guyer6719 Posted August 25, 2008 Report Share Posted August 25, 2008 I should post this here as well:but I quickly jumped out of the pool.My credit report is definitely not a thing of beauty. It's on the upswing, but still has some blemishes. I tried to get some cash to fix the house. The cash was so tempting, but I would rather wait a year until some of the other blemishes are gone and I have better credit. Here goes my current situation versus my would be situation had I taken the loan:Current interest rate: 8.25%Proposed: 12.5% Current morgage payment: $530/month including taxes and insuranceProposed: $700/month not including taxes and insurance The loan would have paid off a few small accounts, but nothing I can't handle myself. So then I googled the company's name and found out that they are famous for their predatory lending practices. I just paid off my car and I am looking forward to having the extra cash. I think this is where some people go wrong...they are so used to being in debt...paying and paying...that when they are not in debt they have to jump back in.12.5% ???Heyall to the naw! Link to comment Share on other sites More sharing options...
JustaTexan Posted August 25, 2008 Report Share Posted August 25, 2008 I'm glad you didn't! that when they are not in debt they have to jump back in.Very true. It's about our "earn to spend" mentality. Like if we get a raise, instead of saving it each month or using that extra money to pay off an exisiting debt, we think that now we can afford a more extravagant lifestyle so we go out and accumulate more debt. Link to comment Share on other sites More sharing options...
JustaTexan Posted August 25, 2008 Report Share Posted August 25, 2008 And if you don't mind, I'm curious, who was this lender? Link to comment Share on other sites More sharing options...
guyer6719 Posted August 25, 2008 Author Report Share Posted August 25, 2008 your avatar is hilarious! lol!The lender is Wells Fargo. Link to comment Share on other sites More sharing options...
JustaTexan Posted August 25, 2008 Report Share Posted August 25, 2008 Thanks! It used to have a slower grind to it, but Scorch edited it for me so it would be smaller and fit. Wells Fargo huh? I was thinking it might be Citi-Financial. They did the same thing for me but with my car. I only owed like 3,500k on my car and they paid off the note plus quote a bit of other debts I had accumulated and I got some cash out of the deal to help out a family member in some legal trouble. But they also raised my interest rate from Ford's 10% to their 24.99%. My car payment went from $99/month to almost $300. I have since refinanced a few times and gotten my rate back down, (thank God), but I still look at that as the turning point in my "financial life". Now it is at $215, but I'm still paying for the mess I created with that loan. Worst financial decision ever that will NOT be repeated. So I was very happy to hear that you did not go through with this! Link to comment Share on other sites More sharing options...
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