Is the economy really that bad?

[JimFitz]

How do you know that she didn't have "money" month to month?

I know who you're talking about and not once did she ever post "I'm charging Disney dollars, but I *plan* on not paying for them and filing bankruptcy when I get home". I'm pretty sure she posted about a pay-cut before they filed. How could one "plan" on a paycut?

Like I said before, her and I are part of the same bankruptcy board. Her bankruptcy and discharge went as smooth as anyone's could go. I think she even kept a well-known luxury SUV in her bankruptcy.

You go right ahead and accuse and judge. Hopefully, you will never know what it's like to be in a position where you're destitute and bankrupt. Hopefully, your life will always "go as planned" and you'll never make mistakes.

Part of the problem with our country........we have people keeping luxury SUV's after bankruptcy. Those two words should not be in the same sentence.

 

[hentob]

Part of the problem with our country........we have people keeping luxury SUV's after bankruptcy. Those two words should not be in the same sentence.

Jim, you will never get through to people like this They have abnormal reasoning skills.

If you think it is normal to have a luxury SUV and take a vacation to the Poly while you are in the midst of a bankruptcy, well you deserve everything you get.

The whole "Hopefully, you will never know what it's like to be in a position where you're destitute and bankrupt. Hopefully, your life will always "go as planned" and you'll never make mistakes." is laughable What position? The position of greed and "I'll do what I want"

I will never know what it is like to take a vacation to the Poly or have a luxury SUV sitting in my garage while I struggle to pay my bills.....I can promise you that


Fritochips4u's attitude and mindset is one of the reasons our country is in this mess.

 

[wall*e2008]

How do you know that she didn't have "money" month to month?

I know who you're talking about and not once did she ever post "I'm charging Disney dollars, but I *plan* on not paying for them and filing bankruptcy when I get home". I'm pretty sure she posted about a pay-cut before they filed. How could one "plan" on a paycut?

Like I said before, her and I are part of the same bankruptcy board. Her bankruptcy and discharge went as smooth as anyone's could go. I think she even kept a well-known luxury SUV in her bankruptcy.

You go right ahead and accuse and judge. Hopefully, you will never know what it's like to be in a position where you're destitute and bankrupt. Hopefully, your life will always "go as planned" and you'll never make mistakes.

If you keep your home and your Escalade, how are you destitute?

 

[JimFitz]

If you keep your home and your Escalade, how are you destitute?

The house is only 3 bedrooms and doesn't have a master bath.

 

[Guy Incognito]

The house is only 3 bedrooms and doesn't have a master bath.

and the Escalade doesn't have those spiffy spinner rims either, just those low-class regular ones....

 

[Charade]

The house is only 3 bedrooms and doesn't have a master bath.

 

[DISUNC]

[QUOTE="Got Disney";27600766]Well one thing that came out of this that is good is no one will be able to buy a house that they cant afford or if they have bad credit....those days are gone[/QUOTE]

The problem here is that the people with the mortgages cant afford them, and no one is looking to buy them.

Maybe....JUST MAYBE..we will start seeing more economical realistic homes (aka Levitown type homes) being built, and the end of the MCMANSIONS!

 

[wilderness01]

How do you know that she didn't have "money" month to month?

I know who you're talking about and not once did she ever post "I'm charging Disney dollars, but I *plan* on not paying for them and filing bankruptcy when I get home". I'm pretty sure she posted about a pay-cut before they filed. How could one "plan" on a paycut?

Like I said before, her and I are part of the same bankruptcy board. Her bankruptcy and discharge went as smooth as anyone's could go. I think she even kept a well-known luxury SUV in her bankruptcy.

You go right ahead and accuse and judge. Hopefully, you will never know what it's like to be in a position where you're destitute and bankrupt. Hopefully, your life will always "go as planned" and you'll never make mistakes.

I do know someone who had to file bankruptcy several years ago. She bragged how she had bought all new bedding/pillows, shams, etc. etc. because she wanted to decorate her bedroom with all new furnishings before she had her filing. She was laughing about it. I for one didn't think it was so funny, so yes, I do think some people take advantage and not all their actions are mistakes.

 

[rparmfamily]

I agree that the tightening of credit is one of the good things to come out of this. Perhaps lenders will finally take the big picture into consideration instead of just throwing money to unqualified applicants. (which is what good lenders have been doing all alone, carefully looking at applicants credit history,etc)

 

[Planogirl]

She might as well keep the Escalade. What do you with big used SUV's nowadays?

I think it's bizarre to run up bills and have fun while planning to declare bankruptcy. I can say that anyone I've known who has struggled with financial problems hasn't done anything like this.

 

[mickeysgal]

The house is only 3 bedrooms and doesn't have a master bath.

Please accept my condolences.

 

["Got Disney"]

I agree that the tightening of credit is one of the good things to come out of this. Perhaps lenders will finally take the big picture into consideration instead of just throwing money to unqualified applicants. (which is what good lenders have been doing all alone, carefully looking at applicants credit history,etc)

I have recieved applications for my kids that are 11 and 14 and my deceased father.. we have a 82 y.o man that lives with us and he was given 2 dredit cards with $1,500 limits...no job info just put he is on medicare....

they sent him the cards he used them and cant pay them back...he had all intention of paying them back but his interest went from 5% up to 18% interest....so he could not do it. I told him to stop paying for it and keep his money for his food. Let them send him to collections. The banks were stupid...no wonder they are bankrupt

They new he was an old man on Medicare yet they still sent him the cards.

 

[mickeysgal]

[QUOTE="Got Disney";27600766]Well one thing that came out of this that is good is no one will be able to buy a house that they cant afford or if they have bad credit....those days are gone.

And that is how it should have been in the first place and than this could have been avoided. I was glad to here the GOV was done doing bail outs to the banks.

they had to see this coming....[/QUOTE]



I was thinking this very same thing today. Realism should be the new mantra. If you can't afford it, you can't. Deal with it and move on. Plain and simple.

They may have seen it coming, but they most likely just didn't care to what it could do to them. The Me First attitude.

The rest of us that that stayed within our means are now feeling the effects of this mess in the form of still falling real estate values and savings.

 

[LuvDuke]

[QUOTE="Got Disney";27606625]I have recieved applications for my kids that are 11 and 14 and my deceased father.. we have a 82 y.o man that lives with us and he was given 2 dredit cards with $1,500 limits...no job info just put he is on medicare....

they sent him the cards he used them and cant pay them back...he had all intention of paying them back but his interest went from 5% up to 18% interest....so he could not do it. I told him to stop paying for it and keep his money for his food. Let them send him to collections. The banks were stupid...no wonder they are bankrupt

They new he was an old man on Medicare yet they still sent him the cards.[/QUOTE]

You and I very rarely agree on anything. But on this one, you're dead right.

My 89-year old mother on SS and a small pension gets multiple credit card offers every day. It is outrageous.

Government regulations were rolled back so that financial institutions were giving out money and credit cards as if they were candy to people who should never have received them.

As far as the $50,000 a year wage earner buying a $500,000 house, they were told by the financial institution they could afford it with one of their nifty new loan programs. Those same financial institutions then sold the mortgages at a profit to another company and so on and so on and so on.

When the red ink started to pile up, the rollback in government regulations allowed these financial institutions to hide that red ink in creative ways.

Regardless of how you feel about government, the fact is you will be paying for the lack of government regulations. It's coming out of your pocket one way or another.

I'll take the regulations over trusting a financial institution to the "right" thing anyday.

 

[BriarfoxinWA]

I agree that the tightening of credit is one of the good things to come out of this. Perhaps lenders will finally take the big picture into consideration instead of just throwing money to unqualified applicants. (which is what good lenders have been doing all alone, carefully looking at applicants credit history,etc)

Things are certainly tightening up on the credit side. The bank I work for changed the minimum credit score for a consumer loan (car, rv, etc) from 620 to 740. I just found that out yesterday - I do commercial loans typically and hadn't check for a while.

 

[mickeysgal]

Things are certainly tightening up on the credit side. The bank I work for changed the minimum credit score for a consumer loan (car, rv, etc) from 620 to 740. I just found that out yesterday - I do commercial loans typically and hadn't check for a while.

Good. As it should be.

 

[Aisling]

This topic is one of the reasons I fear one of the presidential candidates. He seems to believe in the idea that government should bail people and businesses out of their own stupid mistakes. How is this good for America? It teaches dependency, entitlement and irresponsibility, and that makes America weak and socialist.

WE THE PEOPLE can fix the economic mess we're in by going back to the days of buying what you can afford, and if you can't afford it and still want it, start looking for a better paying job. Teach your kids self-suffiency, so that the next generation won't be suffering and depending on the government to hand them money and make their debts go away.

"Change" is great, but when the change is to create an America that makes Uncle Sam into Sugar Daddy Sam, well, it ruins the work ethic that made this country so great, and is an insult to the people by propagating the idea that they aren't smart enough to make intelligent and well-thought out decisions regarding their finances.

 

[Camicar]

Things are certainly tightening up on the credit side. The bank I work for changed the minimum credit score for a consumer loan (car, rv, etc) from 620 to 740.

Good. I read an article about foreclosures and all of the people in the article had terrible credit and could not get a car loan, but could get a mortgage. They all thought, "Well if the bank says I can afford it, I guess I can."

 

[crcormier]

This topic is one of the reasons I fear one of the presidential candidates. He seems to believe in the idea that government should bail people and businesses out of their own stupid mistakes. How is this good for America? It teaches dependency, entitlement and irresponsibility, and that makes America weak and socialist.

WE THE PEOPLE can fix the economic mess we're in by going back to the days of buying what you can afford, and if you can't afford it and still want it, start looking for a better paying job. Teach your kids self-suffiency, so that the next generation won't be suffering and depending on the government to hand them money and make their debts go away.

"Change" is great, but when the change is to create an America that makes Uncle Sam into Sugar Daddy Sam, well, it ruins the work ethic that made this country so great, and is an insult to the people by propagating the idea that they aren't smart enough to make intelligent and well-thought out decisions regarding their finances.

You mean John McCain this morning on Good Morning America?

http://abcnews.go.com/gma

 

[wendy46001]

Good. I read an article about foreclosures and all of the people in the article had terrible credit and could not get a car loan, but could get a mortgage. They all thought, "Well if the bank says I can afford it, I guess I can."

I agree they shouldnt have gotten homes
but around here its not just the bad credit folks killing us (though they are in the mix)....its the good credit, let me buy a second home, with no money down and flip if for a quick buck people....they are walking way from these investment properties because they put little to no money into them and now its cheaper to walk away then maintain the property...