't have, or at least re-leverage existing means of spending money they don't have. Afterall, why live in poverty when you can live in debt? No HELOC to tap, no problem max out a few more CC. CC maxed out, borrow against the 401k. Apply for more CC's.
What you need to worry about is what the retailers are doing this year. Actually, I think they are anticipating weaker spending. Anyone else notice that Black friday events are starting earlier this year? Also, a lot of high end retailers are giving unusual discounts. For example, Gucci is offering 10% discounts of purchases (never done before). Of course, spending $1000-$3000 on a purse is an interesting concept it itself.
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November 20, 2007 at 4:36 AM #101665
Coronita
ParticipantI'm curious how the housing market will affect holiday spending, as the equity lines dry up and people can't tap their HELOCS to fund their holiday spending extraveganzas?
You don't have to worry about this. I'm sure the average american consumer will find new and more creative ways to spend money that they don't have, or at least re-leverage existing means of spending money they don't have. Afterall, why live in poverty when you can live in debt? No HELOC to tap, no problem max out a few more CC. CC maxed out, borrow against the 401k. Apply for more CC's.
What you need to worry about is what the retailers are doing this year. Actually, I think they are anticipating weaker spending. Anyone else notice that Black friday events are starting earlier this year? Also, a lot of high end retailers are giving unusual discounts. For example, Gucci is offering 10% discounts of purchases (never done before). Of course, spending $1000-$3000 on a purse is an interesting concept it itself.
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November 20, 2007 at 4:36 AM #101684
Coronita
ParticipantI'm curious how the housing market will affect holiday spending, as the equity lines dry up and people can't tap their HELOCS to fund their holiday spending extraveganzas?
You don't have to worry about this. I'm sure the average american consumer will find new and more creative ways to spend money that they don't have, or at least re-leverage existing means of spending money they don't have. Afterall, why live in poverty when you can live in debt? No HELOC to tap, no problem max out a few more CC. CC maxed out, borrow against the 401k. Apply for more CC's.
What you need to worry about is what the retailers are doing this year. Actually, I think they are anticipating weaker spending. Anyone else notice that Black friday events are starting earlier this year? Also, a lot of high end retailers are giving unusual discounts. For example, Gucci is offering 10% discounts of purchases (never done before). Of course, spending $1000-$3000 on a purse is an interesting concept it itself.
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November 20, 2007 at 4:36 AM #101711
Coronita
ParticipantI'm curious how the housing market will affect holiday spending, as the equity lines dry up and people can't tap their HELOCS to fund their holiday spending extraveganzas?
You don't have to worry about this. I'm sure the average american consumer will find new and more creative ways to spend money that they don't have, or at least re-leverage existing means of spending money they don't have. Afterall, why live in poverty when you can live in debt? No HELOC to tap, no problem max out a few more CC. CC maxed out, borrow against the 401k. Apply for more CC's.
What you need to worry about is what the retailers are doing this year. Actually, I think they are anticipating weaker spending. Anyone else notice that Black friday events are starting earlier this year? Also, a lot of high end retailers are giving unusual discounts. For example, Gucci is offering 10% discounts of purchases (never done before). Of course, spending $1000-$3000 on a purse is an interesting concept it itself.
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