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Topic : 10/09 Financial 911!

Number of Replies: 121
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Created on : Friday, October 03, 2008, 02:14:25 pm
Author : DrPhilBoard1
Has the current economic crisis left you frightened and confused? Do you know where your money is and if it is safe? With home foreclosures on the rise, stocks plummeting and job loss numbers growing, millions of Americans have questions about their money and the future of our country. Get the answers you need from Dr. Phil and his panel of experts. What do America’s money problems mean for you and your family? Are your retirement savings secure, or should you be doing something different? What about your credit card debt and your mortgage? Has the financial bailout left you worried about your personal finances? Get the advice you need to know before it’s too late! Plus, has the financial crisis affected you? Talk about it here.

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October 8, 2008, 11:41 am CDT

Mortgage suggestion

Quote From: davisda

I am so very freightened because I got an interest only mortgage loan and the interest only will run out in January.  I did this because I needed more cash flow to live within my means.  At today's market, my loan payment would more than double.

 

I am trying at this very moment to decide if I should refinance now?  And if so, into what type of a loan?

30-year mortgage, 15-year mortgage, or 10-year interest only?  15-year mortgage will give  me no spending money.  If I do the 30-year and pay bi-weekly, I think that takes off 9-years of your loan.  Wonder how much extra it would take off if I added another $100 bi-weekly toward principle?

 

I am 10-years away from retirement so my first thought was 15-year mortgage but then I would find it difficult making my car payments.

 

Any suggestions out there?

My suggestion would be to refinance into a 30 year fix, if you can afford the payment and if you plan on staying in the house. This way you will build equity, and if you have the extra money send it in and add it to the principle. If you do it this way, you are not locked into a payment (say for the 15 year mortgage or the bi-weekly) that you cannot afford nor are you only paying interest which gives you no equity. An interest only loan can work, if you are not going to stay in the house long and can expect value to rise (tough call at this time in the economy) or if you are guaranteed a bonus and will put it all towards the principle when you get it. Perhaps also not likely given the economy today. The 30 year gives you some breathing room, and you can add to the principle when it is ok for you to do so. When the housing market begins to recover (say in about 5 years or so) you can refinance again possibly into a 15 if you want. Remember as the economy recovers, you should be able to add to the principle payment and still pay it off in less than 30 years, but at  a pace that will work for you.

This is just my suggestion - I am no expert, but have recently gone through a home remodel and so have recently researched various options. Hope this helps!

 
October 8, 2008, 11:48 am CDT

10/09 Financial 911!

Quote From: trigreen

But I did see the data from the first round.   And neither McCain nor Obama even bothered to vote on the bill.  That is so lame.  If they aren't going to stand up and vote for us, then why should they expect us to vote for them?  
Nader has always been an outspoken advocate against the bailout bill and that is where my vote will be going.  
And if the United States has 700 billion to waste on corporate welfare, could they actually put it to use and save many Americans from going under simply for medical reasons by creating a Universal Health Care System.  

The bill never passed the House of Representatives and so was never sent on to the Senate. Thus no senator voted for the bill the first time. They did not get the chance.

Perhaps you need to remember how Congress works?

 
October 8, 2008, 1:34 pm CDT

No, it started in the Senate

Quote From: needing2heal

The bill never passed the House of Representatives and so was never sent on to the Senate. Thus no senator voted for the bill the first time. They did not get the chance.

Perhaps you need to remember how Congress works?

You can go to the senate website and look it up.  
 
October 8, 2008, 1:38 pm CDT

Did you just interest only can work?

Quote From: needing2heal

My suggestion would be to refinance into a 30 year fix, if you can afford the payment and if you plan on staying in the house. This way you will build equity, and if you have the extra money send it in and add it to the principle. If you do it this way, you are not locked into a payment (say for the 15 year mortgage or the bi-weekly) that you cannot afford nor are you only paying interest which gives you no equity. An interest only loan can work, if you are not going to stay in the house long and can expect value to rise (tough call at this time in the economy) or if you are guaranteed a bonus and will put it all towards the principle when you get it. Perhaps also not likely given the economy today. The 30 year gives you some breathing room, and you can add to the principle when it is ok for you to do so. When the housing market begins to recover (say in about 5 years or so) you can refinance again possibly into a 15 if you want. Remember as the economy recovers, you should be able to add to the principle payment and still pay it off in less than 30 years, but at  a pace that will work for you.

This is just my suggestion - I am no expert, but have recently gone through a home remodel and so have recently researched various options. Hope this helps!

If you are going to do a scam interest only loan, you might as well just pay a landlord verses a corrupt financial institution.   And that way you won't be smashing the dreams of home or condo ownership by artificially driving up housing prices for people like me who actually are responsible and only buy things that they can actually afford.  
 
October 8, 2008, 4:13 pm CDT

Even my 7 year old gets it!

I just had to post this comment somewhere!  My 7 year old son is in the business of trading Pokemon cards.  His cards are a treasure to him.  We recently had a flood that ruined several of our things in the basement, one of them being his card collection that he purchased himself with his allowance.  I was more devastated than he was, he handled it graciously, and never once asked for me to replace them. He is "saving his money to go to college," he said.  So when he came home from school, bummed out that he didn't have any cards to trade with his friends, I told him that I would buy him enough cards to start a new collection ($15), and a nice book ($8) to go with it.  Well, while he was away with his father for the weekend, he left his book of cards lying out in a neighbors yard.  It was late at night when we made the discovery, and he could tell I was not amused to drive across town at that hour searching for his cards.  I simply said "I hope you have learned a lesson."  The cards were not there when we arrived, but the neighbors were not home, so his dad promised he would go over the next morning to see if their boy had taken them inside the house.  On our silent ride back home, my son quietly asked "Mom, what is 15 + 8?"  I replied "23, why?"  He said "My cards you bought me cost $15 and the book was $8, so if dad doesn't find my cards, I will get $23 of my own money out of the bank to get new ones, okay?  I'm sorry mom, I really am."  I cried quietly...because all of the doubt I ever had about raising him right drifted away...because he understood the concept of taking responsibility, and the value of a dollar, and being grateful.... but mostly, because even my 7 year old knows that trying to make someone else pay for your mistakes is wrong!!!!!  The next day, thankfully, the neighbor boy had taken them in his house to keep them safe, and they were retrieved.  So, the $23 is staying in the bank, and my son has learned a valuable lesson.  You must take responsiblity for your own actions....I don't think he will ever make the mistake of leaving his Pokemon cards unattended again; however, I have serious doubts about whether the bailout will prevent any further mistakes!
 
October 9, 2008, 6:49 am CDT

Are You Awake Now?

For years a man in Texas has been the voice of reason. He has been warning people about what we would be facing if things kept going the way they where.

I myself only heard of Dr.Paul last year. And when I did. I woke up. And waking up was at first shocking..then painful...and now I am beyond PISSED OFF.

Can you tell me this..what part of the government is over the IRS? This answer might surprise most of you..but the answer is...NONE OF THEM. The IRS is a PRIVATE BANK (Google who owns the IRS)

It is 100% UNCONSTITUTIONAL and people never got angry enough to do a damn thing about it.

Because of 9-11...Bush started taking away our freedoms...Dont believe me? Have you read any of his new laws? And of all the crimes Bin Ladin has been charged with..why was he NEVER charged with 9-11?

 

Back to saving our asses...Ok people...We have Obamanation who wants to give 10% off the top of your pay to the UN...Your kid plan on going to college? Hope they like his form of slavery..He wants all students to work 1000 hours each school year, for free. (Picking up trash is one of the jobs listed) Dig deep...Obama LIED and voted for the Bail Out.

McCain...just Google Vets Against McCain and see what Johnny Songbird McCain was really up to, and the fact he turns his back on vets. He needs a new tune..I mean..he sang Bomb bomb bomb..bomb bomb IRAN...ahhhh..why????

 

Long ago the League of Women Voters held the debates. Then all of a sudden..they didnt. Why? Easy..because Americans where slowly waking up and seeing we dont need Rep. or Dem. There was (and still is) a 3rd Party!!!

 

Ask yourself what programs have government taken over and made better?

Answer:: ZERO

How would you rate our education system?

Health Care?

Homeland Security?

It is 10 times harder for an American to get back into this country than it is for an illegal to get here and find work..housing..government help..YOUR TAXES PAY FOR IT.

 

I ask each of you to please..Try and forget what MSM (main stream media) has been spoon feeding you all your life. I ask you to open your mind. See what they are hiding..in plain site at that. Ask..where are they getting all this money? Then I want you to go to:

 

www.DailyPaul.com

 

www.PrisonPlanet.com

 

www.InfoWars.com

 

www.VoteBaldwin08.com

 

 

And I ask that you Google or Youtube these items

New World Order

Who Owns The IRS

Ron Paul High Tide

FEMA Concentration Camps

Bilderberg Group

 

Also I ask you to join the Revolution and show Congress and the Senate your fed up just like the rest of us

VOTE THEM OUT..I dont care if the one running against them is Rep. and your Dem. the ones in office need to get a message..From local to federal government..a message MUST BE SENT..and it must be LOUD AND CLEAR...You must call Congress and the Senate..and everyone else in your state that works for government and you must tell them..Your watching them.

 

Incase you have forgotten..you are WE THE PEOPLE...And YOU ARE GOVERNMENT..the ones in office are just the mouth peices that do OUR TALKING FOR US...and they have forgotten that...Time to remind them.

 

Stay Safe

Stay Free

Save the Constitution

VOTE THE BASTARSS OUT

SPREAD THE MESSAGE

 

 

 

 

 
October 9, 2008, 7:25 am CDT

social security

what about the people on social security how will this effect them?
 
October 9, 2008, 7:50 am CDT

10/09 Financial 911!

Dear Dr. Phil,

 

I would love some advice on the economic times and my husband's business.  He is a third generation car dealer that has worked extremely hard all of his adult life to build his business in a very small community.  He owns five dealerships and this economic market has wreaked havoc on his bottom line.  If someone is not too scared to buy a car, he can not get them financed.  What is the outlook for his business?  He has been very successful for 20 years but this is scary!  His very large savings are now being sucked into keeping two of these dealerships afloat.  The car dealerships are being used over and over as an example of what is happening in the market but what do you do when that is your personal line of business and income?!  Help!

 
October 9, 2008, 7:58 am CDT

calling credit card companies

My husband and I have contacted our credit card companies to get help. Most of the time you get someone who sympathizes but other times you flat out tells you that you are trying to rack up debt without any intention of paying. It is so frustrating. I had one of my cards do that to me and I ended up crying afterwards.
 
October 9, 2008, 8:11 am CDT

ADVICE

My adult daughters, both of whom are financially healthy, sat me down this weekend and strongly suggested I allow my home to be foreclosed since we don't see it selling in the foreseeable future.  I have enough money in retirement to pay off all my credit cards and catch up with my mortgage, but don't have enough income any more (unplanned cardiac surgery, etc.) to keep up with my bills even with NO credit card payments.  Their suggestion is getting an apartment for less than my mortgage payment, which is not unrealistic, and I don't have a problem with the apartment idea. 

 

What are the pros and cons of this?

 

Thanks for your input!

 

Sandi

 
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