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Technology Stocks : The New (Profitable) Ramtron -- Ignore unavailable to you. Want to Upgrade?

To: makeuwonder who wrote (233)	3/12/2008 10:25:50 AM
From: Woody_Nickels	Respond to of 647

People in primary residences need help. I got a letter from my mortgage holder yesterday luring me to take a Home Equity Line of Credit(ARM) at prime(6.00%) - .31% for the first year. A fixed rate is available at 3.4% over prime. And my house is almost paid off! Why would I want a HELoC at 9.4%, when my current loan is 6.875%, and prime is 6.00%? Sure, if they can give me 7% fixed, I might consider it, but at 9.4%, forget it. My credit card is 8.9% on cash advances, so why not use that? The credit card doesn't put a lien on my house, either. I'd like to get new doors and windows, and new siding. But I'm perfectly willing to save up the money and COLLECT interest, rather than take a loan and PAY interest. But, I won't save the money at my bank. They're currently PAYING a measly .65% interest on regular savings accounts, while they LOAN out my money at 9.4% . Greedy SOBs! When I was a boy, regular savings accounts paid 4-5%, and a house loan was 6%. College loans were high at 7%. Now that banking is a "growth" industry instead of the foundation of our financial system, all they do is try to 'roll' every customer. When ATMs were new, they sold them to us because their overhead/expenses and paperwork would be reduced, plus they're open 24/7. Never a fee! Now look at how much they make in ATM fees. Greedy SOBs! I can't tell you how many times I've seen a bank's "NEW, FREE Service" become next year's "FEE BASED PROFIT CENTER". It's appalling and disgusting. They should be arrested for 'bait and switch' scams. Greedy SOBs! I'd better get off my soap box. I'm glad I always made conservative financial decisions, and have not fallen for all of the scams that banks now try to perpetrate on 'customers'. When I was growing up customers were treated well, not like sheep to be sheared. Hmmmm... reverse mortgage? Give me strength! Woody