Quote:
Originally Posted by Linus
Like you, I would pay off the house and not refinance it. If I wanted a boat (not that I would) I would save and pay for that separately. The thing is I wonder how many cases are like yours versus those who wanted a house, got one that was within their price range (and didn't go for extravagant "extras" in life) and then got smacked by the recession. But right now, we're not even helping those who fit the latter situation. That is what the biggest challenges is right now. Because of the former (the person who spent well beyond their means during times of good and didn't prepare for the worst) everyone is being thrown under the bus.
As for the differences (unless this has changed), I know in Canada if you quit your job and there is no justifiable reason for it (e.g., health, wanting to do a significant career change, etc.) you don't get employment insurance. That said, I do believe that basic health care (e.g., to cover things like accidents, etc.) should be available. A healthy workforce and a reduction in stress makes for a far happier workforce.
As a tangent, my biggest beef right now is the banks charging rates well above those of those cheque cashing places. For all intents and purposes, banks are a form of legalized loan sharks. Interest rates are at less than 1% and mortgages are less than 4% (for 30 years). And yet, credit cards have fees that range from 25%+. I've never missed a payment and always pay more than minimum and yet, it got raised (I argued it back down but seriously!)
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Totally and absolutely agree....and that's one of the most frustrating things (to me) in this whole situation. People who got lied to by predatory lenders, people who lost their job and got caught in a market with no jobs to be had....they're all suffering because so many speculators got greedy and then called foul.
And...yea....me too on the credit card thing. Frustrating as hell.
Banks, I believe, need some serious regulation....and we need to organize a heck of a lot more credit unions that are non-profits, run cooperatively by members, who keep the costs of borrowing down. Banks, as they exist now,
ARE loan sharks in my view...and it's disgusting.