Comments on: People Choose To Pay Credit Cards, Default on Mortgage

By: Expert Credit Repair

Expert Credit Repair — Mon, 06 Apr 2009 16:19:50 +0000

Hi Wade:
That is amazing – I would have not expected that. Thanks for the information.

By: Ozeroff

Ozeroff — Wed, 18 Mar 2009 14:56:53 +0000

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By: VA Refinance

VA Refinance — Tue, 22 Apr 2008 20:54:59 +0000

Wade, once again great post. it really make me wonder how these people actually survive. I do alot of Gov. loans and as for this scenario I do not see it very often that the borrower is late on the mortgage but not the credit cards. the only thing that will help them is the FHA Secure loan and I have yet to fine a person qualify for it.

By: Paul

Paul — Tue, 22 Apr 2008 02:07:37 +0000

Seeing as how credit card lobbyists were the impetus behind BAPCPA, we can safely say that failing (the means test) for the consumer is a big win for credit card companies

Gina, I agree that not all consumers are innocent. I’ve just made up my mind a while ago to take the side of the consumers (instead of big business) in this credit crisis.

Also, more on point with Wade’s article. I’m not a fan of walking away. Homeowners need to exit through a short sale or some other type of workout. These are definitely trying times.

By: Gina Gardner

Gina Gardner — Mon, 21 Apr 2008 22:56:16 +0000

You’re right, I guess “passing” for the government is “failing” for the consumer…

By: The Document Diva

The Document Diva — Mon, 21 Apr 2008 22:23:50 +0000

That’s strange. I’d prefer a place to stay vs. a lot of credit cards.

By: lisa

lisa — Mon, 21 Apr 2008 17:26:40 +0000

If they only realized how much that credit is actually costing them! and as they default on their mortgage how that credit may also dry up!

I don’t know how we turn our consumption for all things into a more reasonable behavior. Just keep raising the issue and educating all those that we can.

By: Paul

Paul — Sun, 20 Apr 2008 17:37:14 +0000

“The good thing is that with the BK reform they won’t be able to just blow it all off if they pass the means test and can actually afford to repay their creditors.”

Consumers who ‘pass the means test’ are generally eligible for Chapter 7.

Some bk attorneys that I know refer to it as the ‘mean test’ ’cause it’s not consumer-friendly.

By: Gina Gardner

Gina Gardner — Sun, 20 Apr 2008 15:22:28 +0000

Yuck. These people are suckers and dirtbags. Their credit card companies they try so hard to keep happy will probably raise their interest rate to about 25% once the foreclosure goes through and their credit ratings tank. I’m happy to see Freddie Mac has committed to going after these freeloaders for deficiency judgments. It’s high time. The good thing is that with the BK reform they won’t be able to just blow it all off if they pass the means test and can actually afford to repay their creditors. These people need to be disciplined before they take the whole economy down with them.

By: Ling

Ling — Sun, 20 Apr 2008 05:03:17 +0000

Heck, I know some guys in Florida who stopped making payments more than a year ago, and the bank still hasn’t got to them. They also say they’re not the only ones who’re doing the same thing in their neighbourhood.