Re: Anyone feeling the pinch?
 

I might even be willing to trade for some of those fish n' chips!


Wait a minute. 20%?
I'll take the cash. :)

Re: Anyone feeling the pinch?
 

yea..thought you'd might..:lol:



I'll even throw a portion of fish and chips in..

Re: Anyone feeling the pinch?
 

I'm looking to get about $40k's worth of repairs done to my house. I've been trying to get this done for about 4 years. For the past 3 years, I could not even get contractors to show up for appointments. Now, all of a sudden, I have contractors calling me every day asking me if I'd made a decision.

My company was looking to move to larger offices. We got a great deal, taking over a lease from a failed mortgage company.

My nephew is having to move out of his rental appt. because the owner is being foreclosed on.

Re: Anyone feeling the pinch?
 

We have found that people that have seen my OH on Angie's List are calling of late. Today we gave a quote to a couple with rental properites so that looks to be a good contact.:)
You have to pay to look at Angie's list but contractors can only be listed by customers so the reviews carry weight in that respect. You might want to look at it and reward people who have been doing a great job all along. I think it is www.angieslist.com
My BIL has a house here he is trying to rent, we know he is behind with his payments, it's a sticky situation.

Re: Anyone feeling the pinch?
 

I understand the basic sentiment, but I don't think this is the time to get rid of a mortgage; at least, not under all circumstances.

My mortgage balance is about $100k. I have more than that in the bank, and could pay off the mortgage. But why would I do that? Once I've paid it off, that $100k is gone from my bank account, and - what if I then lose my job and can't find another ? I can use that $100k to make monthly payments for a LONG time, and to cover living expenses. Yes, if I pay off the mortgage I no longer have to make the mortgage payments, but - I still have to pay all my other living expenses, and I'd rather keep that $100k as a buffer.

Re: Anyone feeling the pinch?
 

[QUOTE=Steerpike;6826164]I'm looking to get about $40k's worth of repairs done to my house. I've been trying to get this done for about 4 years. For the past 3 years, I could not even get contractors to show up for appointments. Now, all of a sudden, I have contractors calling me every day asking me if I'd made a decision.

Hey! My OH is a High-End Contractor who's spending way too much at home right now! You send the Specs and I'll deliver him to you tomorrow (at 10% under any other bids!) Deal!?!;)

Re: Anyone feeling the pinch?
 

That should be the mantra for everyone, never ever use available cash to pay off something with a lower interest rate than, say, credit cards. In this time of doom and gloom, the the only thing that is worth anything is cold hard cash. (As long as you're FDIC insured!)

Re: Anyone feeling the pinch?
 

If we were back still in the UK both our jobs would be in danger and we'd be taking forceable paycuts ..... when we were in the UK in July and visited our old clubs both of them had laid off staff and were ginving salary cuts out to those who stayed. Golf is pretty much the first "luxury" to go when the squeeze happens.

Luckily here we rely on the "uber rich" most of the time and the majority are not affected in anyway - some are even making fortunes from the downturn.

Yes the regular travel market will slide, but the luxury one just seems to keep right on going - infact our bookings are up and purchases of villas here hit an all time high this month (cheapest one being $3.2 million!)

we live in a little bubble down here I guess, house, car, utilities all paid for by the company so we luck out.

I'm sorry for those who are/will be affected ..... we're just damn fortunate to have gotten out of the UK when we did.

Re: Anyone feeling the pinch?
 

True-location and proximity to those who are hardly if at all affected by the current economic situation makes all the difference. Our Hilton Head office just up the road has that sort of clientele. Us, not so much. :blink:

Re: Anyone feeling the pinch?
 

My thoughts exactly. Looks like Karl Marx was correct after all.

Re: Anyone feeling the pinch?
 

Only if it's an adjustable or interest only. If it's fixed with a low rate, I say hold on, weather the storm, and see where you are when everything has calmed down. Using surplus money to pay off a mortgage (unless it's high risk) would be suicide right now. There is no credit available anywhere, so people need cash on hand.

Re: Anyone feeling the pinch?
 

I hears this argument many time ..but being a simple person ....
why would I have 100k in the bank earning 3.5%
when I am paying 6.5% in interest on a 100k loan

But as I said... I am a simple person with simple tastes ...
and a simple outlook

Re: Anyone feeling the pinch?
 

I agree. Having emergency savings is always important, but even more so now with the state of the economy.

Re: Anyone feeling the pinch?
 

Because at the end of the day, you earn interest on 100k. Add the interest you earn to the wage you earn and pay the mortgage. You still have 100k in the bank. And it helps with itemizing taxes.

Take the 100k and pay the mortgage off, and you're left a monthly wage.

Re: Anyone feeling the pinch?
 

I don't work or pay taxes ...next