IF I default on my mortgage, the lender doesn't ask what I spent or didn't spend on other things.

[ehrnst]

The lender doesn't care if my husband and I don't agree on how much we should have spent on eating out, or on clothing.

They don't even care if we have a plan to rearrange our budget or drink fewer lattes.

They forclose on my ass, or charge me an arm and a leg until I come up with a way to pay.

Why do the Republicans not understand this concept?

[ehrnst]

1. And if my kid needs dental work in order not to lose his teeth

and I need to extend my line of credit to do it - I do it. I don't buy a sports car and tell the kid to cut his food in smaller pieces.

[safeinOhio]

2. Stop making house payments and

watch your credit card interest go from 9% to 29%. Even if you were never late on a payment. Hellooooooo.....

[rucky]

10. 9%

:rofl:

[safeinOhio]

11. That is what I pay

for my VISA with Simmons Bank?

[Name removed]

3. Deleted message

Message removed by moderator. Click here to review the message board rules.

[ehrnst]

6. Here is what I understand will happen on August 3 if we don't raise the debt ceiling:

"SIEGEL: First, what happens on August 3rd? Are there specific bills that the U.S. obviously wouldn't pay on that day?

Mr. POWELL: What happens on August 3rd is that the federal government wakes up and has nowhere near enough incoming cash to pay its bills. So, in particular on August 3rd, we project, by our estimates, that there would be about $12 billion of incoming cash, but there will be $32 billion worth of bills to pay, of which 23 billion is in fact a large Social Security payment. So there's a real question whether the government will actually have the cash to pay its bills.

In any case, as you go forward through August, the government will be approximately 44 percent short on the month as a whole."

= NPR

[Name removed]

9. Deleted message

Message removed by moderator. Click here to review the message board rules.

[Igel]

12. Interesting that the assumption is that there's no actual cash anywhere.

Yet when they achieved "budget cuts" last spring what did they do? They found unspent money to return to the general fund.

SSA has cash in the bank. Not every cent goes into treasury bills. Same for many other accounts.

The revenues from Aug. 2. Were they expended entirely on 8/2? Or, perhaps, are paydays and bill paying cyclical in the month so that more money flows out at the end of the month, or on the first and fifteenth, than on 8/2?

One annoying sceptic asked about the unspent $100+ billion in stimulus funds. Were they actually moved into the accounts upon being earmarked but not disbursed? I don't know enough to say. (The annoying sceptic claimed to know enough to say.)

[YellowRubberDuckie]

4. If you decide you need loss mitigation (plan to get back on track) you do.

You'll have to go over every bill you have to see if you qualify for a modification or a special forbearance plan.
Duckie

[alc]

5. but if you want to borrow more (2nd mortgage) they care about how much you spend

Not necessarily what you spend it on, but they want to know you have your budget under control.

I'm probably missing your point.

[ehrnst]

7. They keep saying that we need to run the federal budget like we run our home budget.

That's my point.

[Ragnarok]

8. Correct...

They just take all your shit and essentially preventy you from borrowing again for a long time, along with screwing your credit up enough to make getting a job difficult. Sometimes they take all your shit and they still make you pay the difference.