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So you think the poor are better off having you make their decisions?
I purchased a home many years ago and encouraged my coworker to do the same as
he was constantly complaining about rent and proceeded in saving to buy a home.
We were moved to different departments and ran into him a few years later. He was
overjoyed about having purchased two expensive cars $50,000 each for him and his wife.
I was elated for him and added where did he finally buy his home. He responded,
"I'm still renting." I fired back and said " You will never own a home." He was insulted
by my remark. We parted ways years ago. I can only hope his priorities have changed.
In response to your question : The poor can use all the sound advise they can get but there is no guarantee they'll use it.
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Quote:
Originally Posted by Roadking2003
The evilest things politicians do is propose legislation that hurts the very people they claim they are helping.
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Naturally, Sanders and Ocasio-Cortez are framing the bill as something designed to help "ordinary people." But in reality, the legislation will only act as to reduce access to credit for low-income and other high-risk borrowers.
About 15 years ago i had a big economic setback. On my road to recovery and to help rebuild my credit i got one of those very high interest cards with a yearly fee. It helped when i needed it and after years of effort the highest interest card i have is 15% and that is empty for emergencies. I wouldn't have got that initial helpful card without a company willing to provide it and they were only willing to take the chance because of the high return. Now i don't need them but i appreciate that they were there. People who always use such things never improving their lives to get past the need are in a trap that they themselves have built.
About 15 years ago i had a big economic setback. On my road to recovery and to help rebuild my credit i got one of those very high interest cards with a yearly fee. It helped when i needed it and after years of effort the highest interest card i have is 15% and that is empty for emergencies. I wouldn't have got that initial helpful card without a company willing to provide it and they were only willing to take the chance because of the high return. Now i don't need them but i appreciate that they were there. People who always use such things never improving their lives to get past the need are in a trap that they themselves have built.
As I noted, they will take the chance. They have to. When you are publicly traded it's either grow or die.
"There no free lunches" an Austrian proverb. Bernie and AOC have a new theory of money: there's not enough of it in circulation, they argue, because America has unpriced assets worth billions.
It's a weak argument that goes a bank will simply give up 13% interest.
If anything they will lower their standards. Growth has to continue with a bank or Wall Street takes you down.
I'm not so sure but you 'could' be right and it would be a good thing if you are.I still think it will limit some people from getting credit cards.....but that may not be a bad thing either in a lot of cases.I think credit cards have caused more problems for many people over the years,myself included,than not having them would have.
Great Recession
"Subprime mortgages are home loans granted to borrowers with poor credit histories. Their home loans are considered high-risk loans."
Just because we can doesn't mean we should.
Exactly this. The same old recycled ideas will produce the same results.
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