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Politics : Ask Michael Burke

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To: Ilaine who wrote (45050)	1/30/1999 1:19:00 PM
From: Mike M2	Read Replies (1) of 132070

CB, some won't . For the first time in history non mortgage consumer debt exceeds household mortgage debt. debt as a % of income is at record highs.There is a limit as to how much home equity you can tap into. Two points about consumer debt - interest rate is higher and common sense tells me there is a greater propensity to default. When your house has negative equity - it still gives you shelter but when you max out on your credit cards you can't spend anymore anyhow and you get to keep the stuff that you bought on credit- except cars. Of course you can keep you car in your neighbors garage to hide it from the repo man. -g- Mike

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