<<Also, if someone is paying 18-24% in credit card rates, the last thing, likely, that they should be doing is rolling their credit cards into a home equity loan.>>
That is probably the strangest thing I've ever read or heard on this particular subject, Boz..... but if you believe it's better to keep paying for the most expensive money in the world and avoid borrowing the cheapest money in the world,go ahead and be happy in your belief.
It reminds me of an outrageous myth I saw purported on another SI thread about real estate in the past few days----which was that, somehow, appraisers take into account refi activity in a neighborhood and that a refi mortgage appraisal somehow becomes a benchmark for property values in the neighborhood, therefore driving up prices. This is pure junk-thought.
Refinances are NOT home sales, and refi appraisals differ from home-sale appraisals by their very nature. It's too bad an appraiser didn't read this nutty statement and speak up to correct it (which was used in the context of calling Greenie a moron for saying housing wasn't a bubble).
People on the thread seemed to believe it, though....so you CAN fool lots of people lots of the time, obviously. Hey, it might not make them smart, but if they're happy in their beliefs, who cares? |
