LoboGunLeather
US Veteran
For the past 10 or 15 years lots of people have been refinancing their homes to pay off credit cards, then running up the credit cards again so they can continue to live with the new house payments. As long as real estate values have been escalating 6%, 8%, 10% per year the cycle has been pretty easy to continue.
Now mortgage interest has climbed back up again, home sales are slowing down, property values aren't riding the rocket up into the stratosphere, some folks are approaching one of life's tough lessons. The days of negative net worth living may be coming to an end.
I have noticed in recent months that automobile advertisements are pushing consumer leases again. Monthly lease payments far lower than any car loan payment for the same vehicle. Some folks will probably be choosing that route for a few years. Of course, at the end of the lease period they own nothing and have no equity for potential trade, probably very few options to keep playing the game.
Life has never been easy, but I think a bunch of people are going to find out just how tough it can get.
Now mortgage interest has climbed back up again, home sales are slowing down, property values aren't riding the rocket up into the stratosphere, some folks are approaching one of life's tough lessons. The days of negative net worth living may be coming to an end.
I have noticed in recent months that automobile advertisements are pushing consumer leases again. Monthly lease payments far lower than any car loan payment for the same vehicle. Some folks will probably be choosing that route for a few years. Of course, at the end of the lease period they own nothing and have no equity for potential trade, probably very few options to keep playing the game.
Life has never been easy, but I think a bunch of people are going to find out just how tough it can get.