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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.
Really? On what do you base this statement?
Quote:
How is this legal? I thought subprime car loans and subprime mortgage are not legal?
I paid off my mortgage. I leased and paid for two cars. I carried insurance on the cars, insurance on the house, property taxes - county/municipal/school, paid for a new roof, vacationed at the beach every Summer.
I had open heart surgery, colon cancer. I never missed a payment for any debt or utility. I have cable/internet/landline, I have a smart phone (android) (it's a TracFone so it's pretty cheap).
All this over the last 20 years while retired on Social Security which is dead in the middle of the "average" check. My FICO score is 841.
I have five sons, all married with children. All paying/paid their mortgages. Driving cars that are paid for. Carry insurance and pay their taxes and insurances. Take vacations and have hobbies that cost a few dollars. They all have smart phones (they laugh at my TracFone but mine does the same tricks as theirs.)
I see no signs of their in-laws failing to care of business so throw them into the mix.
All in all, for the small census here, it seems like the sample of 33 people (give or take) that we represent a larger number of Americans who play by the rules and I can safely say that Most Americans I know are indeed paying their mortgages and car payments. I don't know what kind of crowd the OP runs with.
Random Sampling...It was good enough for George Gallup.
My sister is a real estate broker and she tells me that cant believe that people can afford homes with the amount of money they make. So they might not be delinquent but its not going to take much for them to fall behind on payments but what does she know she just sells real estate for a living.
As far as autos
7 and 8 year car loans are becoming more the norm because people cant afford new cars. So all it will take is 1 minor setback to default on their loans but hey keep your head buried in the sand
An EIGHT YEAR car loan??? That makes no sense. ( of course a 6 or 7 year car loan makes no sense to me either.). I have not heard of an 8 year car loan. At least not yet. And as far as the article, America can certainly afford cars…the problem is that there are too many idiots that want to buy things that they canNOT afford.
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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Virtually nothing in this post is even remotely correct.
Subprime (the online Merriam-Webster dictionary definition) means:
Having or being an interest rate that is higher than a prime rate and is extended chiefly to a borrower who has a poor credit rating or is judged to be a potentially high risk for default (as due to low income)
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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I work in a luxury market, and the first thing that suffers are luxury items when the economy starts going South. We are seeing a serious drop in sales and customer traffic. To me, this is signaling that people today do not have the extra money for these types of items, and are tightening up their spending habits.
There are other signs that the economy is starting to slow down, home sales in our area are sluggish, and I know a few people who have had their homes on the market for quite a while with no bites. The last quarter growth was only 2.1, and that is not good either.
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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Most people? come on i would have to see proof beyond a doubt that says most people. Interest rates are at an all time low almost. If someone can not pay the mortgage or car payments they over extended themselves and have no one to blame but themselves. The exception is health issues, job loss, something that can not be predicted.
OP where are you? Aren't you going to come back and defend your statement? Or if not, what was your motive for posting?
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