Will Parker

speaker

780 appearances 18 recordings 1 series first heard May 2019 last heard Nov 2024

Will Parker’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Could a Credit Card Help Renters Work Toward Buying a House? · 23 Jun 2021 podcast

The rewards points that you get, you get some for paying rent, you get others for other purchases. voice-verified

You can save them up over time, and one of the ways that you can redeem them is convert them into cash to be used towards a down payment on the house. voice-verified

The partners in the card say this is the first time that points have ever been able to have been used this way, and how they will do it is... voice-verified

they will deposit a cash equivalent of whatever your points total is into the escrow account that's created for a home sale. voice-verified

To afford an entire down payment, no. voice-verified

And Bilt seems to recognize this. voice-verified

They project that it may be a typical card user who's paying $1,500 a month in rent and using the card for a lot of other purchases besides rent over the course of a decade would maybe save about $6,000 to be put towards a down payment. voice-verified

Now, that's a long time. voice-verified

of making a lot of credit card payments for you know six thousand and in this current housing market is really a drop in the bucket as you mentioned you know down payments are growing larger the average is still you know somewhere between six and nine percent but what we're seeing in this housing market is that the buyers with small down payments are are being uh rejected um in favor of bids from people who are paying with higher down payments or voice-verified

or with cash. voice-verified

So the card, you know, while it does have some benefits for renters, it's certainly not a ticket to homeownership by any means. voice-verified

Yeah, that's a really interesting question, and that's been one of the central issues around the whole conversation about whether rent should ever be paid with credit. voice-verified

The way that this company hopes to avoid, you know, voice-verified

debt problems, people putting these large payments they can't really throw on their card, is that their program will require people who pay in rent to essentially immediately pay it off. voice-verified

So you won't be allowed to carry a balance on your rent payments. voice-verified

And those who are deemed to be a high credit risk are required to link a bank account to the credit card that shows that they have a cash equivalent of whatever their rent cost is. voice-verified

So the partners here really intend for the rent component of this to be something, you know, you can build credit by making the payment. voice-verified

Maybe you can save up some points for a down payment, but they're saying that they will not let renters fall into debt from putting these payments on their card. voice-verified

WSJ Your Money Briefing · Renters Face Eviction as Relief Funds Are Held Up · 9 Jun 2021 podcast

Tenants looking at that deadline who now have many months of unpaid rent, you know, the delay in funding getting to them has serious consequences for, you know, what happens after that June 30th deadline. matched

Thanks for having me. matched

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