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Zombie Debt Collectors


argento05
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I would agree that buying a primary home is the only debt that makes any sense at all but even then, you don't need to play the credit game to get a traditional mortgage.

Having your "bad" marks cleaned up and in the past (2/3 yeras old or older) and paying your rent and utility bills early or on time for the past two or three years is enough to qualify for a traditional mortgage at the going rate if you use a lender that does real underwriting. You don't need a "FICO" score to get a good mortgatge.

Aside from that, I must disagree, Grim that one must always go into debt for a home...it usually isn't a matter of not being abot to "afford" a home, it's a matter of a lack of patience.

For example, you make $60K a year and if you'll live like you are making $30K a year, then you CAN save enough in just five years for a $150K home and if you are really motivated, you can do it in less time with the same income. Certainly, the less you make and/or the more expensive a home you want to buy will impact the amount of time you must wait but to say it can't be done isn't really true...what is true is that very few are willing to wait and do it that way nor does our microwave society today encourage people to think in less than "instant" terms.

:)

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For example, you make $60K a year and if you'll live like you are making $30K a year, then you CAN save enough in just five years for a $150K home and if you are really motivated, you can do it in less time with the same income.

Yes... That is true... And I have known people who have done that... But almost all of them are immigrants from third world countries... And in many ways, that is fine... especially since they didn't have much materialism in the first place so not spending money was not a big deal...

But the real trick is if you want to live like you are in a third world country...

I am not saying that everyone should be materialistic, but many of the things that we take for granted (telephone, TV, cable, high speed internet service, etc) cost money... And yes, a big chunk of your expenses can be cut out, but it means living a very different way of life...

And I have done that before... No TV, cable, telephone, furniture, etc... For a few years... And living that way sucked...

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Ravenous,

Isn't it interesting that some of the items you list didn't even exist a handfull of years ago!

The internet hardly existed as recently as 1995 but now, "dial-up" is no longer good enough and we have to have DSL or cable internet. :) We no longer need a "telephone", now we NEED to have one or two land lines plus a cell phone for every member of the family (there is even a cell phone for Dogs (no kidding) coming out next spring). Now, we HAVE to have sat radio and GPS in our cars (it's amazing how we ever managed to survive the ancient 80's isn't it? :)

Aside from that, I've been to many third workd countries and our "poor" are quite well off by those standards...most people in the US have no idea what real poverty is.

I'm not saying it is ever easy but most of us could live on far less than we do, save up to pay cash for our major purchases and still live a pretty comfortable lifestyle even if we have to make-do wth only basic cable! :)

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I remember having a college friend of mine visit me in my first apartment. He was telling me about the essay he was writing about poverty in the valley (Rio Grande Valley of South Texas).

I told him that I was poor too. He outright said that I wasn’t.

I explained to him that I didn’t have cable and a VCR because I don’t have a TV. And I didn’t even have a computer or a telephone. In fact, I don’t even have furniture. I only have a bed and I eat my food on the floor because I don’t have a dining table. Sometimes I put my food on cardboard boxes.

He still insisted I wasn’t poor or at least not like the people he was writing about.

There, I agreed with him in that I did not intend on remaining like this for the rest of my life. Interestingly, even when I did start making better money, the only real luxuries I got were simple furniture and a phone and that was it for a few years.

And that is why I said that many people I have known who have been able to save up very large sums of money (like 10k, 20k in cash) are typically immigrants. Their viewpoint of poverty is a lot different than even people from the barrio or ghetto.

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Just had to chime in how true it is that our idea of "poor" isn't that bad at all. Best thing my dad ever did for me as a teen was allow me a trip to the Dominican Republic for some mission work with my church. There I saw face to face what you see on those TV commercials begging for your 65 cents a day to sponsor a child. The poverty I saw was so horrible, it changed my whole perspective on life. As a teen my youth group also went into DC every sunday to help the homeless there with food, clothing, etc. Nothing I saw on the streets of DC came close to what I saw in the Dominican. It's stayed with me to this day.... when money is so "tight" that I'm living off Ramen noodles and rolling change to put gas in the car, it doesn't really bother me. I'm just damn greatful I have a roof over my head, food in my belly (ramen is filling!), and a job. When I first struck out on my own, I didn't care that I had to work at McDonalds. It was a job that paid the rent and put food in my belly. Sometimes I get so frustrated with friends who cry about not having enough.... they have no idea what true poverty is like.....

I know damn well at times I want to whine too. But I have to remind myself that I live a pretty decent life....poor or not. I have more than many people could ever dream of having.

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Sometimes I get so frustrated with friends who cry about not having enough.... they have no idea what true poverty is like.....

I remember back in my college days the time when a big group of people from my university who were part of the Campus Ministry (of a Catholic University) went out for a day to paint people’s houses. Like once or twice a month, they spent a weekend doing some sort of assistance for the poor.

A friend of mine came back saying he would never do it again. The house he was painting had cable TV and a decent size television set in it.

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