Some time ago, I received a dreaded letter from the bank saying that you were overwhelmed. I couldn’t believe it, what the hell did you do?
I was really worried when I opened it and it cost me over a thousand dollars.
I called my bank and they said my $3000 check was not enough. I didn’t write a check for that amount, but they assured me I did and told me where to go.
I couldn’t believe they could do something so stupid, but when I called the company that did the checkout, they said yes.
I then had to recover the overpayment. Meanwhile, I had to transfer money quickly.
After cashing the check and starting the return process to get my money back, I thought I couldn’t have done anything stupid.
So I called the bank and asked if it was true that I wrote that amount, and she assured me that she had checked such things.I still didn’t believe her. Check.
Lo, I’m not stupid, I wrote a check for $300 for $3000. After my bank apologized and promised to fix the problem, I called another company back and asked if they were sure they had made a mistake. She also assured me that they always check such things. Then I said why do I have the check. She didn’t say much at the time, but they promised to fix the problem soon.
When she spoke to her she said she just thought it was my fault.
Most people will notice a 2700 difference, I’m sure I did too, but if you don’t check monthly, you may not notice those cents or nickels.
Because you are the only one in control of your account!!
The United States is the world’s largest economy, entering its fifth year of expansion. The biggest risk is the housing market, which is expected to slow down this year and potentially pull the economy down. Many people are betting that the property market will avoid a major crash and instead flatten out and prices will stagnate. The resulting rise in interest rates could put many families in financial trouble.
A housing market that is not growing rapidly becomes a buyer’s market. People will be able to choose between a wide variety of homes, hindering current homeowners from rising in value. For most homeowners, this is not a problem as they have traditional fixed rate mortgages and are just waiting for the market to improve. Anyone with an unconventional 5-year gun and an interest loan could be seriously harmed. Especially when interest rates rise.
“I think one of the main risks is whether house prices will fall or not, and what effect this will have on savings rates and consumer spending growth. We’ve already seen it in the US,” said David Rosenberg of the United States. The Economist at Merrill Lynch (Walk, 2005).
A bigger issue is the personal savings rate. Debt is so easy these days, and most families have reached their maximum credit limit, that many people who are about to have their interest payments skyrocketed may default on their payments. The increased risk associated with lending money causes interest rates to rise further. In the end, many people have neither money to spend nor money to save, which can seriously affect the economy as a whole.
The best way to avoid these pitfalls is to leave a large security deposit when buying a home. This will give you a headroom to work on in case your home needs to be sold quickly. The second measure is to avoid all credit card balances, mortgages, and credit cards. Finally, only participate in fixed rate mortgages.
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