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Reply #160: Ignorance of financial knowhow [View All]

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Home » Discuss » Archives » General Discussion (1/22-2007 thru 12/14/2010) Donate to DU
CT08 Donating Member (17 posts) Send PM | Profile | Ignore Fri Mar-28-08 01:23 AM
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160. Ignorance of financial knowhow
"Guerrero is estranged from her husband and raising her two young children. She's already burned through her savings to help make ends meet, and is drawing unemployment checks. She has had to take extreme measures to pay for her interest-only mortgage of $2,500 a month."

She has been living above her means for some time before the layoffs. Interest Only Mortgage?!? what's the point of that? Half of her salary before taxes was going not to equity but just to pay the bank interest. Yikes! Pure robbery!
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