Out at the peak

Monday, February 06, 2006

Honeymay is straight up

While driving home listening to the radio, an ad came on with a woman pretending to be talking to her phone. (Paraphrased)
Phone: "I've been listening to your problems. Your financial problems."
Lady: "Who is this? You have?"
Phone: "This is your phone. I listen to everything you say. What you need to do is call Honeymay, and they'll help you out."
Lady: "How is this possible?"
Phone: "They offer mortgage services to get money out of your home to pay off debts and bills. They basically turn your house into a bank." (The bold statement is an actual quote!)
All these mortgage companies seem to tout that people are just 'unlocking' their 'trapped' equity. This would be like credit card companies multiplying your credit limit and saying you've discovered a new debt ceiling. It couldn't be that illegal since the government is going to do it to itself.

Everyone needs to start being calm and become financially responsible.

2 Comments:

  • "Everyone needs to start being calm and become financially responsible."

    Even calming down a bit will throw a wrench into the economic machinery: the economy is dependant on ever increasing amounts of debt just to get by. Holding total national debt (personal + corporate + government) constant as a percentage of GDP would probably shave 2-3% off of the growth figure.

    By Blogger Tom DC/VA, at 8:40 PM  

  • Very true. We are in a vicious cycle, but that's leading down a dangerous path. If we slow down incrementally, we might be able to avoid disaster.

    Otherwise, how can we sustain this way of life forever?

    By Blogger Out at the peak, at 12:00 AM  

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