Comments on: Why the Best Borrowers Are Paying the Price

By: Ryan Healy

Ryan Healy — Mon, 09 Feb 2009 16:20:43 +0000

@Tim – Excellent point. I knew of the meaning of mortgage. Same root as the word mortis in “rigor mortis.”

By: Tim

Tim — Mon, 09 Feb 2009 04:15:59 +0000

Credit death is what its called. I have to share a little side story…does anyone know what “Mortgage” really means if you look up the term?
Grip of Death, Mort, and gage. Take a look.

By: Ryan Healy

Ryan Healy — Tue, 03 Feb 2009 21:19:08 +0000

@William – Excellent point. Car insurance is a good example; health insurance is even better.

In my old company, I was paying something around $250 a month, and the company was paying an additional $900 a month. So $1,150 total.

When I got my own insurance, I cut that considerably. I know pay $270 a month for my wife and kids. (I don’t carry health insurance.)

@Leah – I agree that it’s better to pay off credit cards first simply because they have so much freedom to jack up your interest rate, increase your minimum payments, etc.

By: Leah S

Leah S — Tue, 03 Feb 2009 19:19:02 +0000

I have to agree – there’s no such thing as a free lunch because somebody, somewhere is paying for it.

With the knowledge in mind of how easily the credit card industry can gorge their customers, I’ve chosen to make the credit card my highest priority by paying it in full every month. If it means a smaller student loan payment, then so it be. I refuse to pay their ridiculous rates – or to be paying for other people’s lunches.

By: William

William — Tue, 03 Feb 2009 17:23:47 +0000

I think you’re right Ryan, but this is hardly a unique issue to the credit/debt industry.

This same problem applies to almost anything.

Good drivers pay higher insurance premiums because of bad drivers who cost the insurance companies more.

Even the price you pay at any supermarket, drug store, computer store or any other retail establishment has a certain amount of cost built in to cover shoplifting and other dishonest customers.

I guess that old saying “nice guys finish last” applies here.