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Started By
Message
re: Biden leaning towards canceling 10K in student loan debt if u earn less than 125K
Posted on 8/23/22 at 2:32 pm to Mingo Was His NameO
Posted on 8/23/22 at 2:32 pm to Mingo Was His NameO
quote:
All of this is fine and good and no one disagrees. It doesnt fix the underlying issue, though. Not sure what's so hard about that for you to understand
Well what’s the underlying issue? Life isn’t fair?
It may not fix the underlying issue for everyone, but will help for any given person. I can’t do anything about Blackrock buying SFHs, or them/Vanguard using our 401k assets as leverage to influence corporate policy or culture. What I can do is provide my opinion on personal finance.
quote:
Well that's not true because you just acknowledged you can't get a traditional mortgage product if it isn't your primary residence.
You challenging it was a straw man. It was an example taken from a list that you just called fine and good
quote:
Not sure what's so hard about that for you to understand
I understand that any conversation that you are involved in will be had on your terms. You seem to always get to choose what is discussed l, and what is relevant from what has been previously discussed.
quote:
I thought about editing because it's not every one, but it made the point I was trying to make.
That falls into the disingenuous category.
0
Posted on 8/23/22 at 2:36 pm to LSUFanHouston
quote:
Most people who are struggling financially come from families and friend groups who struggle financially. There are a few exceptions... of course... but there's a reason why generational wealth is a thing. Most people who are struggling financially don't have friends or family whom they can turn to for a down payment loan... and if they did... the bank would look at it funny.
Yeah in fairness that should have been the last thing I listed. It’s really not a good idea at all, just trying to make a point that depending on your circumstances a Hail Mary may be warranted.
Posted on 8/23/22 at 2:48 pm to OceanMan
quote:
It’s really not a good idea at all,
Neither is telling a first time home buyer to try to buy using a traditional mortgage product without the intention of ever living there...
Posted on 8/23/22 at 2:52 pm to RLDSC FAN
Catastrophes aside, if your finances are in shambles, a $10,000 injection likely won’t fix anything for most people. They’ll be in the same financial condition again in a year or two because their habits won’t change.
Posted on 8/23/22 at 3:05 pm to Sus-Scrofa
quote:accurate. thisll be a longterm help for a select few who are financially responsible. most will just find themselves $10k in debt to a credit card company next year.
They’ll be in the same financial condition again in a year or two because their habits won’t change.
This post was edited on 8/23/22 at 3:06 pm
Posted on 8/23/22 at 3:07 pm to Sus-Scrofa
quote:
Catastrophes aside, if your finances are in shambles, a $10,000 injection likely won’t fix anything for most people.
A lot of people on income repayment never get into principle payments. Writing their debt down $10k will at least get them making payments toward the actual loan amounts in a lot of cases.
*that is not an endorsement
Posted on 8/23/22 at 3:16 pm to OceanMan
quote:
But I digress, again, the point is to get creative to achieve real estate exposure. Find a roommate to live with you. Look for multi unit housing. Look for lease to own or try to negotiate it. Partner with someone. Invest in a REIT. Beg friends and family for a downpayment loan. Learn to do repairs for yourself on a distressed property. Save aggressively. Cut spending. Sell something. Maybe even move somewhere more affordable.
These are some drastic solutions.
Find a roommate? Good luck finding someone to split the costs of a house with you then figuring out what to do when one wants out.
Lease to own? If im selling my house, I want the money. I dont want some person that obviously cant afford the house renting from me for a decade to help them.
Beg friends and family? Wtf no. Not even going into that any further
Learn to do repairs on a distressed property? Wtf again.
Cant we all just admit that this is the worst time ever for young people to buy homes, and the biggest blame isnt on them and they didnt have control over?
Posted on 8/23/22 at 3:19 pm to Deactived
He’s not gonna get my vote but I’m not gonna complain if they cut my student loan. It’s less than 10k anyways but at least it will be be gone. This country is already on the fast track to hell financially. This isn’t going to change what’s already fricked.
Posted on 8/23/22 at 3:21 pm to Deactived
quote:but mortgage rates were very high in the early 80s!
Cant we all just admit that this is the worst time ever for young people to buy homes, and the biggest blame isnt on them and they didnt have control over?
eta: it's kind of funny seeing most people come around to this though. i was saying there was a big problem years ago and got almost universally bashed for it.
This post was edited on 8/23/22 at 3:22 pm
Posted on 8/23/22 at 3:26 pm to GreatLakesTiger24
Looks like it'll be officially announced tomorrow
LINK
quote:
UPDATE: President Biden's long-awaited student loan announcement IS coming tomorrow, ppl tell me & @DaniDougPost
Parameters TBD but WH has been looking at $10K in cancelation per borrower under $125K/yr
(1st reported by @josh_wingrove & @nancook)
quote:
We reported today WH officials have been discussing coupling the $10K w/ a temporary & final extension in the moratorium, but Biden's final decision remains unclear
LINK
Posted on 8/23/22 at 3:28 pm to SportsGuyNOLA
The flaw in this argument is that the government has routinely bailed out corporations who have exhibited reckless, and often times criminal behavior. Everyone get's in an uproar when the government 'bails' out civilians or gives any individual assistance, meanwhile corporations have been taking handouts for decades and no one bats an eye.
Posted on 8/23/22 at 3:30 pm to Mack10
quote:
The flaw in this argument is that the government has routinely bailed out corporations who have exhibited reckless, and often times criminal behavior. Everyone get's in an uproar when the government 'bails' out civilians or gives any individual assistance, meanwhile corporations have been taking handouts for decades and no one bats an eye.
The uniparty has done an amazing job at getting citizens to argue with each other over something the Gov does for industry almost daily
Posted on 8/23/22 at 3:47 pm to Sus-Scrofa
quote:
They’ll be in the same financial condition again in a year or two because their habits won’t change.
I've got about $23k in debt, only $5k of which is student loan debt. I'll gladly take the government helping bring my overall debt down to $18k.
Posted on 8/23/22 at 3:58 pm to RLDSC FAN
Posted on 8/23/22 at 4:03 pm to Sus-Scrofa
quote:in practice this will probably benefit people who "need" it the least.
Catastrophes aside, if your finances are in shambles, a $10,000 injection likely won’t fix anything for most people. They’ll be in the same financial condition again in a year or two because their habits won’t change.
Posted on 8/23/22 at 4:13 pm to Bonkers119
Not a good look when they just sent another billion to Ukraine but only doing 10k in student loans
Posted on 8/23/22 at 4:17 pm to Mack10
quote:
handouts for decades and no one bats an eye.
This was harped on pretty heavily in 2008-2009. I don't know if you remember the "too big to fail" arguments.
Some still hate GM and Chrysler.
This post was edited on 8/23/22 at 4:19 pm
Posted on 8/23/22 at 4:26 pm to tduecen
quote:I don’t know that it is a good look, but if you are trying to compare the two expenses which aren’t really worth comparing, I think the cost of the proposed student loan forgiveness is closer to $300 billion, not $10k.
Not a good look when they just sent another billion to Ukraine but only doing 10k in student loans
Posted on 8/23/22 at 4:43 pm to WDE24
It really is amazing how we can pass billions and trillions for bailouts if banks and automobile industries who turn around and invest that money into foreign countries and paychecks of executives and shareholders.
But the second the government wants to put money directly in the hands of citizens the conservatives here lose their minds.
And I’m VERY conservative. But this thought process is so laughable to me.
But the second the government wants to put money directly in the hands of citizens the conservatives here lose their minds.
And I’m VERY conservative. But this thought process is so laughable to me.
Posted on 8/23/22 at 4:45 pm to Delacroix22
quote:didnt the auto companies pay back their loans, in full, pretty quickly
It really is amazing how we can pass billions and trillions for bailouts if banks and automobile industries who turn around and invest that money into foreign countries and paychecks of executives and shareholders.
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