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17 Comments on Jingle Mail. The next big thing.
Reserved Parking For "The Lovely Wife"...TLW...ROAR!
Hun...
Being in the trenches as we are I'm not having any trouble understanding why they walk. I'll be back once I get my train of thought back. You just made me forget what I was going to say when you laughed at my blog :)
TLW...ROAR!
I'm fed up.....but I'm not planning on walking away. It sure is CRAP though!
Bryant,
Celine, is a great lady and showman, but she's singing about a love affair not debt!
So much of this is misdirected fustration, including the implaction about the lyrics.
Bill
Byrant - And now we have more tightening restrictions passed on to consumers by big brother making deals with big banks, all sleeping together- they might as well call it the brothel that it is. We are fed up. Everyone is fed up. And change is a coming.... that jingle is turning into a jangle and as a pay as you go person, I am glad many more will join the ranks up giving the finger to the creditors and those stupid fica scores we are hostage to.
It is actually a blessing in disguise! I think this has all happened for a reason and we will make ourselves better for it all and through it all. People never should have used homes as ATM machines, never should buy things they can't pay for and never go into debt for material possessions, don't get sucked into keeping up with the jones. There is so much we could learn from our grandparents! Our church teaches self reliance, don't get into debt, only buy your house on credit and car if you must, but work to pay it all off, not leverage yourself like all the get rich folks teach. Katerina
It's a sad state of affairs this walking away business, Bryant. I see it all over, too. I'm with Ann on this one. I'm fed up, but I'm not walking away. I created my debt, so I will stick with it till the end.
Unfortunately, I too have created my debt. I'm doing my best to keep it paid and working on paying it down. There really are a lot of people walking away. Its sad.
I found it rather easy to get Celine to appear in your pretty post :)
TLW...ROAR!
Yeah, when I heard that only 6% of those qualified are actually receiving assistance it made my stomach turn!
We have rental properties where tenants have decided not to pay, but I cover the mortgages on them every month, and often scrape by as a result. Tenants have a "walk away" mentality. . .true owners do not.
I'm afraid, however, that the current economy and by extension the new credit "rules," are creating a trickle up effect. My tenants don't pay, but I pay. . .until I can't any more. . .and then what? It's not in me to walk.
To make matters more interesting, the bank just recently cut my line of credit, not because I had ever been late, but because the property securing that line is in a "declining market" . . .really!?!?!? Can I get a copy of the appraisal that prompted that decision???? What no appraisal? Of course not. . .
Our world has completely changed. Some people see no hope. They are overwhelmed many times through no fault of their own. Unless I've walked in their moccasins I can't fault them.
Bryant - It is a shame ! Jingle Mail... I have not heard of that saying as of yet, but now I have ! Unreal but not a surprise ! What is really tough is that well deserving small companies struggling so hard to get financing for their businesses.
BB - as a person with academic training in economics, resorting to a cash only economy has its own problems and a much slower pace to it. Somewhere there is a happy middle where a modest level of manageable debt is OK -- at least for businesses. And of course we've seen the boom and bust that high-levels of un-manageable debt can cause. On a personal level we are however going for cash, pay as we go! John
Great post, Bryant. I think almost everybody starts out with the intention of paying and believing that no matter what they are GOING to dig out of the hole and repay because it is the right thing to do. But at what point, when you are drowning and completely out of air, do you take the weight off of your neck and swim to the surface? I think that is what we are starting to see.
Unfortunately it is not about people who were acting irresponsibly anymore. Home prices are not down because 1 individual bought more house than they could afford. It is a much bigger problem. People who could afford homes when they bought them have lost jobs or have experienced other hardships. Instead of being able to sell and get out, the declining prices have also put them into jeopardy, yet all too often they are lumped in with "those irresponsible greedy people who overspent". You may not do this personally, but turn on the tv or read the newspaper. Imagine if you were in that situation how desperate and helpless you would feel.
Instead of banks taking bailout money and helping out individuals, they are taking the money to buy other banks, and giving customers the run around. People calling in for help are commonly told that unless they are late on their payments, then the can't even talk to them about modifications. Let me say that again--banks are telling mortgage holders to not pay their mortgage so they can receive a modification. I know one family who tried to be proactive and warn of upcoming trouble and ask for a 3 month grace period, and they were told "you don't make enough money to qualify for our program" although they had well over 100,000 in equity even given the current market value, had put down roughly 60% when purchasing their home and had never been late. Credit card companies are not just punishing people who have been late, but are ratejacking many, many customers who have never missed a payment. If you are having problem paying a minimum payment with 9.75% interest, what happens when it is 30% interest?
The environment that is being created is leaving many people no choice but to walk away. It is very easy for us to say we would/could never do it, but unfortunately many people are being faced with a no-win situation that there is no other way they can get out of on their own. And I don't see any banks or politicians stepping up offer a real lifeline.
I gotta admit, all my bills are paid on time, and it is still VERY frustrating when one of my credit cards (the one that starts with CAPITAL and ends with a number ...) calls BEFORE the bill is due and harrasses for a payment. And they say the same thing all the time, "Can you make a payment, can you make a payment, can you ... " Oh, Mr Super Abussive Capital One Representative, when is my bill due? Oh in 8 days .... Yes, let me jump on that payment and miss my mortgage instead ... My issues are minimal compared to so many others. People are just praying for mercy. And when it really does make financial sense to walk away, even people with high moral standards ... well gee whiz I'll be danged if I were to put a credit card payment before my family's well being.
Sometimes the path of least resistance is the one most traveled. It is a sad commentary of the state of this country when the American Dream now takes prisoners. Yes people are fed up, frustrated, and hitting the wall when it comes to looking for a way to work things out. They are also looking for an escape hatch when the submarine they have been riding in begins to sink.
We cannot help them all...we can only help but a few, and some...we cannot help at all. All we can do is the best we can and keep trying.
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