- This topic has 95 replies, 11 voices, and was last updated 16 years, 10 months ago by
NotCranky.
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May 27, 2008 at 7:47 AM #211884May 27, 2008 at 8:15 AM #211976
JWM in SD
Participant“I’m going to dispute because I’m afraid of the ding to my credit.”
No offense, but what exactly is your basis for disputing it?
Assets – Liabilities = Owner’s Equity
Accounting 101 my friends.
Asset values fluctuate and debts do not…the result is a change in Equity.
You only had the LOC at the bank’s discretion for risk. They can take it away whenever they want.
May 27, 2008 at 8:15 AM #212004Participant“I’m going to dispute because I’m afraid of the ding to my credit.”
No offense, but what exactly is your basis for disputing it?
Assets – Liabilities = Owner’s Equity
Accounting 101 my friends.
Asset values fluctuate and debts do not…the result is a change in Equity.
You only had the LOC at the bank’s discretion for risk. They can take it away whenever they want.
May 27, 2008 at 8:15 AM #212026Participant“I’m going to dispute because I’m afraid of the ding to my credit.”
No offense, but what exactly is your basis for disputing it?
Assets – Liabilities = Owner’s Equity
Accounting 101 my friends.
Asset values fluctuate and debts do not…the result is a change in Equity.
You only had the LOC at the bank’s discretion for risk. They can take it away whenever they want.
May 27, 2008 at 8:15 AM #211903Participant“I’m going to dispute because I’m afraid of the ding to my credit.”
No offense, but what exactly is your basis for disputing it?
Assets – Liabilities = Owner’s Equity
Accounting 101 my friends.
Asset values fluctuate and debts do not…the result is a change in Equity.
You only had the LOC at the bank’s discretion for risk. They can take it away whenever they want.
May 27, 2008 at 8:15 AM #212057Participant“I’m going to dispute because I’m afraid of the ding to my credit.”
No offense, but what exactly is your basis for disputing it?
Assets – Liabilities = Owner’s Equity
Accounting 101 my friends.
Asset values fluctuate and debts do not…the result is a change in Equity.
You only had the LOC at the bank’s discretion for risk. They can take it away whenever they want.
May 28, 2008 at 11:55 AM #212945GoUSC
ParticipantCorrect on the inflation comment…brain fart. However I guess you don’t pay capital gains taxes on the return you earn???
I don’t care if it costs you $60000 or $6000 to “rent” the money. You are actually borrowing money for more than the return you are getting on it just to have it in the bank and that is asinine IMHO.
May 28, 2008 at 11:55 AM #212917ParticipantCorrect on the inflation comment…brain fart. However I guess you don’t pay capital gains taxes on the return you earn???
I don’t care if it costs you $60000 or $6000 to “rent” the money. You are actually borrowing money for more than the return you are getting on it just to have it in the bank and that is asinine IMHO.
May 28, 2008 at 11:55 AM #212894ParticipantCorrect on the inflation comment…brain fart. However I guess you don’t pay capital gains taxes on the return you earn???
I don’t care if it costs you $60000 or $6000 to “rent” the money. You are actually borrowing money for more than the return you are getting on it just to have it in the bank and that is asinine IMHO.
May 28, 2008 at 11:55 AM #212868ParticipantCorrect on the inflation comment…brain fart. However I guess you don’t pay capital gains taxes on the return you earn???
I don’t care if it costs you $60000 or $6000 to “rent” the money. You are actually borrowing money for more than the return you are getting on it just to have it in the bank and that is asinine IMHO.
May 28, 2008 at 11:55 AM #212790ParticipantCorrect on the inflation comment…brain fart. However I guess you don’t pay capital gains taxes on the return you earn???
I don’t care if it costs you $60000 or $6000 to “rent” the money. You are actually borrowing money for more than the return you are getting on it just to have it in the bank and that is asinine IMHO.
May 28, 2008 at 12:07 PM #212904meadandale
Participant“You are actually borrowing money for more than the return you are getting on it just to have it in the bank and that is asinine IMHO.”
You’d think a pig would be smarter, no?
I remember ridiculing someone I read about who did this very same thing. This type of behavior is the very essence of the people in the move Maxed Out. People are so addicted to credit that they freak out when that potential money (in reality, debt) is taken away.
So, you pull out $100k in HELOC and pay $3k per year for the privilege of having it sit there (actually you pay more because of inflation eating away at the value of the $100k).
Maybe if you put that $3k into the bank and earned interest on it? At least then you’d only be losing the difference between the inflation and your deposit interest rate rather than 3% PLUS inflation.
*shakes head*
May 28, 2008 at 12:07 PM #212800Participant“You are actually borrowing money for more than the return you are getting on it just to have it in the bank and that is asinine IMHO.”
You’d think a pig would be smarter, no?
I remember ridiculing someone I read about who did this very same thing. This type of behavior is the very essence of the people in the move Maxed Out. People are so addicted to credit that they freak out when that potential money (in reality, debt) is taken away.
So, you pull out $100k in HELOC and pay $3k per year for the privilege of having it sit there (actually you pay more because of inflation eating away at the value of the $100k).
Maybe if you put that $3k into the bank and earned interest on it? At least then you’d only be losing the difference between the inflation and your deposit interest rate rather than 3% PLUS inflation.
*shakes head*
May 28, 2008 at 12:07 PM #212927Participant“You are actually borrowing money for more than the return you are getting on it just to have it in the bank and that is asinine IMHO.”
You’d think a pig would be smarter, no?
I remember ridiculing someone I read about who did this very same thing. This type of behavior is the very essence of the people in the move Maxed Out. People are so addicted to credit that they freak out when that potential money (in reality, debt) is taken away.
So, you pull out $100k in HELOC and pay $3k per year for the privilege of having it sit there (actually you pay more because of inflation eating away at the value of the $100k).
Maybe if you put that $3k into the bank and earned interest on it? At least then you’d only be losing the difference between the inflation and your deposit interest rate rather than 3% PLUS inflation.
*shakes head*
May 28, 2008 at 12:07 PM #212878Participant“You are actually borrowing money for more than the return you are getting on it just to have it in the bank and that is asinine IMHO.”
You’d think a pig would be smarter, no?
I remember ridiculing someone I read about who did this very same thing. This type of behavior is the very essence of the people in the move Maxed Out. People are so addicted to credit that they freak out when that potential money (in reality, debt) is taken away.
So, you pull out $100k in HELOC and pay $3k per year for the privilege of having it sit there (actually you pay more because of inflation eating away at the value of the $100k).
Maybe if you put that $3k into the bank and earned interest on it? At least then you’d only be losing the difference between the inflation and your deposit interest rate rather than 3% PLUS inflation.
*shakes head*
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