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Nonsense. Tuck a Twenty into an envelope every week for a year and they're done.
Most should be able to accomplish this before they're age 16.
The individual is the ONLY one who can be expected to do any of these things for them.
No one can expect anyone or any 'agency' to do it for them.
My statement was tongue in cheek, posted to ruffle feathers. That said, some do not want to take responsibility for their own future and prefer to gripe about how unfair life is. But if we leave the decisions on how to address problems to people who have made their fortunes on the taxpayers labor then the solutions may (would) be distasteful.
This article is pretty stale being from 2013. Economy was clawing back from the recession and the auto market needed to move cars. 7 years ago, the average car note was 6.5 years. My last two cars have been a 36 month and a 30 month. I hate car payments more than anything.
It's not unheard of to go to any dealer and get offered 72 months over 60 months. A 6 year car note is pretty much the new norm. Depending on cost of vehicle, and individual's creditworthiness, you can open yourself up to 72, 84, and 96 month financing. Vehicles stay on the road longer and have much longer time frames for any major service. I believe Honda has vehicles that can go 100k miles before any major service, besides oil changes.
In order to meet the taste demand of your consumer, you have to be able to meet them at a price point that they can get approved for. Truthfully, risk is still pretty low on a 72 month car note. Most will trade the vehicle in after 36 or 48 months. For many consumers, a nice car is a status symbol. They'll make their car payment before anything else. They can take their car anywhere. However, unless you have a mobile home, it's stationary. With a car you can impress wherever you go.
and dont get me start on leasing a car,once you lease,you lease forever
Quote:
Originally Posted by mojo101
I would say those who can meet their mortgage and car payments have jobs,decent jobs,their spouse work and they have multiple credit cards to tie them over.
I may be able to pay off my car and mortgage each month if I put my grocery,gas,drycleaning
,utility bills on my MC/VISA/
So ,should you include me in your statistics of most americans can or cannot pay mortgage and auto loan?
There are so many bills we can put on our credit cards and then make minimum payments.
There was a time in my life I dont have a car,when I first got out of school,I rode the bus to work and coming home,I take the subway,not having a car saves a lot of money,of course,I am not free!
Many years later,I moved to NYC where it would be stupid t o have a car when I live and work in the city,so once again,I save some money.
But I would say for most folks,you do need a car,with car comes auto insurance,AAA,gas,repair,license.
With house,comes homeowner insurance,repair,more water,gas,electric bills.
But that the American way,we live better than the rest of the world,by tapping our future income via MC.V minimum payments each month
Au contraire. I have neither a job, a living spouse who works, nor do I have a rich Papa helping to finance my spending habits.
I did, as stated in a previous post, pay all the things you say I couldn't unless I had pots of money or access to it. And I did this while living on Social Security over the last 19 years. Yes, I'm old. Also smart enough to know that there are only so many dollars to go around and I must shepherd them.
I have two credit cards and when I use one, I pay it off when the bill comes in. And I only use them when I didn't have cash on hand or when it's a larger amount than I can comfortably pay in one sitting. At that juncture, I know I'll have to make several payments (never just the minimum!) like a hospital copayment of which I had two last year. The amount of interest I paid was just short of $40.00 and I resented it but it was much better than throwing in the minimum every month and taking three years to pay off what I could pay for in three months. That was a lesson I learned the hard way when I was younger and I never forgot it.
Full disclosure: I do have a small IRA and the Required Minimum withdrawal is just enough to pay my property taxes.
As for leasing cars, 'tisn't true. I leased my first car in 1986. In 1990, I bought it (3,320.00 for a Toyota) and turned around and sold it to a relative. At that point, I purchased a car that I drove until 2013. Leased a Honda; turned it in and leased a KIA. Turned that in in 2019 and no longer have a car. Because I'm 84 and think it's time to hang 'em up, that's why.
I'm sorry that some people have money problems - sometimes it comes down to money management. I've never been wealthy; actually I never even was middle class. What I was able to do was live within my means and that has made it possible for me to have money left over at the end of the month.
But thanks for telling me what I'm not able to do all the while I'm doing it.
This article is pretty stale being from 2013. Economy was clawing back from the recession and the auto market needed to move cars. 7 years ago, the average car note was 6.5 years. My last two cars have been a 36 month and a 30 month. I hate car payments more than anything.
It's not unheard of to go to any dealer and get offered 72 months over 60 months. A 6 year car note is pretty much the new norm. Depending on cost of vehicle, and individual's creditworthiness, you can open yourself up to 72, 84, and 96 month financing. Vehicles stay on the road longer and have much longer time frames for any major service. I believe Honda has vehicles that can go 100k miles before any major service, besides oil changes.
In order to meet the taste demand of your consumer, you have to be able to meet them at a price point that they can get approved for. Truthfully, risk is still pretty low on a 72 month car note. Most will trade the vehicle in after 36 or 48 months. For many consumers, a nice car is a status symbol. They'll make their car payment before anything else. They can take their car anywhere. However, unless you have a mobile home, it's stationary. With a car you can impress wherever you go.
True - cars are definitely more reliable.
I have a 2015 Jeep Cherokee. I've had it since 2018 and had put about 44k on it since then. It just hit 100k miles last week. Other than spark plugs, shocks/struts (why...), and tires, there hasn't been anything go wrong with the car. I wouldn't be surprised to get another 100k out of it before it gives significant trouble.
Impress who? The type of people impressed by expensive purchases seem likely to be poor decision-makers themselves.
Strangely, many guys believe some cars/trucks are 'chick magnets'...but from my experience, from girls Ive dated and the woman I was married to for 8 yrs, many females do NOT pay any attention to the type of car guys are driving, the only thing they really notice is the color.
In reality, guys that drive these flashy cars, are really just attracting the attention of other guys! lol
Strangely, many guys believe some cars/trucks are 'chick magnets'...but from my experience, from girls Ive dated and the woman I was married to for 8 yrs, many females do NOT pay any attention to the type of car guys are driving, the only thing they really notice is the color.
In reality, guys that drive these flashy cars, are really just attracting the attention of other guys! lol
Having liked and driven my share of sports cars, I'd agree with this. The only women that super notice cars and chase after guys with flashy cars tend to be the gold diggers. Regular women are ok with regular cars.
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