Not Again... Americans who can't afford their mortgage up 145%

twostrokenut

twostrokenut

Well-Known Member
greg nr said:
Or you get sick, lose your job and the health insurance that may have come with it, and the world falls on your head. There are only so many hours of minimum wage, part time work you can get.

People who would normally be able to budget and keep up with payments can go into a tight tailspin with any disruption to income or expenses they can't control (healthcare, divorce, legal, etc).

It isn't always about iphones or vacations. Sometimes life just plays the nasty on you.
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Ya sometimes, what like maybe 1% of the time here in reality? Planning for hard times is part of responsibility in so far as not extending yourself to the max debt every time you get a new job or a raise or every time your home equity gains a dollar.
 
twostrokenut

twostrokenut

Well-Known Member
jonsnow399 said:
saw an article recently saying that car payment lengths are at an all time high, like 69 months on average! I remember when you couldn't get an auto loan for more than a couple or three years.
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Yup. I ride a lot and maybe 9 years ago was absolutely shocked to learn that some HD owners had them shits financed for 7 years!
 
twostrokenut

twostrokenut

Well-Known Member
schuylaar said:
@Padawanbater2 pointed out that 40% of Americans cannot get their hands on $500, in an emergency.

This is quite sobering and Microsoft is laying off thousands. You could BE doing everything correct..some circumstances are beyond your control..like my pay plan changing or territory re-aligned.
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So its quite sobering that there is no capital in a so called capitalist society? Progress.
 
torontoke

torontoke

Well-Known Member
jonsnow399 said:
saw an article recently saying that car payment lengths are at an all time high, like 69 months on average! I remember when you couldn't get an auto loan for more than a couple or three years.
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As the costs of car manufacturing doubled to support the bloated pensions of entitled union workers the payments had to double.
Most folks were reluctant to pay twice the car payment so they opted for twice the term not realizing that the interest is now comparable to the purchase price.
Common sense isn't as common as it used to be.
Then again what do I know I've got a 20yr old truck and a 60yr old car lol
 
jonsnow399

jonsnow399

Well-Known Member
schuylaar said:
In a nutshell? It's been funneled to the top in hopes of trickle down/job creating..they just never figured that the wealthy would hold on to their cash instead of re-investing in America.
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What do you mean "hold on to their cash"? It has to be invested somewhere unless they are stuffing it into their mattress.
 
S

schuylaar

Well-Known Member
torontoke said:
As the costs of car manufacturing doubled to support the bloated pensions of entitled union workers the payments had to double.
Most folks were reluctant to pay twice the car payment so they opted for twice the term not realizing that the interest is now comparable to the purchase price.
Common sense isn't as common as it used to be.
Then again what do I know I've got a 20yr old truck and a 60yr old car lol
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That's why leasing is the better option..paying for a portion for the amount of time you're using while having latest technology. When you pay for a car it's depreciation hit, same old same old tech and maintenance.
 
S

schuylaar

Well-Known Member
jonsnow399 said:
You mean like "Europe" lol
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I mean like the Seychelles, which you're going to hear a lot about once they get to the Manafort portion of money laundering..seems he had a ton of shell companies and when the banks started to question, he pulled out and closed them.

See Eric Prince..Betsy DeVos' little brother.
 
ttystikk

ttystikk

Well-Known Member
schuylaar said:
In a nutshell? It's been funneled to the top in hopes of trickle down/job creating..they just never figured that the wealthy would hold on to their cash instead of re-investing in America.
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That's what happens when you drop the capital gains tax to minimal levels.

Oh, the coming crash will be one for the history books. It will look a lot like the one in 1929, for all the same reasons.

Maybe that's the ultimate flaw of humanity; the inability to retain the learning from our mistakes for more than one lifetime, in spite of all the documentation left behind.
 
ttystikk

ttystikk

Well-Known Member
schuylaar said:
That's why leasing is the better option..paying for a portion for the amount of time you're using while having latest technology. When you pay for a car it's depreciation hit, same old same old tech and maintenance.
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I find that buying an older car outright saves more than either above option; no interest and someone else has already taken the hit on depreciation.
 
jonsnow399

jonsnow399

Well-Known Member
schuylaar said:
I mean like the Seychelles, which you're going to hear a lot about once they get to the Manafort portion of money laundering..seems he had a ton of shell companies and when the banks started to question, he pulled out and closed them.

See Eric Prince..Betsy DeVos' little brother.
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its not illegal to put your money offshore in a tax haven. John Templeton a billionaire mutual fund manager, gave up his American citizenship and moved to the Bahamas. Paid no income tax whatsoever, he lived part time in New York, his only restriction was he had to leave america once every six months! What a hardship! The funny part is he wasn't extravagant, no private jet, he didn't even fly first class. Drove his own car.
 
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