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Thread: What credit-card payoff? Consumers are dumping debt

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    Re: What credit-card payoff? Consumers are dumping debt

    Quote Originally Posted by Dittohead not! View Post
    Must have been the Age of Aquarius, which happened in the '60s, or so I'm told. I remember the '60s pretty well, but still don't remember anything like that happening.



    Correct. The blame goes to the individuals involved. Nevertheless, people who bought houses that they couldn't afford didn't act out of ignorance. They knew exactly what they were doing, and a lot of them did make money on it.

    It's just that no one expected the housing market to collapse quite as suddenly as it did.
    Well not quite true

    There were plenty of people expecting the housing market to collapse and quickly, they were just drowned out by the "my house went up in value by 30% last year, time to take some equity and get a new car" voices
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    Re: What credit-card payoff? Consumers are dumping debt

    Quote Originally Posted by Lord Tammerlain View Post
    Well not quite true

    There were plenty of people expecting the housing market to collapse and quickly, they were just drowned out by the "my house went up in value by 30% last year, time to take some equity and get a new car" voices
    Voices of warning do get ignored, especially when they say things we don't want to hear.
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    Re: What credit-card payoff? Consumers are dumping debt

    Quote Originally Posted by mike2810 View Post
    I agree. Individuals need to be held accountable for decisions they make. Parents should teach their children that it is ok to live within your means. That wealth alone won't bring happiness or determine if you are a successful person. Govt. does not need to be involved.

    You are correct that their is a difference between a "need" and a "want". Do we need to swap vehicles every 2-5 years. No, However, if a person can afford to swap vehicles every 2-5 years or have multiple tv's without running themselves into debt, why not? It is not the indiviuals decision to make?
    Every day when i drive my kids to school in our 2001 Camry, I feel like I'm reinforcing this lesson. No, we don't have an expensive car, but it's PAID FOR. No car payment. No, we don't have the biggest house in the neighborhood, but it's ALMOST paid for.

    My daughter has suddenly become critical of the kids at her school who have everything handed to them.

    I love it.

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    Re: What credit-card payoff? Consumers are dumping debt

    Quote Originally Posted by Lord Tammerlain View Post
    Well not quite true

    There were plenty of people expecting the housing market to collapse and quickly, they were just drowned out by the "my house went up in value by 30% last year, time to take some equity and get a new car" voices
    Yep. I saw it coming, as well. Houses in our area went up in value too quickly. Anyone who took the time to think about it had to realize that they were overvalued.

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    Re: What credit-card payoff? Consumers are dumping debt

    Quote Originally Posted by theangryamerican View Post
    Count me as part of the $10 million then. At 25, me and my family are completely debt free. I was on the wrong side of debt for quite a few years, but I don't plan to see another cent of mine go towards debt.


    If I can figure it out, anyone can.
    and you have made yourself a bit more free from worry becuase of it...

    The idea that we "need" a tax deduction so we should carry a mortgage is part of the problem. Realtors preach that, but then they have a personal motive to see you go into debt.
    Yes, you will pay more in taxes without a mortgage, but you will also have more money to spend on other things. The govt only returns a portion of that interest to you in your tax refund, the rest is GONE to the bankers.
    Our govt, as sorry as it can be in some ways, actually does more for us than the bankers will ever do....I don't mind paying taxes.
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    Re: What credit-card payoff? Consumers are dumping debt

    Quote Originally Posted by UtahBill View Post
    and you have made yourself a bit more free from worry becuase of it...

    The idea that we "need" a tax deduction so we should carry a mortgage is part of the problem. Realtors preach that, but then they have a personal motive to see you go into debt.
    Yes, you will pay more in taxes without a mortgage, but you will also have more money to spend on other things. The govt only returns a portion of that interest to you in your tax refund, the rest is GONE to the bankers.
    Our govt, as sorry as it can be in some ways, actually does more for us than the bankers will ever do....I don't mind paying taxes.
    What do you suppose would happen to the housing market should the mortgage interest deduction be ended?

    On the other hand, it is hardly fair that buyers get to deduct the lion's share of their monthly housing costs, while renters do not, is it?
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    Re: What credit-card payoff? Consumers are dumping debt

    Quote Originally Posted by Dittohead not! View Post
    What do you suppose would happen to the housing market should the mortgage interest deduction be ended?

    On the other hand, it is hardly fair that buyers get to deduct the lion's share of their monthly housing costs, while renters do not, is it?
    Canadians buy houses without a mortgage deduction.....and houses still get bought and sold there....
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    Re: What credit-card payoff? Consumers are dumping debt

    Quote Originally Posted by Dittohead not! View Post
    What do you suppose would happen to the housing market should the mortgage interest deduction be ended?
    We'd have less of a bubble?
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    Re: What credit-card payoff? Consumers are dumping debt

    Quote Originally Posted by UtahBill View Post
    Canadians buy houses without a mortgage deduction.....and houses still get bought and sold there....
    Really? I heard you have to pay a sales tax on real estate, also. is that correct?
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    Re: What credit-card payoff? Consumers are dumping debt

    Quote Originally Posted by mike2810 View Post
    I agree. Individuals need to be held accountable for decisions they make. Parents should teach their children that it is ok to live within your means. That wealth alone won't bring happiness or determine if you are a successful person. Govt. does not need to be involved.



    You are correct that their is a difference between a "need" and a "want". Do we need to swap vehicles every 2-5 years. No, However, if a person can afford to swap vehicles every 2-5 years or have multiple tv's without running themselves into debt, why not? It is not the indiviuals decision to make?
    I don't disagree, what I'm suggesting is getting a social mindset that finds no value in replacing things that still work or do the job.

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