CrimeAddict
Well-Known Member
- Joined
- Sep 7, 2008
- Messages
- 629
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My apologies, when I reread my response I thought it sounded a bit snarky. I meant no disrespect.
My point is this is a classic example of people living way beyond their means, and then racking up more debt for a "get out of jail free" card. The equity line was a dumb move. It didn't take into consideration the market value of the home, the cost of fixing up the home to sell, the cost of moving, the realtor fees, the closing costs, etc.
The reason almost one quarter of US homeowners are in or at risk of foreclosure is due to these types of moves. Classic overspending and living beyond your means, without basic financial common sense.
However, it's clear BOTH BC and NC lived beyond their means. One party is not to blame in their scenario. They are both at fault.
Again, I am sorry my reply sounded snarky. Maybe I've been listening to too much Clark Howard.
No worries.
I understand your point, it's a shame they got to that point, but because they did I do think the equity line was the best way to at least hold the debt somewhere more reasonable.
People are crazy with credit cards.