Aaron you make a good point. What happened to the layaway programs ? 90 days same as cash -- with no credit check... Or even if you make a bad credit loan -- actually checking HOW MUCH A PERSON MAKES AND ALL OF THEIR EXPENSES [not just listed debts but electric bill, water, cell phone -- etct] to see if the person can actually AFFORD what there trying to purchase? It was greed. Everyone was being greedy. Companies got rid of their layaway plans because they could not get in on the issuer fees being paid to other firms for having private label/cobranded cards. Consumers were keeping up with the Jones -- because TV & Magazines told them they had to. Congress turning taxes into a roller coaster ride, writing a post dated check out of the back of the "national check book", all while having not raised the minimum wage in years. Can you say squeezing blood from a turnip. That's what it feels like.
I don't use credit. I buy with cash, or not at all. The only credit I use is broker' margin. And I don't have a problem getting that.
Yea, na na na boo boo,, and that right,, and when the teacher gets back to class , i am telling on them... what a tool.. EF
You've nailed it right on the head. When debt is used properly its AMAZING how much wealth you can build up. Debt is just like anything else, in the hands of irresponsible people its a grenade but in the hands of a responsible person its like finding buried treasure.
A good point was brought up during the questioning what if the banks just sit on the cash, or invest it in foreign markets. There is no guarantee that the banks are going to lend this money.
I would say 85:15 saying they have no problems getting credit says it all. The only ones I've been rejected on have been on unlimited lines with flexible schedules. Otherwise, the limit is so high I'm not even ever going to spend it in the next several years. I don't like having a six figure mortgage, but even worse would be $50k of unsecured debt at 7-22%.
If you have access to that much credit why not put it to work? I'm assuming you have pretty good credit therefore you should be able to get decent interest rates, much lower than 7-22% seeing as banks and credit card companies are hurting to find customers with good credit. I'm not sure what your risk tolerance is but it might be something to consider, right now seems like a good opportunity for anyone with access to cheap credit.....