In between the Cavendish and Burley I tend to cogitate on money matters a lot during my pipe sessions. Get a lot of solicitations in the mail. Pre-approved personal loans, home equity, credit cards. The big come-on with the loans is paying off high-interest credit card debt. However if your minimum payment isn't that high to begin with I don't see how this holds you back. How many loan sharks are okay with paying them back 80 or 100 bucks every month over the course of twenty years? OK so you take out the loan or loans and wipe out your Visa and Mastercard obligations so now you owe monthly payments on the loan which is probably bigger than your minimum credit card payments were. Now you get another loan solicitation in the mail to pay back your other loans. The never-ending cycle of debt. Also Tom Selleck wants to talk to you about something.
Maybe go off the grid and live in a cave for five years?
Pretty much the same way I see it. It's like those insurance policies with fine print that you have to read it through a microscope..."Aw, too bad, we don't cover most stuff". Wife had our bank pay a fee for the
ReplyDeletegym. Gym went out of business, but they had hired some FL company to do their finances. Called, mailed, argued - nada. Finally called the local cops. They said "just stop the payments". But won't that hurt my credit rating? Nope, not if you are paying for nothing.
Like my homeowners policy doesn't cover flooding. Maybe because I live on a hill?
ReplyDeleteSo basically what happens is this. You use your personal loans to pay off your high-interest credit cards and your credit score goes down. Suze Orman can explain it.
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