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What Goes Up, Must Come Down
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You're Now Reading:
What Goes Up, Must Come Down
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
You're Now Reading:
What Goes Up, Must Come Down
Mortgage Calculator
Mortgage Rates
Home Buying Tips
Home Selling Tips
About Mortgages
Mortgage Calculator
Mortgage Rates

September 26, 2011 (Chris Moore)

Consumer spending accounts for about 70 percent of all economic activity in the United States and although much of the media plays up the importance of housing in an economic recovery, the fact remains many Americans suffer from the same affliction our government does…too much spending and not enough income.

Americans went on a spending spree in the first decade of the millennium and didn’t stop until it all came crashing down on them 7 years later. The problem was we bought too much on credit and not enough for cash while household incomes were in decline.

And it was all too easy.

The credit was easy and the interest rates were cheap. The value of our homes rose so fast we couldn’t wait to take a second or refinance our home to pull cash out and buy those toys that under normal circumstances we would never have considered purchasing. Too expensive to pay off in five years? Stretch it out over 15 or 30 years and what was once unobtainable suddenly became affordable.

Credit card offers arrived in the mail daily. Heck, they’d even transfer the balance from one credit card to another for free, with no interest for six months, and when they started charging for interest…just get another one!

First year mortgage rates under one percent? What a deal! A person or family making $60,000 a year could qualify for a half million dollar home and “IF” the payments got too high, you could sell it, take the equity and buy another home. Prices were going to go up forever, remember?

But as we all know, what goes up, must come down. And it did…hard.

Here’s what we’ve been left with:

Total US Mortgage Debt:

2000: $6.75 trillion
2011: $13.72 trillion

Total US Consumer Debt:

2000: $1.53 trillion
2011: $2.45 trillion

Real median household income (adjusted for inflation):

2000: $53,164
2010: $49,445

Personal debt per US citizen:

2000: $29,200
2011: $51,289

We spent and we spent and we spent and we spent, not because we became wealthier, but because our ability to spend became easier and cheaper.

Correct me if I’m wrong, but I do believe it was ex-Federal Reserve Chairman Alan Greenspan who believed in the concept of obtaining wealth through debt. I would have to say that there are millions of Americans who would dispute that theory.

There’s plenty of blame to spread around as to how we got where we are at today. A lax monetary policy by the Fed, social engineering by our government, a lack of oversight by Congress, greedy banks and mortgage companies (taking advantage of a lax monetary policy), an over-zealous housing and real estate industry, and consumers who wanted to believe that this would last forever by buying homes that they should have never been able to buy.

So what happens when you get to the point where you can’t spend anymore? You get 2011.

Our economic problems go far beyond just fixing the housing industry. Just like our government, a little financial discipline on our part may be in order.

Tags: consumer debt, mortgage debt, personal debt, consumer spending, easy credit, cheap mortgage rates, economic activity

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at MortgageLoanRateUpdate and the offers you have received, you've found the right product and the best rate.
HOW
MORTGAGELOANRATEUPDATE
WORKS
Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at Mortgageloanrateupdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
Home Buying
Tips
Home Selling
Tips
About
Mortgages
Mortgage
Calculator
Mortgage
Rates

September 26, 2011 (Chris Moore)

Consumer spending accounts for about 70 percent of all economic activity in the United States and although much of the media plays up the importance of housing in an economic recovery, the fact remains many Americans suffer from the same affliction our government does…too much spending and not enough income.

Americans went on a spending spree in the first decade of the millennium and didn’t stop until it all came crashing down on them 7 years later. The problem was we bought too much on credit and not enough for cash while household incomes were in decline.

And it was all too easy.

The credit was easy and the interest rates were cheap. The value of our homes rose so fast we couldn’t wait to take a second or refinance our home to pull cash out and buy those toys that under normal circumstances we would never have considered purchasing. Too expensive to pay off in five years? Stretch it out over 15 or 30 years and what was once unobtainable suddenly became affordable.

Credit card offers arrived in the mail daily. Heck, they’d even transfer the balance from one credit card to another for free, with no interest for six months, and when they started charging for interest…just get another one!

First year mortgage rates under one percent? What a deal! A person or family making $60,000 a year could qualify for a half million dollar home and “IF” the payments got too high, you could sell it, take the equity and buy another home. Prices were going to go up forever, remember?

But as we all know, what goes up, must come down. And it did…hard.

Here’s what we’ve been left with:

Total US Mortgage Debt:

2000: $6.75 trillion
2011: $13.72 trillion

Total US Consumer Debt:

2000: $1.53 trillion
2011: $2.45 trillion

Real median household income (adjusted for inflation):

2000: $53,164
2010: $49,445

Personal debt per US citizen:

2000: $29,200
2011: $51,289

We spent and we spent and we spent and we spent, not because we became wealthier, but because our ability to spend became easier and cheaper.

Correct me if I’m wrong, but I do believe it was ex-Federal Reserve Chairman Alan Greenspan who believed in the concept of obtaining wealth through debt. I would have to say that there are millions of Americans who would dispute that theory.

There’s plenty of blame to spread around as to how we got where we are at today. A lax monetary policy by the Fed, social engineering by our government, a lack of oversight by Congress, greedy banks and mortgage companies (taking advantage of a lax monetary policy), an over-zealous housing and real estate industry, and consumers who wanted to believe that this would last forever by buying homes that they should have never been able to buy.

So what happens when you get to the point where you can’t spend anymore? You get 2011.

Our economic problems go far beyond just fixing the housing industry. Just like our government, a little financial discipline on our part may be in order.

Tags: consumer debt, mortgage debt, personal debt, consumer spending, easy credit, cheap mortgage rates, economic activity

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
HOW
MORTGAGELOANRATEUPDATE
WORKS
Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at MortgageLoanRateUpdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.

September 26, 2011 (Chris Moore)

Consumer spending accounts for about 70 percent of all economic activity in the United States and although much of the media plays up the importance of housing in an economic recovery, the fact remains many Americans suffer from the same affliction our government does…too much spending and not enough income.

Americans went on a spending spree in the first decade of the millennium and didn’t stop until it all came crashing down on them 7 years later. The problem was we bought too much on credit and not enough for cash while household incomes were in decline.

And it was all too easy.

The credit was easy and the interest rates were cheap. The value of our homes rose so fast we couldn’t wait to take a second or refinance our home to pull cash out and buy those toys that under normal circumstances we would never have considered purchasing. Too expensive to pay off in five years? Stretch it out over 15 or 30 years and what was once unobtainable suddenly became affordable.

Credit card offers arrived in the mail daily. Heck, they’d even transfer the balance from one credit card to another for free, with no interest for six months, and when they started charging for interest…just get another one!

First year mortgage rates under one percent? What a deal! A person or family making $60,000 a year could qualify for a half million dollar home and “IF” the payments got too high, you could sell it, take the equity and buy another home. Prices were going to go up forever, remember?

But as we all know, what goes up, must come down. And it did…hard.

Here’s what we’ve been left with:

Total US Mortgage Debt:

2000: $6.75 trillion
2011: $13.72 trillion

Total US Consumer Debt:

2000: $1.53 trillion
2011: $2.45 trillion

Real median household income (adjusted for inflation):

2000: $53,164
2010: $49,445

Personal debt per US citizen:

2000: $29,200
2011: $51,289

We spent and we spent and we spent and we spent, not because we became wealthier, but because our ability to spend became easier and cheaper.

Correct me if I’m wrong, but I do believe it was ex-Federal Reserve Chairman Alan Greenspan who believed in the concept of obtaining wealth through debt. I would have to say that there are millions of Americans who would dispute that theory.

There’s plenty of blame to spread around as to how we got where we are at today. A lax monetary policy by the Fed, social engineering by our government, a lack of oversight by Congress, greedy banks and mortgage companies (taking advantage of a lax monetary policy), an over-zealous housing and real estate industry, and consumers who wanted to believe that this would last forever by buying homes that they should have never been able to buy.

So what happens when you get to the point where you can’t spend anymore? You get 2011.

Our economic problems go far beyond just fixing the housing industry. Just like our government, a little financial discipline on our part may be in order.

Tags: consumer debt, mortgage debt, personal debt, consumer spending, easy credit, cheap mortgage rates, economic activity

Home Buying Tips
Home Selling Tips
About
Mortgages
HOW
MORTGAGELOANRATEUPDATE
WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at MortgageLoanRateUpdate and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
MORTGAGELOANRATEUPDATE
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.