Comments on: Draw The Line! http://www.personalfinancenotebook.com/2010/05/24/draw-the-line/ Personal Finance Notebook: Ideas, education & motivation for financial success Wed, 01 Feb 2012 17:34:15 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Patrenia http://www.personalfinancenotebook.com/2010/05/24/draw-the-line/comment-page-1/#comment-1733 Patrenia Tue, 25 May 2010 03:42:49 +0000 http://www.personalfinancenotebook.com/?p=1321#comment-1733 It's sad that young people are like candy to salespeople. Getting older has it's benefits - wisdom. I wouldn't trade my years of training for nothing in the world. :-) It’s sad that young people are like candy to salespeople. Getting older has it’s benefits – wisdom. I wouldn’t trade my years of training for nothing in the world. :-)

]]> By: Patrenia http://www.personalfinancenotebook.com/2010/05/24/draw-the-line/comment-page-1/#comment-1732 Patrenia Tue, 25 May 2010 03:36:58 +0000 http://www.personalfinancenotebook.com/?p=1321#comment-1732 Oh yes, I remember that time all too well. The company I worked for started grudgingly offering the Interest Only loans when they started loosing money because they "weren't". I know, crazy, huh? I'm hoping people have learned their lesson. If not, I certainly want to do my part by making them more aware which will help them to make better financial choices. Oh yes, I remember that time all too well. The company I worked for started grudgingly offering the Interest Only loans when they started loosing money because they “weren’t”. I know, crazy, huh?

I’m hoping people have learned their lesson. If not, I certainly want to do my part by making them more aware which will help them to make better financial choices.

]]> By: Ms. Freeman@Baby Steps of an Internet Entrepreneur http://www.personalfinancenotebook.com/2010/05/24/draw-the-line/comment-page-1/#comment-1731 Ms. Freeman@Baby Steps of an Internet Entrepreneur Mon, 24 May 2010 23:57:42 +0000 http://www.personalfinancenotebook.com/?p=1321#comment-1731 I used to get railroaded into some really bad debt when I was younger. I am sooo glad I learned to take a stand and require the important info before signing on the dotted line. I used to get railroaded into some really bad debt when I was younger. I am sooo glad I learned to take a stand and require the important info before signing on the dotted line.

]]> By: Prosechild http://www.personalfinancenotebook.com/2010/05/24/draw-the-line/comment-page-1/#comment-1725 Prosechild Mon, 24 May 2010 21:31:57 +0000 http://www.personalfinancenotebook.com/?p=1321#comment-1725 "Think about it, walking away initially makes for a lot less pain later. I’m not saying that you should be hard core, but just know that you should respect and be respected.... The key here is to have a watchful eye. Don’t be too trusting. Everyone does not have your best interest at heart. Many times befriending you and making the sale is the only goal the salesperson has set out to achieve." WOW, this is sooo important, like you've said... the biggest example that comes to mind is the subprime lending mess we are still recovering from. I remember back in 2007, driving to work one day and listening to a financial person (banker? loan officer? one of those people...lol...) describing the interest-only loans. As someone with ALOT of student loan debt, my IMMEDIATE thought was that didn't sound like a good idea at all... 'lemme get this straight,' I thought, 'for 2 yrs I'm only gonna pay interest on a house? And then after that my payments go to a regular amount?' I thought about how much less of a payment that'd be and how, realistically, I wouldn't be preparead after 2 yrs to start making a significantly higher mortgage payment if that were me. The financial guy also talked about how you could afford more of a house under this 'great, exciting' loan program... which was worse to me - because not only do I have this higher payment than I can handle, but I have more house than I need or can afford! But no one was really asking questions back then, it just 'sounded' like a great thing... They say hindsight is 20/20 but its that same lack of dilligence that got us all into this mess. There are so many conquered homeowners who are now foreclosure victims... do you think people have learned?? “Think about it, walking away initially makes for a lot less pain later. I’m not saying that you should be hard core, but just know that you should respect and be respected…. The key here is to have a watchful eye. Don’t be too trusting. Everyone does not have your best interest at heart. Many times befriending you and making the sale is the only goal the salesperson has set out to achieve.”

WOW, this is sooo important, like you’ve said… the biggest example that comes to mind is the subprime lending mess we are still recovering from. I remember back in 2007, driving to work one day and listening to a financial person (banker? loan officer? one of those people…lol…) describing the interest-only loans. As someone with ALOT of student loan debt, my IMMEDIATE thought was that didn’t sound like a good idea at all… ‘lemme get this straight,’ I thought, ‘for 2 yrs I’m only gonna pay interest on a house? And then after that my payments go to a regular amount?’ I thought about how much less of a payment that’d be and how, realistically, I wouldn’t be preparead after 2 yrs to start making a significantly higher mortgage payment if that were me. The financial guy also talked about how you could afford more of a house under this ‘great, exciting’ loan program… which was worse to me – because not only do I have this higher payment than I can handle, but I have more house than I need or can afford! But no one was really asking questions back then, it just ‘sounded’ like a great thing…

They say hindsight is 20/20 but its that same lack of dilligence that got us all into this mess. There are so many conquered homeowners who are now foreclosure victims… do you think people have learned??

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