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A quick internet search reveals that TransUnion, one of the biggest credit reporting companies in the world, reports that the US mortgage delinquency rate in 2020 is around 1.47%. That's a far cry from the 50%+ required for the statement "most Americans can't pay their mortgage" to be true. I didn't bother looking up the default rate on cars loans. Perhaps you should have done so prior to starting a ridiculous thread.
So you are saying the delinquency rate for mortgage is 1.47% not 50% or 60%?
What about the delinquency rate for cars loans?
So you telling me people are not delinquency on the their home and cars but taking their debt over longer time to pay it off than what it was in the past?
If this is the case ( low delinquency on Auto loans ) than why is the Auto sector not doing well and slowing down?
So you are saying the delinquency rate for mortgage is 1.47% not 50% or 60%?
What about the delinquency rate for cars loans?
So you telling me people are not delinquency on the their home and cars but taking their debt over longer time to pay it off than what it was in the past?
If this is the case ( low delinquency on Auto loans ) than why is the Auto sector not doing well and slowing down?
Most Americans can't pay their mortgage or car loan these days and it seems they back to allowing subprime car loans these days and subprime mortgage for their home.
How is this legal? I thought subprime car loans and subprime mortgage are not legal?
What is going on that most Americans can't pay their mortgage or car loan these days? I know the Auto industry is not doing well.
That Americans are that in debt they cannot pay the mortgage and car loan these day or just don't make enough money at their job.
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Sounds like hyperbole or BS - Certainly not MOST Americans, not even a small majority can't pay their loans.
Is that supposed to be some sort of gotcha? Property taxes are on-going payments for municipal services. They are no more debt than my water bill.
Except if you stop paying your water bill, they just stop giving you water. If you stop paying property taxes, they come and take your property, which you paid for and own, from you. Just a niggling little difference...
So you are saying the delinquency rate for mortgage is 1.47% not 50% or 60%?
What about the delinquency rate for cars loans?
So you telling me people are not delinquency on the their home and cars but taking their debt over longer time to pay it off than what it was in the past?
If this is the case ( low delinquency on Auto loans ) than why is the Auto sector not doing well and slowing down?
Why is there a Auto sector problem?
Call me crazy, but I'm thinking that it's your job as the OP to prove what you're claiming.
Irregardless (ha!), I'd bet that a fair number of those same people who indeed can't pay their mortgage or car loan are somehow able to pay for smartphones and phone plans, cable internet, nice clothes, vacations, dinners out, etc. And they probably purchased too much house and/or too much car.
It's all about choices.
Yep! And as always, some people with more foresight will pick over the carcass, and live quietly, safely and comfortably -- just NOT extravagantly.
Location: Formerly Pleasanton Ca, now in Marietta Ga
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Quote:
Originally Posted by abbottkd71
Is that supposed to be some sort of gotcha? Property taxes are on-going payments for municipal services. They are no more debt than my water bill.
Still that’s something you can’t opt out of. If you own a house free and clear you still have to pay.
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