Texas originally had a ban on all HELOC loans. The court case that brought this to light was basically texans were too stupid to manage their own money.
Yes, by limiting the percentage the consumer can borrow, they are completely blocking all equity loans.
Texas originally had a ban on all HELOC loans. The court case that brought this to light was basically texans were too stupid to manage their own money.
What 4 or 5 years ago Texas banned or had strict requirements for HELOC loans? These loans are now perfectly acceptable in Texas with a reasonable 80 LTV cap.
You are seriously going to sit there and lecture us on people who were too stupid to manage their own money when you were about $40,000 in credit card debt?
Please tell me that's a typo.I have some friends pulling in 7 figures yearly and they are so in debt it is ridiculous. They don't have a fancy house or cars either (in fact they only have 1 car and it is a lease that they needed someone to co-sign for).
Being in the six-figure area myself though, while I have minimal debt, could definitely use a bit more. I'm the kind of guy though that puts extra savings into debts or investments. I bought 2 cars this year and paid off the first one within 2 months (after taxes, etc was about $31k). The second car I had nearly 50% down, and will most likely have it paid off in the next 6 months (after taxes, etc about $22k).
My total income next year though will be extremely high (for me), probably nearing $150k, with possibilities of reaching $250k or even more. I expect to a good chunk of that additional money to travel since I've been spending years avoiding debt as much as possible to be able to enjoy the money I get when it becomes a large surplus.
Worst case scenario I stick around the low six figure income and I still have a lot of extra money every month because I avoid a lot of debt. I expect to be debt free by 27 and have enough cash for a house (should I choose to buy one) by 30.
Six figures definitely isn't a kick-back and do what you want salary from the get-go, but if you're out of debt and just have a few monthly bills like gas / electric / insurance / etc it is definitely quite nice.
he may be counting the .00 in his digit countPlease tell me that's a typo.
Please tell me that's a typo.
I'd love to know how they're spending that much money, if it doesn't involve a huge house and expensive cars.
I'd love to know how they're spending that much money, if it doesn't involve a huge house and expensive cars.
Tweak155, you are posting fairy tales. Your addition of debt-free by 27 and own your own home by 30 sets that stage esp since you are spending $50k on cars in less than half a year.
Why? Because you can't imagine it?
lolz, I owned my first home at 23. I put $40k down.
what are we imagining, child?
What? Why can't I be debt free and own a home by 30?
I suppose child is an insult? lol.
Is that a typo?
According to this:
http://en.wikipedia.org/wiki/Household_income_in_the_United_States
15.93% of all households make $100,000 or more.
wh00sh!
go back and read what you posted.