Consumers repaying record amount of credit-card debt
Consumers are repaying a record amount of credit card debt — another sign that more are trying to get their financial house in order, according to a new report.
Last year, consumers repaid more than $122 million to their creditors through a national, nonprofit credit counseling group called CredAbility, which is based in Atlanta. It’s a 3 percent increase from 2009 and a record for the 47-year-old organization, which was formerly known as the Consumer Credit Counseling Service of Greater Atlanta.
Already this year, the numbers continue to rise. In the first quarter, repayments are up 9.5 percent from a year ago, CredAbility said.
While the Great Recession caused personal bankruptcy filings to soar, other consumers are choosing different paths. Some are beefing up their savings, some are reducing debt and some are doing both.
“Many consumers are deciding to take control of their financial lives by working with their creditors to pay down their debt, even if it takes 36 months or longer,” Vicki Williams, vice president of Debt Management Plan Services for CredAbility, said in a statement.
A debt management plan helps consumers struggling with credit card debt to take advantage of reduced payments with creditors, CredAbility said. Many creditors offer favorable repayment terms to consumers who enroll in a debt plan, including significantly lower interest rates. The creditors may also eliminate late fees and penalties once a consumer enrolls.
In 2010, the average income of a person enrolled in a CredAbility debt management plan was $53,880 — a 4 percent increase over 2009, CredAbility said. Each person had an average of $24,266 in credit card debt in 2010 — a 4.5 percent increase from the year before. The average age was 48 — up from 45 in 2009.
On Tuesday, you can meet a Gwinnett couple behind the numbers. My column will discuss how they got into an $83,000 financial mess and how they paid it off over five years.
- Henry Unger, The Biz Beat
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103 comments Add your comment
ant banks
April 26th, 2011
9:30 am
COMMONCENTS and SMITTYATL,
thank you for carrying my burden!!!! i was bringing home, monthly, 7,200 and speding out 7,800 due to the housing market crash. SINCE BANKRUPTCY, I STILL BRING HOME 7,200 AND PAY OUT 0!!!! thank you, my brotha!!!
i told both of you saps, that i wanted to modify my loans, but the banks dragged their feet, forcing me to foreclose, THEN THE MORTGAGE INSURANCE KICKED IN, SO THE BANK GOT PAID. sold the house at the current value and got PAID AGAIN.
still don’t see how i am the leech tho.
mojetter
April 26th, 2011
9:31 am
@VOS exactly…corporate america is a dirty player and never seems to get called out….they do whatever will profit themselves and hide behind a team of expert ivy league lawyers or lobbyists…they create laws to make themselves money. Even when they get caught cheating they get a slap on the wrists.
Trust me, corporate america NEEDS people to slip up and fall prey to their tactics to survive. If youre educated enough to avoid the trap, great for you…i bet you one thing…if you look closely enough at your finances you will see they got YOU hooked in some form or fashion.
ant banks
April 26th, 2011
9:37 am
SMITTYATL, UNCOMMONCENTS, AND BRYAN G,
please google the consumer protection act that obama signed into law last year, protecting consumers from the predatory practices of credit card companies. creditcard companies have to show what your debt will cost you, in the long run, by paying the minimum. THEY FOUGHT THIS TOOTH AND NAIL. THEY DIDN’T WANT TO HAVE TO DO THIS
ant banks
April 26th, 2011
9:40 am
FOR ALL OF THOSE WHO “ONLY USE CASH” TO PARTICIPATE IN COMMERCE, THEY KNOW THAT YOU ARE DOING THIS! WE ARE MOVING TO A CASH LESS SOCIETY DAY-BY-DAY. YOU WILL BE BACK TO THE PLASTIC BEFORE LONG. revelations, the mark of the beast
commoncents
April 26th, 2011
9:40 am
Ant Banks-
When the economy tanked, you still owed the same amount of money for the properties compared to when the economy was good (unless you were trying to beat the system using one of those sketchy variable rates). Sounds like you weren’t prepared for the unexpected and now you want the prepared people to sympathize with you.
And credit card companies aren’t “playing games” or whatever you ramble about, they are protecting themselves against customers who don’t pay their bills or try to cheat them out of money. If I knew you couldn’t pay your bills to someone else, why the heck would I want to lend you anything??
ozzy
April 26th, 2011
9:42 am
Ant Banks is an idiot. If you finance a 100k house for 30 yrs at 5% interest, you only end up paying 93,256 in interest. So with the 100k principal you pay $193,256.
VOS
April 26th, 2011
9:44 am
Smitty you don’t have to pay for jack s*&t if anyone on this blog files for Chapter 7 or walks away from a house! Give me a break! If you want to examine why you are paying for all this government debt than maybe you should take it up with Obama b/c I know I am paying for medical plans I don’t need and bailouts of companies from the recession, who last I checked were the one’s who “overextended” themselves on loans to people who had no business getting them in the first place. You want to talk about that fine, but don’t come back at anyone on here and chastize them for making a financial decision for THEM, which in no way effects you! You are barking up the wrong tree here buddy! How many bad loans did Citi, BofA and Chase write off so far? How much did the Obama Administration, called stimulus money, put in the market? You want to talk about why this country is in so much debt, the answer lies at 1600 Pennslyvania Avenue.
Jason
April 26th, 2011
9:46 am
Ozzy is correct. And you have to realize that the 5% figure is an ANNUAL percentage rate, it is not 5% of the 100000.00 paid over 30 years. So naturally the interest amount is going to be high because you are taking 30 years to pay back the money.
SmittyATL
April 26th, 2011
9:48 am
Yes, many bankers are scumbags who would love for me to fall into a cycle of high interest and fees that I would be paying back for the rest of my life. Fortunately, I can just decline to borrow money to buy things I cannot afford. That has kept me out of debt, other than making my monthly mortgage payment (and repaying the full balance on my credit card, at 0% interest). My employer went into Chapter 11, wiping out much of my retirement savings, and my former CEO went to jail. I fully agree that there are many white collar crooks who need to be reined in. But that doesn’t give us all a license to dump our debts on other folks.
ant banks
April 26th, 2011
9:48 am
OZZY,
you prick!!! you proved my point, EXACTLY!!!! usin’ your example, after 30 years, you have a $193,256 property on your hand. the MARKET says the house it worth 93k. who in their right mind, would dump 100k into a property, for 30 years and get NO RETURN on that value? YOU LOST, THE BANK DIDN’T INCUR A LOSS OVER THOSE 30 YEARS
Kris
April 26th, 2011
9:49 am
Some people just don’t get it….
commoncents
April 26th, 2011
9:50 am
And I use my credit cards monthly. It’s easier to use online, and I get good rebates. I also only buy what I can afford, and pay off the bill every month.
Ant Banks, I know what the act did. Why wouldn’t they fight it? They count on the idiots to continuosly pay the minimum to make the big bucks. This info also wasn’t a secret, it just wasn’t put in big letters on the front of your statement.
*Do you really want to anger the credit card companies? Then quit using them to finance your bad decisions!
When consumers default, everyone loses.
ant banks
April 26th, 2011
9:53 am
KRIS,
there are over 50 comments on this subject and ALL you have to say is “Some people just don’t get…” AMAZING. what do you get?
SmittyATL
April 26th, 2011
9:56 am
VOS: I am in full agreement that the debts coming out of Washington DC are a much bigger problem than the personal bankruptcies we were discussing. Though we may argue some points, it’s good to find common ground. Have a great day!
commoncents
April 26th, 2011
9:56 am
VOS, I work for a very succesful loan company. When we give a loan that someone defaults on, it takes us approximately 17 good loans to make up that loss. Our rates are therefore slightly higher than they need to be to compensate for those that default. In markets that have higher default rates, we have higher rates.
So, yes, we pay when others walk away
ant banks
April 26th, 2011
9:58 am
UNCOMMONCENT AND SMITTYATL,
please explain why mortgage companies drag their feet to modify loans? BANKS DON’T MAKE MONEY MODIFYING LOANS!!! if you purchase a 100k house @ 7% interest and the bank modify it to 6%, WHERE HAS THE BANK PROFITED?
however, if you foreclose, the mortgage insurance will pay the 100k to the bank. the bank will sell the house AT CURRENT VALUE, 80K and get paid again.
UNCOMMONCENTS, BRIAN G, SMITTYATL, please explain this
SmittyATL
April 26th, 2011
10:03 am
ant banks: I am not here to defend the banks. My point is that neither you nor I were forced to borrow money. When I took out my mortgage, I borrowed WAY less than the bank was willing to lend, just in case something went wrong (unexpected major expenses, loss of income, etc.). I’ve absorbed some tough hits in the economy just like everyone else, but I am not asking others to repay the money I willingly borrowed under terms I agreed to.
Kris
April 26th, 2011
10:03 am
Ant Banks – go back and read my posts at 8:08 and 9:27.
My latest comment was directed at you……You just don’t get it. And because of your stupidity, financial and intelligence, you are now attacking others, myself and Ozzy (calling him a prick)…….YOU JUST DON’T GET IT. And now you want to cry about it, because you had to file bankruptcy for your poor financial decisions and leave those of us, who are financially stable, to carry YOUR burden with your $750K bankruptcy. Geez…get a freaking clue.
ant banks
April 26th, 2011
10:11 am
KRIS, ma’am,
it is YOU who don’t get it!!! GOLDMAN SACHS, BERNIE MADOFF, CHRYSLER, GM, FORD and other WALL ST. tycoons have passed their “poor decisions” off to yo’ dumbazz!!! not me. quit listening to hannity tellin’ you this bs. everyone who filed bankruptcy ain’t p.o.s. like hannity, limbaugh et al would have you think. WAKE YO AZZ UP AND SEE WHAT’S REALLY GOIN’ ON.
ant banks
April 26th, 2011
10:14 am
KRIS,
on all of my properties, i was paying mortgage insurance!!! when i foreclosed, the insurance kicked in. PLEASE EXPLAIN HOW IN THE F-CK YOU INCURRED MY DEBT? the insurance paid so you incurred NOTHIN’. you are right…”Some people just don’t get it!!!”
mojetter
April 26th, 2011
10:16 am
….anybody need proof credit card companies are evil?…listen to this:
called yesterday to ask why my interest rate went up into the mid 20%’s….they said i was a valued long term customer…said I went over the limit 2 years ago for approx 24 hours (a return was being processed and hadnt been credited….made same purchase with company…so esentially same charge was on there twice)….i asked for a reduction in my APR back to 8%…they said NO……but THEY WOULD MAKE IT UP TO ME BY UPPING MY CREDIT LIMIT…..WTF?!?!?!
So let me see…..im so irresponsible that you have to charge me extra interest BUT responsible enough that you will increase my credit limit. Everybody please wake up, its a game.
ant banks
April 26th, 2011
10:23 am
MOJETTER,
that is what i have been tryin’ to tell KRIS, BRIAN G, UNCOMMONCENTS, AND SMITTYATL. it’s an effin’ game!!!
i will one up you. for no reason at all, one of my credit card companies dropped my credit line. the limit was 1500, i had 649 balance so i had almost 800 in available credit, which made my credit score look good. when they dropped my limit to 900, on a 649 balance it made it look like i had 251 in available credit. MY CREDIT SCORE TOOK A HIT.
VOS
April 26th, 2011
10:32 am
commonsents thats your decision how you want to conduct business, and yours alone, just like its an individuals personal business choice how they want to conduct business and if that means default or walking away, thats their right. I am sure during the mortgage boom your company were packaging up the MBS’s in record droves and I wonder how many were written off then for your business practices. I guess before you make loans maybe you and your loan company should do a little more due dilligance on who you hand money out to to avoid that loan that goes bad. You cannot have it both ways, if you want to lend money than it comes with a price and in the end, if someone needs to make a financial decision for themselves and their family which benefits them and not your company, thats how it is.
Kris
April 26th, 2011
10:33 am
Ant Banks – take some personal responsibility and quit sounding like a poor black person and expect everyone to feel bad for you. YOU incurred YOUR debt. Not me, no anyone else on this blog. It is not my fault you are upside down. Guess who pays a higher premium because you walked away from your financial responsibility. I hope to God you don’t have any children, as I’m sure you walked away from them when the going got tough. And by doing that, you are forcing SOMEONE else to carry that burden. Do you get it now? Stop the self pity and take care of your obligations.
And I do carry the burden. When people like you can’t pay your way in this world, people like me have to pick up the burden, by higher prices. The banks can’t get rid of all the foreclosed properties, therefore they still have to make money, so the jack up rates and other prices to make up for that. The Mortgage insurance may have picked up the tab, but then they jack up their rates for others because of idiots like you!!!!
Just like the price of gas is going up and up. Your grocery prices and other consumables are going up because of the fuel costs to get them to the retail stores. Do you understand that?
My suggestion to you is go cry to your “boy” in the whitehouse. After all, your probably elected him because he’s black and you thought he was going to take care of all the ignorant black people who stay on welfare, and refuse to get out and contribute to society.
GROW UP!!! You are responsible for your own actions, and your actions have consequences. Now you are paying the consequences of your stupid actions and look at you now. Calling people names, attacking people in a blog. I hate people like you!!!!!
ant banks
April 26th, 2011
10:42 am
KRIS,
you are obviously prejudiced. you are stuck on my bankruptcy, which i was responsible enough to have MORTGAGE INSURANCE!!! WHICH YOU DIDN’T ADDRESS. also, i mentioned several huge companies that REALLY DID pass debt off to you and you didn’t address that either. you are stuck on ANT BANKS who “got over” on the system, but you failed to address every cogent point that i made.
don’t blame everything on the president, NOT MY “BOY”. bush had us in two wars way before obama got here. bush’s wars were costin’ us 10mil PER DAY. look it up!!!
I HATE PEOPLE LIKE YOU TOO….PREJUDICED!!!!!
mojetter
April 26th, 2011
10:44 am
@Kris—YOU ARE RACE BAITING AND ARE COMPLETELY OUT OF LINE. PLEASE REFRAIN FROM MAKING RACIAL COMMENTS TO PROVE YOUR POINT. THANK YOU.
SINCERELY,
A BLACK MAN
ant banks
April 26th, 2011
10:45 am
KRIS,
rearrange the letters of your name and it spells R-I-S-K. your prejudice, inability to see the BIG PICTURE, makes you a liability risk, i meant kris. lol
Kris
April 26th, 2011
10:46 am
I call them like I see them….
VOS
April 26th, 2011
10:49 am
Well Kris I hate people like you who stand up at their podium and pronounce and shout at the rain that what you say must be the right thing for them and is the best financial decision for them to do and no other way can be considered. Really!?!? Socialism at its best my friend. You do what you need to do but don’t tell others what they should be doing b/c in the end thats not your right. If you want to pay for a house thats upside down, fine pay b/c I will look at you and laugh b/c thats just stupid to pour money in to a black hole. But if you had no other choice except to default b/c people lost a job, became sick, who are you to tell people how to run their finances and their lives. I hate people like you who think they know it all but in reality they don’t get it!
mojetter
April 26th, 2011
10:51 am
Kris…youre a racist…just wanted to confirm what people have peobably told you your whole life…you make non racist white people embarassed that you even exist.
ant banks
April 26th, 2011
10:52 am
MOJETTER,
she has been trained well by hannity, limbaugh, glen beck, don imus. she took my example as me bein’ irresponsible. she didn’t explain where i was irresponsible. i asked the banks to work with me and they dragged their feet. i had a friend, who is in the bankin’ industry, tell me that banks modify about 2% of their loans. i had mortgage insurance. i gave the tenants sufficient notice, as a matter of fact, i told them don’t worry about the last two months rent, because i wasn’t payin’ the mortgages once i got a court date. so they were able to save their rent monies to get a new place.
mojetter
April 26th, 2011
10:59 am
@Ant…exactly…i never got the impression from your posts that you were dodging responsibility or shifting blame….somehow this bigot KRIS ignored all the detail you gave, figured you were a minority, and spewed a bunch of hatred.
@Ant, your story makes sense as to HOW the industry profits off of foreclosures. If I were you, i wouldnt even bother to explain it anymore…the smart people get what youre saying. The BIGOTS think its racial….smh
commoncents
April 26th, 2011
11:02 am
“on all of my properties, i was paying mortgage insurance!!! when i foreclosed, the insurance kicked in. PLEASE EXPLAIN HOW IN THE F-CK YOU INCURRED MY DEBT? the insurance paid so you incurred NOTHIN’. you are right…”Some people just don’t get it!!!””
Ant,
How do insurance companies work? Do they have a rainbow colored flying unicorn sh-t-ng out money that smells like roses? Just like any other type of insurance (health, auto etc), the money they pay out for claims comes from the money paid into the system by other clients. When claims increase, they need higher revenues to offset the cost, otherwise they fail and go out of business. So, bc of you, my mortgage insurance will be higher.
If you’re a bad driver, you are probably making our auto insurances higher. If you’re a poor, fat, alcoholic smoker, you caused our health insurances to go up as well.
VOS
April 26th, 2011
11:02 am
And Kris, that was WAY out of line with your racist tones. I am a Republican too but race has nothing to do with this issue and your arguement merits no further responses from anyone. You have left yourself with no credibility, not that you really had any to begin with. The fact is people make decisions for themselves, not for you, the guy down the street, only themselves. When I make a financial decision I sure as he!! am not worried whats going to happen to Mr. Whomever and how its going to affect them. I need to worry about my family and myself before I will ever worry about you so take your soapbox somewhere else.
Jason
April 26th, 2011
11:03 am
Kris, your comments are way beyond acceptable. If you can’t have a conversation and debate without resorting to racist remarks don’t participate. Our country was built on the tenant of being able to speak ones mind without being worried about repercussions. You have a right just anyone to express your opinion, but when you cross the line like you did others must speak up against you. As a white male, I will!! Filing for bankruptcy is not an issue related to race!! I know many white friends who have filed for bankruptcy and many blakc friends who have as well. Each filed for a different reason. It is not one person’s right to stand in judgement of these people. So if you are gonna throw stones, make sure you dont live in a glass house!!
Kris
April 26th, 2011
11:09 am
You all are a bunch of assuming idiots. I don’t listen to those windbags. I have been working since I was 14 years old, purchase two homes,and NUMEROUS vehicles. I have raised a family, and have two children in college that I am paying for, not the HOPE, not student loans. I set the money aside for them when they were born, and contributed to a college account for each of them for the last 20 years. It is MY responsibility to educate my children and give them the best education they can get. This included choosing a home I could afford, and moving into the school district I wanted them in.
I had credit cards in my 20’s ran them up, and took 5 years to pay them off. I didn’t cry about how the banks are so unfair. I dug my way out of a hole I created. Personal responsibility, which many of you seem to lack.
I have been employed by the same company for well over 25 years. I pay cash for all my purchases, including four cars I currently own. I contribute to a 401(k), my employer matches 50%. I could retire tomorrow if I wanted. I also contribute monthly to an IRA. My only living parent is worth well over $2Million, and when he is gone, I will never have to work another day in my life. My parents raised me to be personally responsible, and to not take anything from anyone. They never gave me a dime or bailed me out of a stupid debt. I have never had to ask them for a penny. It’s called hard work and again, personal responsibility. They instilled this MORAL into me and my siblings when we were young.
I sleep very well at night, knowing I own everything I have, and no creditor can take anything away from me. I can very easily afford my mortgage, interest, insurance on the house. I bought a small house I knew I could afford. I saved for the downpayment. I am not upside down in my mortage. I plan to be in this current home for another 7 years.
OK, now say it with me “PERSONAL RESPONSIBILITY”……there.
ant banks
April 26th, 2011
11:27 am
KRIS,
you still never explained where my example was IRRESPONSIBLE. i am married with 4 kids. (all from the same woman). i was goin’ in the hole 600 every month. was it my fault that the economy went south? no. was i supposed to keep goin’ in the hole every month so that you would be my friend? no. when i went to court for my bankruptcy hearing, out of about 80 people filing bankruptcy, i was the only black guy in there. when i walked in, we all had somethin’ in common, walkin’ away from debt. when they told the judge their stories, it was similar to mine.
IF YOU HAVE A PROBLEM WITH BANKRUPTCIES, CONTACT YOUR CONGRESSMAN/SENATOR AND HAVE THEM CHANGE THE LAWS. UNTIL THEN, KEEP DUMPIN’ MONEY INTO YOUR HOME. NEGATIVE EQUITY IS APPEALING TO SOME, APPARENTLY.
ant banks
April 26th, 2011
11:29 am
oh, and by the way, i hope like hell your remainin’ parent out lives your sorry arse. you don’t need 2mil to “never have to work again.” that is welfare mentality. i hope your kids get the grand parent insurance as well as yours. that would be poetic justice.
Kris
April 26th, 2011
11:38 am
Negative equity? Seriously? I believe that’s called “upside down” which I’m not. There’s plenty of equity in my home. I’ve been there for 15 years. I bought what I could afford, paid less than $130,000 for my home. I went to a Mortgage Broker with my financials, they told me to go higher, I said NO….I don’t live in a big fancy house, but one I can definately afford. I made a good bit of money from the sell of the first home, and put down on the second house, so I didn’t need Mortgage insurance. I put 30% down on the current home. I send in an extra payment every year, applied to PRINCIPAL. My loan is much less than the current value of the home. That’s called equity. When I sell the house in 5-7 years, I will make a good bit of money.
Kris
April 26th, 2011
11:43 am
Now if you will excuse me, I’m tired of fighting with you people.
SINCERELY,
A VERY PROSPEROUS AND HAPPY WHITE WOMAN
ant banks
April 26th, 2011
11:46 am
KKKris,
DIDN’T KNOW TRAILER HOMES WERE GOIN’ FOR THAT MUCH. you got suckered like everyone else did if you paid 130k for a mobile home.
ant banks
April 26th, 2011
11:50 am
oh, and by the way, anytime someone comes on a blog, with a fake name, babbling to strangers about bein’ a “HAPPY PROSPEROUS WHITE WOMAN” they are usually LYING!!!
VOS
April 26th, 2011
12:03 pm
Kris I can tell you what you can do with your moral and personal responsibility. It blows my mind when people like you bring moral responsibility in to a financial discussion. Banks and credit card companies love people like you and that arguement and laugh every time they see a payment coming in on an investment or property overvalued. So let me get this straight so we all understand, you would pay the banks on bad investments and an overvalued property so you can feel good about your morals instead of keeping cash for you, your family and your overall well being?!?? If you say yes to that question you are the biggest idiot I know.
ant banks
April 26th, 2011
12:05 pm
LOL @ VOS.
that is a salient argument!!! she won’t get it though. lol.
SmittyATL
April 26th, 2011
12:12 pm
What we can learn from Kris’s example is that even some racists — despite making poor choices in other facets of life — happen to make good financial decisions.
ant banks
April 26th, 2011
12:19 pm
SMITTYATL,
that is assumin’ that she is tellin’ the truth about her financial decisions. very few people blog about how they messed up their finances. most people come on blogs havin’ made ALL of the right moves in life…married the perfect spouse, great, ivy league bound kids, 401 k that have quadrupled in value, best investments that would make trump blush…blah, blah, blah.
the real KKKris, was the racist one. you can’t fake that. if she is that narrow minded to still be caught up in race, in 2011, there is no effin’ way she made sound financial judgements.
even george wallace saw there was no future in race hatred
Kris
April 26th, 2011
12:38 pm
Racist? hmmmmmm let’s see, I’m white, I married a BLACK man, in a huge catholic church in Roswell, had two kids with him (my two are the FIRST of 6 he had and left behind). I have two beautiful mixed children (both in college) who don’t know their black father, but I guess that’s my fault. I have never received a dime of child support from this black man, but I guess that’s my fault too. I got tired of going to the courthouse, taking time off MY job, paying for attorneys to get him to pay his financial obligations, damn I guess that’s my fault too. Yup that would be my fault. I guess it’s true that black men cannot handle strong independant woman, white or black, again, my fault. I must have scared him off, my fault….along with the other three WHITE women he impregnanted and left them too, is that my fault, oh yea must be. One BLACK man created six mixed kids who don’t know their father, and left 4 single parents in his wake to raise his kids, and has never financially supported any of them. But I guess that’s my fault too, I mean after all I married this black man who woo’d me for 3 years….I didn’t run out on my kids. I stayed and cleaned up his mess because I’m a strong woman, and now I’m happier than I have ever been and financially stable. But I guess that’s my fault and a lie too…….oh and that makes me a racist……
commoncents
April 26th, 2011
12:44 pm
“let me get this straight so we all understand, you would pay the banks on bad investments and an overvalued property so you can feel good about your morals instead of keeping cash for you, your family and your overall well being?!?? If you say yes to that question you are the biggest idiot I know.”
VOS, are you suggesting that everyone should abandon their responsibilites/contracts/obligations every time the outcome is not beneficial?
Perhaps Mega Millions should refund me for every losing ticket I bought, because it’s not fair that I lost that money! Or maybe Caesar’s Palace should give me back the money I lost there during my bachelor party, because I only wanted to win more, not risk losing what I gambled. And yes, buying a house is a gamble. Not every home will appreciate, and sometimes the rest of the economy can affect the outcome.
Are you responsible for the economic recession? No.
Are you responsible for the decisions you made before, during and after? Absolutely.
Should the gov’t bail out major corporations to keep them afloat? No.
Should it keep you afloat? No.
SmittyATL
April 26th, 2011
12:48 pm
Kris, I’m sorry that you got mixed up with a loser. Congratulations for having the backbone to stand on your own; many others here could learn a valuable lesson from you. But that doesn’t give you an excuse to disparage a race as you did in your post at 10:33.
Kris
April 26th, 2011
12:52 pm
@ant banks – you just can’t stand it can you? Why on earth would I come up in here and LIE about my financial position? Just because you can’t handle your finances doesn’t mean the rest of us can’t. I was raised by two professional, highly educated parents, who are still married 55 years later. They were very devoted to their children, by giving them morals and values, and the rewards for hard work. I never saw either parent take a sick day from work. The ONLY time they took of was for family vacations, and boy did we travel. I have been coast to coast, to Hawaii and Alaska.
Neither one of my parents or my siblings have ever been in jail, or involved in any legal proceeding (other than my divorce). Not one of us has ever been in trouble with the law.
Jealousy is one of the 7 deadly sins……Or as Neal Boortz calls it “Wealth Envy”. You, my dear, ane fully loaded with wealth envy. You cannot stand that I am doing very well financially.