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Nightcrawler
you had $30,000 worth of beer stockpiled in your garage?
you had $30,000 worth of beer stockpiled in your garage?
you had $30,000 worth of beer stockpiled in your garage?
you had $30,000 worth of beer stockpiled in your garage?
Again....at the time they were within the guidelines of their means.
The interest rates went up and their payments went up as well. IF they were in a non-adjustable loan most would have no problems.
I'm not defending their stupidity - only that they were within their means when they originally purchased. Obviously the banks agree with me as credit was given to them. I'm not talking credit scores I'm talking DEBT to INCOME ratio's for what they were buying.
My wife and I were watching a show once where they did a marshmallow test. They offered children 1 marshmallow now or if they were willing to wait 2 marshmallows later.
Is he eating sushi?What if one child skipped breakfest before the test and the other had a Grand Slam meat lovers breakfest at Denny's before the test?.
Doesn't that change the equation..
Agreed, but it is still up to us to be responsible consumers and not fall for every credit offer that comes down the pike. Can we afford it? "NO WE CAN'T"! Creditors don't make the decisions for us. We do. Just because you have a "gun" in your hand does not mean you have to shoot yourself in the foot.I'm with New England on this. You have to understand that most consumers are not financial gurus and yes it's partially their fault for believing they can sustain their financial obligations, but eventually, whether they lived above their means, fell on hard times, or just financially illiterate, the market flooded our in-boxes, mailboxes,TV/Radio boxes with loan/credit "yes we can" applications and ads. Now the financial professionals had this unlimited, untapped pool of consumers which the regulation bars have been lifted to unleash the preditory sharks to just feed and ravage on anything they can sink their teeth into. Unchecked capitalism = greed. JMHO
Go ahead check your mailbox today, guarantee there's some sort of loan/credit application even if your credit sucks.....you just pay more interest. Yeah, thats going fix our economy. Lets charge high risk, lower income consumers extra-ordinary high interest rates.