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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Elroy Jetson who wrote (28016)3/11/2005 1:08:30 AM
From: GraceZRead Replies (1) of 306849
 
so his salary went to pay the mortgage while he lived on credit cards.


What makes me crazy about these schemes is that if they work out they get to keep the proceeds, if they don't work out we all get to pay the cost. If the guy had to work the next 30 years paying off that debt at least we'd have hope that he'd get physically ill at the sight of plastic.

I had a roommate after college who defaulted on a bunch of Visa cards. She eventually paid them off at a settled amount, but back then if you defaulted you couldn't get another credit card for at least seven years. She did her seven years penance and was finally issued an Amex card a few years after we were both living in different places. She was so happy about getting a card back after all that time, since there are so many things that are difficult to do in a totally cash world, like rent a car.

I came for a visit not more than a year after she had the card and there on her desk was a notice from Amex asking her to leave home without them.
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