Anyone Frustrated with the Economy?

DFX 340 Duster said
Well, it's time for me to chime in and add some good news and some bad.

As a result of the way the Federal Government has messed everything up, I have greatly benefited.

My home loan is now at 2% and my house payment has dropped by $1,000. I had to take out an adjustable mortgage back in 2003 in order to keep my house. I began paying out $2,700 monthly and now it is $1700.

However, since the Federal Government just can't stand for the common guy to get ahead, I am now paying higher Income tax since I am no longer paying that $1,000 per month to the bank.

The extra cash has made it possible for me to buy my Duster and parts from members of FABO. If I didn't have to save $500 per month to pay the Income Tax increase then I might have bought more parts. I definitely would have bought a new car or contracted some home improvements or both but I have to save that money for the Government.

Here is some food for thought. Is your 2% a fixed rate through out the entire loan or is it a varible rate? Some loans are cheap but in 5 or 10 years they rewrite the loan under new terms. If you took 1/2 of that $500 left over after taxes and put it on your home loan shortly you would have an extra payment already made. Seven months and you have an extra house payment in reserve. Fourteen months and you have two extra house payments in reserve. This can save you in case of a bump in the road and will protect your credit rating if there is a bump. It also looks great to creditors when you are making payments over and above on any loan. I used this method all my life and it has came in real useful. Like I said some food for thought and not else.