Interesting Post on the “Vicious Cycle of Debt”
December 4th, 2005 • Related • Filed Under
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The Foreclosure Report has an interesting post on how people are using their credit cards to maintain their lifestyle, then refinancing their homes to pay off the credit card debt they have created. He makes some great points on the risk that is incurred if the housing market ever takes a downturn.
I saw this earlier today and thought the exact same thing, Tom. The politicians have been pushing homeownership for ...
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I like your blog and I have read many of your articles. I agree that it is amazing the ...
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I think the overall interest in refinancing was definately high recently. However the problem is that although the rates dropped, ...
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This is the start of where the market can begin to level out.
Home owners will start to be able to ...
Comment by GetStucco on 6 December 2005:
Luckily real estate never goes down in price, so this “vicious cycle of debt” is merely a hypothetical concern for Chicken Littles to mull over.
Comment by loramadona on 19 July 2008:
I agree with the responsibility remaining with the credit card holder. I think People need to stop blaming the banks and take responsibility for their financial lives…
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loramadona