Quote:
Originally Posted by GregWeld
I think the financing angle is all just wrong.... and that what you're really experiencing is a just a "return to normal financing"... You actually have to show you can pay a loan back... there are percentage of income calcs that went out the window with all the phony come on teaser rates and no doc loans...
...You walk into a bank now - and your credit cards are about maxed or carrying large balances -- your house payment is 40% of your gross -- your business revenue is down -- you owe on 3 cars.... Guess what... NOBODY is going to loan you anything. And they shouldn't because you can't pay it back -- and CREDIT means that you can pay back - not just borrow more. Sorry.
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I couldn't have said it better if I tried. The entire idea behind credit was to make it so people or business could buy now what they normally couldn't buy until later. It was never intended to make it so that people could buy what they normally couldn't have purchased on their own at a later date.
Shiny Side Up!
Bill