I have serious issues with this article – Congress set to expand home buyer tax credit. First off, where is the government going to get all this new money to fund these loans? From the tax payers that’s where. Have we not shelled out enough money in an attempt to get the economy to turn around? Enough is enough. Stop creating new incentives for people to get into debt again. I am so tired of the government telling people to go out and buy stuff on credit. This is why the economy tanked in the first place. People were pushed to buy property they couldn’t afford and told they could. Now I feel the government is doing it again. Have you been in a house for over 5 years? Well the government things its about time you upgraded that home to something bigger and better. Your payments are affordable? That shouldn’t bother you, after all the government is going to give you a $6500 dollar tax credit to offset that. Heck, why don’t you go and buy a new TV and couch to put in that new big house. After all, the government restricted the credit cards so they can no longer fault you for being late on that massive debt that you are set to start accumulating. After all, its not your fault you cant afford that new payment. The government said it was OK to put stuff on credit. Besides, the fate of this economy rests on your ability to start charging stuff. Christmas is right around the corner and if we don’t beat last years earnings, then who knows what will happen to the market. You don’t want that on your conscience do you?
People need to learn to save up their money and pay for things with cash. If your house is adequate for your needs then why do you need to upgrade? If your current TV still works and your couch doesn’t have a spring popping through, keep them. If you have the money, then buy all means, spend it if you want. If you don’t, please do not put it on a credit card to pay later.
Start Being Financially Fit
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i totally agree with all of this. you should only be using credit cards if it’s a necessity. there were plenty of people i know that had no idea the home-buyers tax credit had to be paid back. they just thought, “hey, free money!” i got into a ton of trouble with credit card debt when i was in college that i am paying for now. i have to pay $300 a month to pay off a $18,000 credit card debt that i rang up on stupid crap. thankfully it’s almost paid off now, but it hasn’t been fun paying that off over the years.
Credit cards are too easy to get and abuse. If they want to regulate anything with them, they should try and prevent credit card companies from targeting college students. I remember seeing the CC kiosks every day on my way to lunch offering the latest and greatest credit cart. I too fell victim to them and their stupid free gifts. Good for you for putting forth a plan to get those paid off. Credit card debt is not worth it.
First of all, if you need the government to tell you how to spend your money, or what to spend it on or how to balance it, you aren’t using your brain. Be your own person and think. People need to stop turning on the news to figure out how they are going to live their life that day.
Second, “adequate for your needs” means different things to different people. Some people feel that just having four walls is all they need. Like you and sister have a nice home, it could be said it is “adequate for your needs” but you want a new one. Every body has their own reality and at the end of the day, we each get to choose how we spend our money. But once people decide how to spend their money – own it! Don’t complain that the government should bail you out or that you shouldn’t have any debt.
Most people are just looking for that little push to spend money they don’t have. A good deal can be just too hard to pass up for some. Others can survive on knowing they don’t need the latest and greatest. I think we all fall victim to both sides at times.
I think “adequate for your needs” can be very broadly interpreted depending on who you ask. I agree with you that four walls and a roof “should” be all the people need. That is something we struggle with even now. Yes, we would like a new house but we know that its not in our best interest at the moment to pursue that. Right now, “adequate for your needs” is exactly what we have. But there are times when we feel that we need something bigger. If someone came along with a golden carrot and waved it in front of our face, we might just grab it but only if it fit into our overall financial plan. I feel that is what is wrong with the government right now. They are waving golden carrots in front of people that they know probably wouldnt budge if not tempted. People that are secure in their financial lifestyle. An incentive for first time home buyers was one thing but trying to get people that are established in their homes to “upgrade” for the sake of jump starting the economy is just wrong.