Quote:
Originally Posted by DkknightX
That is the problem; They don't! They rob Peter to pay Paul constantly. All of these ghetto folk in the poor sections of Los Angeles and New York City, were given balloon interest rates on mortgages, with some skyrocketing to 20% and above, but they didn't care. So they went out and wanted that nice new Escalade with 10K rims and all blacked out like gangsta rappers, and how did this happen? They took equity loans and ran up huge credit card debt with incomes that couldn't accomodate one-tenth of what they could actually afford. This isn't just for city folk. People all over the country were getting away with this crap. Selling food stamps for Air Jordan high-tops. How lame can you get and please don't tell me this never happened because it did.
Because this happened and the credit market tumbled, those in the middle class that could afford to pay their bills, save money and not spend beyond their means (like me and my wife) are now stuck being penalized, even with perfect credit and a good income. 7.1% on my Camaro with $25K down is downright disgusting. I wanted to punch that finance manager when she gave me my options. Unfortunately if I wasted time looking for banks, I may have lost the car. People that should be able to manage payments on this car, suddenly cannot because of those people that shouldn't. I can stomach it, but it sucks. These poor SOB's will always find a way around the system because "bling" is more important then responsibility and in the end, those that are responsible end up paying for it. So yeah, THANKS AMERICA for not knowing what you can afford!
|
I completely agree with you. Back when the housing market was good and everyone was buying a house I did to. But I didn't buy something that if the economic times got ruff, I wouldn't be able to afford it. I didn't go out and buy a $500,000 home when I knew that what i could afford was something under $200,000.
I know what my budeget is and I didn't over extend myself with something I couldn't pay for. I don't really blame the people who don't know what there getting in for, but a little research helped me alot. The fact that the banks and lending institutions lowered there standerds for obtaining loans and taking advantage of people who don't really know how the housing market works is really the problem.
The middle class will always be the ones who pay for things like this, it's always been like that. As for GM, I hope that they continue to make great vehicles and I think as long as they do,, and the government doesn't run the company they will pull through these tuff finacial times.