Banks/Money Managment

Of course the economy is fine. Americans are spending all their money and maxing out there credit cards and this can go on indefinitely 👍🏻

The American dream. Live outside your means.

I’m not saying the economy is doing well because it is shit but far too many people have been living outside their means for far too long. Hopefully this terrible economy will give people the kick in the pants they need to get their finances in check.
 
The American dream. Live outside your means.

I’m not saying the economy is doing well because it is shit but far too many people have been living outside their means for far too long. Hopefully this terrible economy will give people the kick in the pants they need to get their finances in check.
Somehow, I doubt it especially being that there are no real consequences for them - just us. Those of us who work hard to save and spend within our means will ultimately have to foot the bill and you know it.
 
The American dream. Live outside your means.

I’m not saying the economy is doing well because it is shit but far too many people have been living outside their means for far too long. Hopefully this terrible economy will give people the kick in the pants they need to get their finances in check.
I don’t see people taking out second and third mortgages like they did last time we went through this, but I’m also wondering if HELOC loans are everybody’s means to stay afloat during this economy.🤷‍♂️
 
I don’t see people taking out second and third mortgages like they did last time we went through this, but I’m also wondering if HELOC loans are everybody’s means to stay afloat during this economy.🤷‍♂️
Mortgages are not needed when anyone will give you credit cards. Its a lot less work to get credit cards than a second mortgage. And as you said, Helocs are the new second mortgage.
 
I've even heard of revolving HELOCs now. Let's say you take out 30k loan from home equity for 30 years. You use 5k to buy something and then pay it back. Your loan is back at 30k and you can keep dipping into it. Everyone wins!
 
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