bitflipper

Anyone not paying off their credit card charges in full every month is being taken royally.

According to the Frontline documentary on credit card companies, those who pay off their charges every month are known within the industry as "deadbeats".

Guilty. I've been called worse. A little known fact, is that if you carry a balance over 25% of your available credit limit, it can drop  your credit score between 15 and 25 points. The CC companies lure folks into this trap by increasing their limits, and sending bills with minimum monthly payments. P.T Barnum was correct, and these companies know it.
 
Randy

I heard on a This Old House episode a few years ago that in Germany they have 50- and even 100-year mortgages!
 

I've wondered about that. Didn't know loans lasting that long could be had.

We can't take the home with us so if there is nobody to leave the house to
then having a very long term contract at the lowest possible monthly note
and the security of "owning" may be a great thing.
Not having to worry that the contract could be bought and terms changed
would be needed too.

Caves seems like a pretty good idea. With an artisian well....I could do that.

I guess things are different up here in the frozen north.
Above is a 5 year term, My guess is it will be about 3.25% for a 1 year term.
As I said, I have a 25 year Mortgage that started 10 years ago. I have to return to the CU at least  every 5 years to see what the best deal is. Right now I'm at a 3 year term for 3.75%. I have to watch the rates because this term is up next year in Feb. If the rates drop below my 3.75% then I go in and see if it's worth the penalty to  pay that one out and grabbing the lower rates. The rates are always the lowest for a shorter term and higher rates for longer terms. A term is only a part of the whole 25 years.  As far as I know  I've never been offered to lock in at any rate for the whole 25 years. 5 years is max.  After all 10 years from now the rates could climb to 10%  and the banks would be going broke if they are holding 4% loans.  So they error on the side of caution.

57Gregy


I heard on a This Old House episode a few years ago that in Germany they have 50- and even 100-year mortgages!
 

When I watch House Hunters International, and see the prices that they ask in Europe for tiny little places, I'm thinking, at those prices, it really wouldn't surprise me to see mortgages of that length.  Do they actually expect people to live that long?

A recent show had a flat in Paris for a smooth quarter mill..... and it was ONE FREAKING ROOM.... on the basement level......???? And the fool actually bought it!!!!

The idea of good or bad credit hasn't been around that long. Either that, or I just started paying attention in like 1990. But, I remember the talking heads talking it up and how it was such a good thing so you could borrow more. Before that, the idea was to pay off your mortgage. I don't think the banks liked that idea. Re-financing was the way to go. I kept scratching my head. The whole idea of "debt is good" was engrained in the american people. Along with fannie and freddie's guarantees and the banks lending to anyone with a pulse and Greenspan orchestrating the whole thing, one must wonder.... Agenda?