I do wish there was a way that people could go to their banks, and give proof of certain issues, such as a demotion or being fired, and ask to have their loan reevaluated. Tell them that they still want the house or car, that they are still very willing to make the monthly payments on time, but just can't afford to. It will lower their payment, keep the same interest rate, but it just takes them longer to pay off, so the bank makes more money in the long run because of the interest being the same.
I think the interest rates should remain the same. The reason people have high interest rates is because they did it too themselves. If they don't pay on time, their interest rate goes up because it is a sign of poor credit management and they are a bigger risk to the company. What so many people don't understand is that if they do pay on time and they have a high FICO score, they should call their credit card company and ask them to lower the interest rate. If you have a low FICO score, start paying on time. And again, if it was simply because someone lost income, that is where I think there should be some change.
Because I may lose my job in the next two months (temp job) and have not found one to replace it, I may have to go back to retail. I'm also looking into selling a line of jewelry to supplement my income. But I will do my darnedest to keep some money coming in so that we can afford the house my love's truck and his student loans and the credit cards will be there to help us in the event ends don't always meet. But we will surely cut costs so that hopefully the credit cards will not get too bad.
Also, I'm not removing my money from anything. I wish the media would just shut their yaps. I feel that THEY are making things worse by scaring people. Did we not learn anything from 1929 and the time right before and directly after? The Depression was partly created because there was such a huge scare and everyone pulled their money out of banks. The economy fell apart. Also, with a few of the banks filing for bankruptcy and being bought out, we are covered up to 10,000 dollars per person per bank, no matter what. Because the government insures that, the people like me who have no more than 5,000 dollars in the bank will be fine. So I will not pull my money out.
I guess I should step down off my soapbox again.
These are my opinions and not those of anyone else. So you can ignore me all you want
Just like everyone else, haha.
The difference between cats and dogs is that dogs want to smell everyone's rear and cats want every one to smell THEIR rear - unknown