Would you take on a large debt in this economic/political climate? - canaus
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timeinput
I considered carefully refinancing my home mortgage recently because of low
interest rates. Weighing the closing costs of refinancing I wasn't excited
about losing the 4k in liquidity for a net savings of 20k over the next 15
years.

I would consider the impact of defaulting carefully before taking on a new
debt today.

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WheelsAtLarge
Debt is only good if you will benefit from it long term. If after you repay
the debt you have more than what you started with then go for it. If on the
other hand you have less, most loans, then don't do it now.

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alexmingoia
I would never take on any debt, in any climate. I don't have credit cards. I
don't have a car loan. I don't have a mortgage. I don't care what my credit
score is.

Peace of mind is priceless to me.

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canaus
That's interesting. How much do you make a year, if you don't mind me asking?
Have you ever tried to purchase a large asset such as a house?

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alexmingoia
It varies. I work for myself. Recently when I was working at my startup and
took a salary I made ~$120k/year. When I was contracting I made
$150k-200k/year. Recently I moved from San Francisco to Yangon, Myanmar and
haven't been working much. So far this year I've only made $12k (which is
enough here to live for a year).

If I wanted to purchase a house I would pay for it in cash, so I don't need a
loan. I don't buy things I haven't earned (crazy! I know). I don't use debt. I
don't have to worry about what a lender thinks of me.

As far as mortgages go, I know someone else who doesn't have a credit score
and got 3.5% using a manual underwriter. If you have good finances you can get
good rates without a credit score.

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sloaken
Yes, but I feel my job is safe.

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PaulHoule
What for?

