Posts Tagged ‘middle class’

1
May

The Credit is due.

   Posted by: admin    in Business, Entrenprenuer, Money, Politics

It seems as the economy is finally on the upswing. After all of the hoopla about Obama’s first 100 days in office and his progress, many like myself wonder when the stimulus bill will actually trickle down and start helping the middle class. Our taxpayer money has invested millions into banks to keep their liquidity up. These banks in return are supposed to be giving homeowners and businesses access to credit they deserve.
However, I think the banks have taken advantage of the bailout and have tightened their lending criteria compounding the original issue. It’s just another way the consumer is held accountable for a greedy industry. One point that I agree on with Obama is his fight to end senseless credit card rate hikes. Many companies, fearing new legislation to ban increases, have started notifying good customers that their limits have been slashed and their rates have been increased.
I guess being a small business owner that takes responsibility for his original terms and agreement won’t ever understand how corporations can hide behind their customer service and take advantage of lengthy terms that their lawyers so masterfully created for situation like this.

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9
Apr

Young and Lucky

   Posted by: admin    in Business, Entrenprenuer, Money, Unemployment

If you are a young person like myself that has the capability to buy a house, do it.  Home prices have fallen close to 30% nationally since last year.  You can steal a house worth $400,000 in 2008 for $250,000 today.  I really do feel bad for the people that are losing their homes, but we must also make somebody else benefit from these banks risky investments.  I grew up in a middle class neighborhood where home prices have been above $300,000 for the last 8 years.  Two homes are currently on the market for the low to mid threes.  I was pissed when I saw that one of my neighbors homes was stolen at auction for $130,000.  Rates are at historical lows.  Foreclosures are definitely risky, but do your research and you will benefit.  Even if you can’t manage interesting ways to come up with the down payment, offer homeowners on the brink of foreclosure rental agreements with options to buy.  Set up a legal binding agreement where you will rent the home for two years with 66% of the rent going towards a down payment.  Think about it, they can’t sell and you pay the mortgage saving them foreclosure embarrassment.  You get an agreement with sales price based on current market value and a way to leverage your rent towards a down payment.

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