U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Economics
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Closed Thread Start New Thread
 
Old 08-20-2017, 01:43 PM
 
Location: Metro Detroit, Michigan
11,913 posts, read 13,245,498 times
Reputation: 12642

Advertisements

Save your money, pay for things in cash and you won't have a problem. Of course, that might require delaying instant gratification, which some consider cruel and unusual punishment. Those folks can go ahead and purchase the product and pay unnecessary interest rate charges, and I won't have any sympathy if and when they get burned.

Even though I make a superb income, I never buy new cars. I only buy used automobiles in cash. If something needs fixing, I either fix it myself or pay a qualified mechanic to do the work for me. When I'm over 40 and tired of pinching the penny/saving for retirement, I will start spending more than I have to on nicer things.

If everyone shopped the way I shop, banks would be dropping like flies, and bankers would have to find another way to earn a living besides skimming off the top.

 
Old 08-20-2017, 02:31 PM
 
28 posts, read 10,454 times
Reputation: 18
Quote:
Originally Posted by C2BP View Post
What do you have when you have economic growth without wage inflation but with debt growth?
We got rid of wage inflation by shipping all our high-paying jobs to the Third World. Wall Street did this for us. By destroying America's unions Wall Street together with our corrupt politicians also destroyed wage growth in America, making debt slavery the only option for most middle class and lower working class Americans.

Fed policies of low interest rates is an encouragement to re-leverage, to take on more debt - not to de-leverage. More fees for banks; and if the government is protecting the banks from failure, then why not more borrowing, even from over-leveraged borrowers. It's a good system for Americans who should not be qualified to borrow money: if they fail to fulfill the terms of the loan, the bank doesn't take the loss, American tax-payers do. Wow! Who thought this up? This is a perfect method to teach theft, irresponsibility, and deceit.

This latest wealth gap is the most it has been in America since the 1920's, which, of course, ended with the Great Depression and the World War. All of these effects are related to the Debt Bubbles low rates create and the destruction of debt required after long periods of flooding the world with cheap money.
So it's the fed's fault that people are making the choice to take on more debt. Got it.

You're poor and financially insolvent, aren't you?
 
Old 08-20-2017, 02:35 PM
 
28 posts, read 10,454 times
Reputation: 18
Quote:
Originally Posted by andywire View Post
Save your money, pay for things in cash and you won't have a problem. Of course, that might require delaying instant gratification, which some consider cruel and unusual punishment. Those folks can go ahead and purchase the product and pay unnecessary interest rate charges, and I won't have any sympathy if and when they get burned.

Even though I make a superb income, I never buy new cars. I only buy used automobiles in cash. If something needs fixing, I either fix it myself or pay a qualified mechanic to do the work for me. When I'm over 40 and tired of pinching the penny/saving for retirement, I will start spending more than I have to on nicer things.

If everyone shopped the way I shop, banks would be dropping like flies, and bankers would have to find another way to earn a living besides skimming off the top.
You seem to think that banks are making the majority of their income off regular consumers making car purchases or saving up a few months to buy a refrigerator or new TV? That's cute.
 
Old 08-20-2017, 02:39 PM
 
64,507 posts, read 66,075,955 times
Reputation: 42955
Quote:
Originally Posted by Thatsright19 View Post
I didn't know Walmart instituted a policy where their workers were unable to be promoted or use their skill set at another company.
When you are a professional burger flipper why would you think in terms of advancing ?
 
Old 08-20-2017, 06:04 PM
 
Location: Saint John, IN
10,638 posts, read 3,311,331 times
Reputation: 12748
Bad credit will always get a higher rate as good rates are given as a reward for maintaining good credit!


I also would pay cash for a junk car before I'd pay 20% interest on a car loan!!
 
Old 08-20-2017, 09:46 PM
 
33,046 posts, read 20,708,082 times
Reputation: 8928
Quote:
Originally Posted by SuiteLiving View Post
It's not that they're lazy, it's just too expensive to make separate underwriting decisions on $100 loans.

Nobody's forcing these people to borrow, if they don't like the rates, they should manage their finances in a manner to avoid needing to borrow or go to a bank if they think they can get better rates.

They should have the economic liberty to manage their finances as they see fit. I'm paying half my income to rent a room in an overcrowded house. Why can't government allow me to manage my finances by pitching a tent in my friend's back yard?
 
Old 08-20-2017, 09:52 PM
 
33,046 posts, read 20,708,082 times
Reputation: 8928
Quote:
Originally Posted by andywire View Post
Save your money, pay for things in cash and you won't have a problem. Of course, that might require delaying instant gratification, which some consider cruel and unusual punishment. Those folks can go ahead and purchase the product and pay unnecessary interest rate charges, and I won't have any sympathy if and when they get burned.

Even though I make a superb income, I never buy new cars. I only buy used automobiles in cash. If something needs fixing, I either fix it myself or pay a qualified mechanic to do the work for me. When I'm over 40 and tired of pinching the penny/saving for retirement, I will start spending more than I have to on nicer things.

If everyone shopped the way I shop, banks would be dropping like flies, and bankers would have to find another way to earn a living besides skimming off the top.



Rent serfs without discretionary income often find an unsustainable proportion of their income consumed by shelter. 11 million Americans spend at least half their income on shelter - they probably have negligible discretionary income. When you have negligible discretionary income, you don't have the opportunity to pursue instant gratification even if you wanted.

You appear to be entirely out of touch with the lifestyles of burger flippers and SSI recipients.

An inherent problem with renting - one of them, at least - is that, unlike owning, your monthly payments not only never end, they go up and up and up over time. That alone does in many renters, when their income doesn't keep up with ever-rising rent. I believe most rent serfs have done the math and they KNOW they are getting screwed, but serfdom entails the inability to escape your, er, lord, and the best you can hope for is a takeover by a more benevolent (less greedy?) lord.

Last edited by freemkt; 08-20-2017 at 10:04 PM..
 
Old 08-20-2017, 09:55 PM
 
33,046 posts, read 20,708,082 times
Reputation: 8928
Quote:
Originally Posted by mathjak107 View Post
When you are a professional burger flipper why would you think in terms of advancing ?

The VAST majority of burger flippers have ZERO interest in managing other burger flippers. That was clear to me after one month of flipping burgers.
 
Old 08-20-2017, 10:01 PM
 
28 posts, read 10,454 times
Reputation: 18
Quote:
Originally Posted by freemkt View Post
The VAST majority of burger flippers have ZERO interest in managing other burger flippers. That was clear to me after one month of flipping burgers.
And therefore you will remain a burger flipper and be poor the rest of your life.
 
Old 08-20-2017, 10:08 PM
 
33,046 posts, read 20,708,082 times
Reputation: 8928
Quote:
Originally Posted by SuiteLiving View Post
It's not that they're lazy, it's just too expensive to make separate underwriting decisions on $100 loans.

Nobody's forcing these people to borrow, if they don't like the rates, they should manage their finances in a manner to avoid needing to borrow or go to a bank if they think they can get better rates.

It's too expensive to figure out that a borrower who takes out 10 loans and repays timely every time is a lower risk than the newbie who walks through the door for the first time???

When you live on a shoestring and have no discretionary income, all sorts of things can cause these people to borrow. "I'm going to stiff my landlord next month because that's preferable to taking out a payday loan." : smack::s mack::sm ack::sma ck::smac k::smack : : smack::s mack::sm ack::sma ck::smac k::smack : : smack:
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Closed Thread

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Economics
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top