Swimming In My Head…

diving in the deep end…

Frustrated

I’m frustrated – really, really frustrated.

As I was driving today, I passed a couple of people who were collecting money for the homeless and for the first time in my brief 35 years on this planet, I faced the fact that I truly don’t have any extra money to give someone else right now.

It made me feel bad because I’m thinking about the fact that in the grand scheme of things, life isn’t so bad for me and there are others far worse off, but I can’t help them right now because I’m in survival mode.

The frustration comes in because I can’t make it logical.  I know the same thing that hopefully every other American knows right now – I’m not helping the economy when I don’t spend.  I know it in theory, but how to fix it…that’s another question.

That’s what’s ‘swimming in my head’ right now – nothing more, nothing less.

November 17, 2008 Posted by | Life In General | , , , | 7 Comments

Does Good Credit Even Matter Anymore?

We’ve been discussing how frustrated we are with our inability to work with Chase in any way, shape or form to get a little bit of relief for a condo that we own in Philadelphia.  Despite our consistently being on-time for every payment, Chase has told us that unless we’re default on our loan, there’s nothing they can do to help us.  Funny thing is, we’re only asking for a slight interest rate reduction or an extension of the term to lessen the monthly principle.  We’re not asking to be relieved of our obligation, just some consideration for doing a good job of taking care of our obligation when so many others aren’t or can’t.

How is that even right?  The only ones that they’ll pay attention to are the ones that aren’t paying them at all.  So Chase would rather not stave off a situation, but instead create a new bad one.  Makes no sense to me.

We don’t own the second property because we’re investors – it used to be our primary residence until we moved out of state.  Unfortunately, we didn’t know that when we put it on the market in September of 2006, that the housing bubble was in the midst of starting to burst.  So, we’re not a part of the group that was tagged as “greedy” or people that “got into ARM’s that they couldn’t afford”.

We just believed like every other American did that we would put our house up for sale, people would look at it, someone would love it, and then someone would buy it.  Not the case.

So, here we sit with 2 mortgages and a business that’s taken a huge income hit due to the economy and we’re wondering everyday how we’re going to continue.  We’re wondering if it really matters whether we maintain our good credit anymore?  Is it worth it?  After all, there are plenty of people out there now that are in the same or worse situation.

My guess is that the entire country is going to change as we know it due to necessity.  I guess all we can do is wait and see.

October 26, 2008 Posted by | Finances | , , , , , | 5 Comments