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I suggest you seek out a documentary film called American Winter. It shows what can happen to families during a recession.
I suggest you actually read threads before responding so you can correct your misunderstanding.
It actually blows my mind that so many people are reading what I said the way you did. I don’t understand how it’s not clear what I’m saying in the context of this thread.
It actually blows my mind that so many people are reading what I said the way you did. I don’t understand how it’s not clear what I’m saying in the context of this thread.
You often seem to be arguing in some other, vaguely-related thread and get puzzled/angry at direct answers to your exact questions.
Are you unaware that it is far from uncommon for individuals and families to lose all, or nearly all income for extended periods?
So it's never been a good thing that people get laid off or do without income... your point? Would you care to actually connect this to current trends and situations, or just leave it as an oblique reference to some other discussion?
As I said, sort of tangent arguments that have nothing much to do with the gist of the conversation.
I have a very good FICO and have for decades. I have not a smudge on my credit for a least 20 years. i have two credit cards I've had for at least that long, originally low-interest ones in the 6-7% range.
They are now at 18%+... with my credit history, with my account longevity, and with interest rates at long-term historic lows. Even prime rate is only 5.5% (which is in itself rather high, given the zero basis for the bigger rates) so the old Prime+2-5% or so should mean I pay no more than about 10-11%.
Eighteen effing percent. Criminal as in Tony Soprano loan-sharking.
What does it matter what the credit card interest rates are? The interest rates 0% if you pay your bills, and in fact most offer rebates and/or cash back so the effective interest rate on a credit card is actually in the -1% to -2% range for responsible people.
What does it matter what the credit card interest rates are? The interest rates 0% if you pay your bills, and in fact most offer rebates and/or cash back so the effective interest rate on a credit card is actually in the -1% to -2% range for responsible people.
Because many people do carry a balance, and with commercial rates somewhere in the dust on the floor, continuing to jack them to levels that used to be the province of the subprime cardholder is sheer piracy.
So I am having a hard time understanding/processing all of the information we read out there relating to salaries, house prices, student loan debt, food costs, transportation, etc. Is almost everyone living on a financial edge? If you simply take the median household income of $61k, how are people paying for housing wherein the median price in the U.S. is around $300k? Hell, even if that median household income was $80k its still not enough!
After you had your mortgage, and some basic living expenses like food and gas for your car there is not much left over. How are you then paying student load debt, spending on other consumer products (e.g., consumer spending is at all-time highs), paying your car note (the car debt is at an all time high as well - over a trillion dollars), where the average car transaction sale is around $30k per KBB. Ohh and dont forget to save for retirement as well.
Curious to hear what other people think. I know the numbers above are not perfect, however, I would say they are accurate enough for this discussion.
People making median incomes are not usually buying median priced housing, is my guess.
There is a lot of gaming going on.
Credit score is a game.
Credit cards is a game.
Advertising is a game.
Sometimes you have to play the game, so be it.
Most of the time I'm not interested in the game.
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