Putting your mortgage payment on plastic
Why does this seem like a far-from-ideal solution to the foreclosure crunch?
A new company, CardIt LLC is making a splash by setting up an online system to make mortgage payments with credit cards.
"Until now, consumers have had no easy way to directly pay mortgages using credit cards," CEO Philip Mikal said.
Let's get this straight: You're behind on your 7 percent mortgage, the bank's clamoring for payment, so you lard up your 20 percent credit card with thousands of dollars in house payments.
CardIt LLC is based in California, one of the nation's foreclosure leaders and the birthing ground of many a funky innovation. It accepts Visa, MasterCard and Discover. Why, of course!
(Un)Real Estate offers a peek at the housing market usually reserved for insiders. While it focuses on the Tampa Bay area, it won't neglect dipping
into the rest of Florida and beyond. Its goal? Simple: To help you keep a roof over your head without losing your shirt.
Why would the Federal or State government allow a business like this to operate?
As if a large number of consumers being up to their ears in debt, but still trying to make it happen, isn't a sign of confidence in what we REALLY stand for. Or the millions of dollars lost by banks and investors didn't affect the entire economy. Here comes another vulture to try to razzle and dazzle us and push us further into the ground.
Posted by: OCastro | September 14, 2007 at 09:17 AM
Or maybe you're not behind on anything, but your Discover card gives you rewards for every purchase...some people are actually able to handle their own finances.
Posted by: Michelle M | September 14, 2007 at 11:30 AM
fee is $20 + 2.49% of the payment amount; $70 on a $2,000 mortgage payment - sounds a lot like payday loans.
Posted by: JT from Tampa | September 14, 2007 at 01:43 PM