What good are these tax cuts if the credit card, loan and mortgage companies take it back with higher interest payments.
Listen Gentlemen, the only way to get money back into the American household is to freeze interest rates at 2% for two years and all existing rates bring them down to 3% for two years and make this law. As for the banks, loan and mortgage companies use the tarp to subsidize them between the rate of 6% and the 2-3% they will be charging. Anything over 6% should be illegal anyway that is robbery. 17-30% rates are criminal and what ever political forces allowed these businesses to charge these exuberant amounts I say is guilty of collusion with those industries and should be prosecuted.
Also every American rich and poor should be allowed, credit worthy or not, to roll over there debt into these lower rates.
I'll even make it easy for you, by writing the contract. I can be reached at 918-696-5508!!!!
rate
email
print
link to this page
Comments: 14
As far as tax cuts? I fear it won't be long before Obama is pushing tax hikes.
Mooch
I'm with you that as long as banks (and especially credit card companies) get to charge usurious rates, that we'll make no progress. I'm for lowering those rates.
What we'll see is more consumer spending, and less defaults, foreclosures and bankruptcies. It really does make sense.
All we can do is start holding some people's feet to the fire on this one. We need to start with our elected officials, and have them take it to the president. Supposedly the president reads some of his emails every day: write to the man himself. I personally will start with my new US Senator, who I'm not pleased with already.
Stephanie, you're an idiot.
If you want to talk about generational debt, thank a Republican. 70% of the deficit was incurred under Republican administrations.
The stimulus package just passed: tax relief starts in April.
So before you whine any more, at least take the time to do some reading.
Your comment that "17-30% rates are criminal" was well stated! It's not new and it's probably not going to change because of anything I might say but it is criminal! I once thought that only pawn shops could get into those rarefied waters. Now we have payday loans and credit card companies getting into the act. Another thing is the jumping a rate because of a single day late on a payment they received the next day.
And the idea that if you arer late with one company, all others may raise their rates because of it.
Occasionally, you come up with a good idea! Giving the tax beak at the end of the year and having that total to take from your taxes would be a great idea!
Get rid of your credit card debt... pay them off, even if you have to do it through a company that will negotiate for you. Any cards you keep, make sure you can pay the balance every month in order to avoid the interest rate, otherwise you are just begging to remain their slaves.
Anyone who pays a mortgage interest rate higher than 8% shouldn't be getting a loan. High interest rates above 8% are for people who don't have credit good enough to get the loan at the lowest rate.
Mortgage rates on the decline
February 20, 2009
THE ECONOMY
Mortgage rates on the decline
The average rate on a 30-year fixed-rate mortgage dropped to 5.04% this week from 5.16% last week, mortgage company Freddie Mac said. A year ago, the rate averaged 6.04%.
The average rate this week on a 15-year fixed-rate mortgage was 4.68%, down from 4.81% last week. Average rates on five-year, adjustable-rate mortgages declined to 5.04% from 5.23%. One-year, adjustable-rate mortgages fell to 4.80% from 4.94%.
These rates do not include add-on fees known as points. The nationwide fee for 30-year mortgages averaged 0.7 point this week. The fee for 15-year mortgages averaged 0.6 point.
Sometimes we have to be responsible for ourselves, and make wise choices!