God Bless America??
11-10-2009, 03:12 PM
#1
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God Bless America??
So I just got off the phone with a customer who went into his life story about living on disability, having insane debt, has an old TV, but his Pioneer Elite broke, and all he does all day is listen to music and watch movies... and he didn't even flinch at charging a Discover card for a $500 Bluray player...
So I ask once again, God Bless America??
So I ask once again, God Bless America??
11-10-2009, 04:40 PM
#9
The American .gov encourages this behavior and the leeches rise.
11-10-2009, 05:16 PM
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the government, from federal to state, are as bad as banks regarding this matter: http://online.wsj.com/article/SB125511860883676713.html
it's completely a case of a lack of delaying gratification all across the board - whatever you want, get it now! healthcare for EVERYONE - no problem, you don't have to pay for it all, so don't worry about it! future generationS will, so drink all the soda you want, eat all the pizza and hot dogs that you want, smoke all you want, don't exercise, because drug companies will create something to make your unhealthy life last longer, and our laws have mandated that you have to buy "qualified" health insurance or else you go to jail, so you'll get those drugs on someone else's dime too!
11-10-2009, 05:46 PM
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Yep, my in-laws just moved due to this same kind of issue.
They bought a house for $200k in Stockton. Initial loan was nice and sane and affordable for them. Then her dad starts talking to people at work who were all riding the wave and re-financing to take equity out of their houses that had bumped up in value to 300k+.
For some reason they thinks it's a good idea to do the same thing without consulting their only financially responsible child or her husband. They pulled out 80k more, then have this option ARM loan where they are paying less than principal and interest. Meanwhile 80k is enough to get them used to a standard of living they can't sustain even before the payments baloon at the end of their fixed rate period.
I have no clue they've done this until they owe $380k on their house (after the bust, when they're struggling to make payments. The house was worth like $150k tops and their payment balooned to nearly $3k.) I'm not sure what they wanted us to help with, nobody can spare $1500 a month for 25 years to make up for them being totally irresponsible for 3 or 4 years. So they either foreclosed or made a short-sale, not sure which.
You wanna know why the economy hit the crapper? People charging up a storm who can't afford it is a drop in the bucket compared to people who got into loans they KNEW they couldn't afford once the fixed interest period was up.
The thing that really cheeses me is they're completely free of it now. They were able to just kinda walk away from being responsible for almost a quarter million dollars in losses. Sure they had to move and rent and won't own a house again ever. But now that they moved, it's just like nothing happened. It's like they don't even realize that that quarter million has to be paid by someone.
They bought a house for $200k in Stockton. Initial loan was nice and sane and affordable for them. Then her dad starts talking to people at work who were all riding the wave and re-financing to take equity out of their houses that had bumped up in value to 300k+.
For some reason they thinks it's a good idea to do the same thing without consulting their only financially responsible child or her husband. They pulled out 80k more, then have this option ARM loan where they are paying less than principal and interest. Meanwhile 80k is enough to get them used to a standard of living they can't sustain even before the payments baloon at the end of their fixed rate period.
I have no clue they've done this until they owe $380k on their house (after the bust, when they're struggling to make payments. The house was worth like $150k tops and their payment balooned to nearly $3k.) I'm not sure what they wanted us to help with, nobody can spare $1500 a month for 25 years to make up for them being totally irresponsible for 3 or 4 years. So they either foreclosed or made a short-sale, not sure which.
You wanna know why the economy hit the crapper? People charging up a storm who can't afford it is a drop in the bucket compared to people who got into loans they KNEW they couldn't afford once the fixed interest period was up.
The thing that really cheeses me is they're completely free of it now. They were able to just kinda walk away from being responsible for almost a quarter million dollars in losses. Sure they had to move and rent and won't own a house again ever. But now that they moved, it's just like nothing happened. It's like they don't even realize that that quarter million has to be paid by someone.
Last edited by Concillian; 11-10-2009 at 05:51 PM.