How do YOU answer the credit card question?

Avatar for cmpat
iVillage Member
Registered: 02-21-2003
How do YOU answer the credit card question?
1432
Fri, 11-05-2010 - 3:30pm

Why can’t you just use your credit card?



Cash can be seen and touched and kids get that, usually at an early age,

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iVillage Member
Registered: 04-16-2010
Wed, 11-10-2010 - 7:33pm

I love the *power* that comes with paying with cash!

iVillage Member
Registered: 10-01-2010
Wed, 11-10-2010 - 7:49pm

We had escrow when we first got our mortgage but then after a few years passed and we had to pay them money for them to hold our money and make interest on our money, we opted out.

iVillage Member
Registered: 10-01-2010
Wed, 11-10-2010 - 7:51pm

Nope, they always wanted to have more of a "cushion". I knew how much my taxes were and homeowners as I got bills for both of them. They always wanted more and more of a "cushion" and I didn't want them holding my money anymore.

You don't like the gov't holding your money (regarding taxes) and that is why I was surprised that you would let a mortgage company hold your money and make interest off it it.

iVillage Member
Registered: 10-01-2010
Wed, 11-10-2010 - 7:54pm

lol!!! If she really got her money's worth paying with cash, she would have gotten a discount.

iVillage Member
Registered: 02-04-2009
Wed, 11-10-2010 - 8:00pm

That's because escrow is always based on a guess of what next year's property taxes will be and assessed accordingly.

************

Kitty

"If you can't annoy somebody with what you write, I think there's little point in writing."-- Kingsley Amis, British novelist, 1971 t .

iVillage Member
Registered: 10-01-2010
Wed, 11-10-2010 - 8:10pm

lol!! Thanks for your input. I have owned my home over 14 years. I am well aware of what escrow is and I don't need anyone holding my money and making interest off of it like this. My taxes are too high for that and I don't feel like giving my mortgage company $700 (that was from the last bill they sent me when I took my taxes and insurance out of escrow) on top of them raising my mortgage because of the taxes. I was sent a bill each and every year that showed me how much my taxes and insurance cost. There was no reason they needed to have a cushion of $700.

Avatar for savcal2011
iVillage Member
Registered: 10-06-2010
Wed, 11-10-2010 - 8:10pm
Cushion yes. But they're not making a profit on your money. They are not earning interest. It is illegal for them to do so.

I can understand wanting to hold the money yourself and having it in your control. But not because they're making interest off it ... because they're not.

With taxes and the govt, It is 1) a much larger amount of money and 2) they DO get to keep any interest earned. Different story. There is a financial disadvantage to that. With my escrow, there isn't a financial disadvantage.

"I don’t mind a banshee, that’s fine. 2 banshees? I HATE you. I actually wish bad things upon you." -- Day[9] Daily #459 P1

Avatar for savcal2011
iVillage Member
Registered: 10-06-2010
Wed, 11-10-2010 - 8:11pm
I do think you have to escrow with PMI.

"I don’t mind a banshee, that’s fine. 2 banshees? I HATE you. I actually wish bad things upon you." -- Day[9] Daily #459 P1

iVillage Member
Registered: 10-01-2010
Wed, 11-10-2010 - 8:12pm

Escrow payments

iVillage Member
Registered: 10-22-2009
Wed, 11-10-2010 - 8:14pm
I did not have to pay the escrow waiver fee...at closing...

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