Wednesday, February 24, 2010

Banks Lending: easy, unavailable or not necessary?

Much has been written about Bank lending being down and credit is tight. I think something else is going on. I think that people are wanting to pay off debt and do not want to borrow any money. To see if that belief is true, I have initiated a new Mini Poll on that very question. Please take the time to take the survey on the right upper section of this page and write a comment as to why it is that way for you in the comment section below this post. Thanks!

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Blogger Charles Amico said...

Mu friend Tom responded to the survey with this:

I'm paying down all debt I might have. I can make more money by having no debt than by borrowing now for what ever reason. Once debt is gone, I would be saving.

12:55 PM  
Blogger Minneloushe said...

I'm "borrowing" to buy a coop in Bayside, Queens. I'm putting down over 30%, and borrowing only $150,000 at a rate under 5%. The tax deduction should help me, since we are now renting. If BCON ever goes up, I'll pay down the mortgage as quickly as possible. I pay my cc every month, and have only a small amount of margin debt, which I'm also hoping to zero out, if TZA ever performs, which I'm beginning to doubt. We are buying no luxuries, spending very little money.
- jw

10:12 AM  

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