Tuesday, February 24, 2009

Do you have too much credit card debt but want to buy a home anyway?

No problem.  Move to Houston, Texas.  There's a proposal before the City Council there to pay the credit card balances of city residents in order to improve their credit scores and help them qualify for home loans.  (Link to story here.)

Two pointed questions . . . 

First, wouldn't you think that something this idiotic would come from California or Washington, not Texas!

Second, wasn't it getting folks who couldn't really afford to buy homes into home loans that got us into our current financial mess in the first place!

1 comment:

MP said...

Then who will make the payments, once they buy the home? Who will pay off their credit cards, when they run up debt irresponsibly again?

I guess the answer is we will!!! Hello depression, here we come, courtesy of the porkulus "stimulus" socialist package.