Quote:
Originally Posted by ranchlandsselling
Limit amortizations on personal lines of credit to 7.5 years. No interest only payments. Do the same for credit cards. Increase tighter approval limits for credit cards. Do away with the 1.99% cheques the credit card companies issue so that you can spend more at Christmas/mothers day/easter/summer vacation etc.
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That's actually a pretty big change. Example: a 40k HELOC at prime plus 1 (4%) has a payment under the current rules of $133. If you changed to 7.5 year amortizations, that goes to $515, which is a pretty significant change.