Credit Cards & Economic Stimulus

For just about anything you want to get off your chest about credit cards.
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Guilty as CHARGED
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Credit Cards & Economic Stimulus

Postby Guilty as CHARGED » Tue Dec 16, 2008 1:53 am

Hey why haven't I heard anything about credit card debt help? The are talking about lowering mortgages to 4 or 5% fixed. What about guys like me that don't own a house but have a rent payment that's just as much.

Instead of plowing money into my expensive mortgage I've ran up charge card debt in order to make my rent payment. I don't get why too much debt on a mortgage is suddenly not the borrowers fault but then having too much debt because of high rent is. Want to answer that smart guy?

I think renters like my need to get some relief too here! But no I guess this country only gives a crap about homeowners and everyone else doesn't matter.


magyar1045
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Postby magyar1045 » Tue Dec 16, 2008 10:50 am

Unfortunately renters like us are crapped upon. In my state, California, the Governor has just eliminated a renter's deduction from the California income tax. Furthermore he also eliminated the renters' rebates for folks making under a certain amount. He said that was because of the state budget crisis. The max rebate for renters was an annual 350.

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Mogul of Pineapples
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Postby Mogul of Pineapples » Tue Dec 16, 2008 12:09 pm

Magyar is right. I'm not sure about the rest of the state but I know in Los Angeles county rent control was changed from allowing a maximum 3% raise in rent per year to 5%, and of course all the landlords do the maximum allowed increase. This is ridiculous when you think about it. If you have a mortgage your payment isn't going up 5% annually.

The other downer is that rent control is only on the older buildings in certain areas. All buildings from the last 20 or 30 years (don't recall the exact year) don't fall under rent control for some reason. This has resulted in us being at the mercy of property management, allowing them to raise rent to whatever they want. I have a friend who is creditworthy and the ideal tenant, yet they raised rent on him 35% (yes, 35%) one year after he moved in.

I really don't get how highway robbery like that isn't viewed as a problem, but the idiots that got themselves adjustable rate mortgages for way more than they knew they could afford is.

Luckily I haven't had to go into debt with my credit cards because of this yet, but if my rent is jacked up a ridiculous amount like happening to others I will be in debt.
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KC95
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Postby KC95 » Sat Dec 20, 2008 1:02 am

it's bec in this country they look at renters as lazy degenerates that dont own homes, they are lazy at work and cant afford a house. when really most of us are more reasonable than the home owners because we know what we can really afford.

i could have easily bought a house too before but i didn't because i knew it would push my budget. but this country is becoming more and more about rewarding the bad behavior instead in the form of handouts if you screw up. meanwhile if you fall on tough times for other reasons no free lunch for you.

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Postby Guilty as CHARGED » Tue Jan 06, 2009 1:13 am

If your governor says there's a 'budget crisis' why not eliminate mortgage write-offs. Not only does that make up a bunch of lost tax revenue but it's also not doing the economy any good- look at what it got us into now because everyone and their mom bought more house because 'it was a writeoff.'

I am thankful my apartment didn't raise rent this Jan 1st. They should pass 'economic stimulus' rules that prevent rate jacking on rent right now.

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fffresh
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Postby fffresh » Tue Jan 06, 2009 10:17 pm

Guilty as CHARGED wrote:I am thankful my apartment didn't raise rent this Jan 1st. They should pass 'economic stimulus' rules that prevent rate jacking on rent right now.


Unfortunately I've heard no talk of plans to do this.



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