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Thread: New York Fed: Record 7 Million Americans Are 90 Days Behind On Car Payments

  1. #41
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    gamewell45's Avatar Senior Member
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    Quote Originally Posted by DGUtley View Post
    My 08, 13, 15 and 18 are all paid for.
    Mrs. U's 18 Mercedes Convertible is leased.
    Paid cash for my 2015 wrangler brand new; haven't taken an auto loan for myself since 1980. Always try to pay cash up front if at all possible and save on financing fees/interest.
    God Bless America, God Bless our Military and God Bless the Police who defended the country against the insurgents on January 6, 2021

    Think 3rd party for 2024 folks. Clean up America.

    Once I tell you that we agree to disagree there will be no more discussion between us in the thread so please don't waste your time continuing to argue your points because I will not respond.

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    Dr. Who (02-14-2019)

  3. #42
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    Quote Originally Posted by alexa View Post
    The Dear Leader assures us this is the bestest economy evah.

    Therefore, #fakenews
    People spending too much is not necessarily a reflection of the economy. If the economy were really bad people would not be buying new cars, much less a new car that they couldn't afford under the best of times.
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  4. #43
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    Quote Originally Posted by DGUtley View Post
    My brother is the finance manager of a car dealership in NE Ohio. The horror stories at the debt that people carry and the cars that they buy that they can't afford is amazing. I believe this - or most of it. I think a debt crisis is coming. Contrary to what you socialists believe, this personal debt crisis isn't primarily a function of income but of priorities. In other words, yes the economy is booming and people are being stupid.
    We have massive debt problems at the Federal, state, and local government level, business level, and personal level.
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  5. #44
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    Quote Originally Posted by The Xl View Post
    Not that people shouldn't be responsible, but all this "debt" is a fraud, as is fractional reserve banking, and all of these loans are conjured out of thin air, nothing more than legal counterfeit.
    Actually it isn't. The problem is when you over-leverage. Without fractional reserve banking, 90%+ of Americans would never own their own home.
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  6. #45
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    Quote Originally Posted by Dr. Who View Post
    Keeping in mind that I'm a liberal, my hubby and I decided never to take on a mortgage that couldn't be paid by just one of us working. We only bought a new vehicle for the 1st time in 2016. Prior to that, all vehicles we have acquired were pre-owned. We have zero debt and own our own home outright which has appreciated over 1000% since we signed on the dotted line. We were tempted to move but it would have meant taking on more debt which would have violated rule number one. We both come from the delayed gratification generation, so it's not really a left/right dynamic, but a different attitude to carrying debt and giving away your money to the usurers. As it turned out, it was a good plan - my hubby sustained a significant back injury and later developed kidney disease that in combination prevented his ability to work for the last 15 years, but we were nevertheless in good shape to live on one income. Fortunately, we bought in an up and coming mid-town neighborhood that was just beginning to change, so our modest home is now worth over $1M. It's all about choices.

    I don't understand taking on unaffordable debt i.e. buying a new car (that will depreciate 30% when you drive it off the lot) when you can't really guarantee that you can meet the payments or buying more house than your income justifies simply because of a sense of entitlement. I can't imagine losing my home or vehicle to creditors because I was so stupid that I didn't allow for unemployment or illness. I don't understand taking out expensive loans for renovations that keep you house poor and living on the edge of bankruptcy.
    The "cash for clunkers" scheme screwed up our used car market by destroying too many decent used cars. Now buying new makes more sense considering the higher cost for good used cars and higher interest rates you pay for them, should you not have the cash to pay outright.
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  7. #46
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    Quote Originally Posted by Captdon View Post
    What debt is a fraud?
    All bank loans are fraud. The money is over leveraged glorified counterfeit.

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