mopar2ya

Good message lear. Wife and I learned our lesson years ago. $12k in credit card debt and a mortgage to pay... back when $12 k was a lot more money than it is now. We decided it was time to end the crazyness and pay off the debt. We both became mortgage liscensed... life and homeowner insurance licensed and securities licensed just to learn how money works. Took a few years to pay off the credit card debt but never charged on a credit card since. Mortgage is the only thing we have had since. We pay cash for all our major purchases including cars. Only exception is 12 months same as cash type deals... we will still use them strictly for cash flow purposes knowing that we can pay them off at anytime if we need to. We"re not rich folks... but have learned to leverage the creditless ways in our favor.

The credit card scam is probably he biggest money loser of all for the American consumer. Its a shame more people don"t understand how money and credit cards really work.

lear4406

Well put. Glad to see you overcame creditcard debt and pray so many more Americans can move in that direction.

mopar2ya

Agreed Lear... sad part is that my wife and I have seriously tried to explain it and show people we have known... and unless they are REALLY ready for a change they are happy as can be with status quo. We have tried to explain budgeting... paying off credit cards... consolidating debt to make it more manageable to pay off... showed them where thier money is really going... and how to save money... real money instead of feeding the money machine. Some people I have talked to are so far into hock it"s a precarious juggling act to keep things rolling and one little bump will blast them over the edge. But most just can"t see it...

You know what they say about leading a horse to water...

Cuda340

I locked in my loan 2 months ago.

I read that the economic situation will result in 20% of dealerships going out of business. I wonder what would happen to purchasers' deposits on ordered cars?

MrKrisSullivan

Aren't most deposits "non-refundable"...[&:]

mopar2ya

Depends on the deal you work with the dealer. Mine was fully refundable... the dealer would have loved to have kept the car and sold it to someone else... for higher than MSRP...

BLK 6050

Money/Loans are still out there for those who have "good credit". Regardless of what the news people keep telling us. However, if you don't have a good credit rating you are going to have a tough time getting a loan.....but isn't that how it should be anyway? If your credit rating is poor, then you should be working on paying off debt, not appling for new debt/loans.
Most of us have learned that living above your means has it's drawbacks...no extra cash to take that weekend trap, buy that [whatever] you've always wanted....etc. The lucky ones learn their lesson the first time...others take a few times before they learn.
And, don't count on others [dealers] to keep you from over stepping your financial limitations...they are in the market to sell cars, and if you are willing to sign on the bottomline...they will sell you a car if they can whether you can make the payments or not is not their concern...just the sale.
When I started looking for my new Challenger, the first dealer wanted a "non-refundable" deposit to hold the vehicle, then the story changed to "can't hold the car for any amount" but you can sign a binding contract to get the vehicle if you would like, before it's sold (they had a dozen people who were going to buy it...funny thing is they called me later in the week to see if I was still interested...wonder what happened to the dozen?) I left that dealer and never went back.....
I have my SRT Challenger purchased from another dealer at a better price and was treated better as well....I got it because I have good credit...
Did I need the new Challenger...no (well, maybe)...did I want it...OH YES!

RUBBERBNDMAN

Look what YOU Tube tried to ban..
http://www.youtube.com/watch?v=nRmB93McZeI

BLK 6050

Amen..I rest my case...............

MrKrisSullivan

Hey im a dem. I can agree with a lot of that and it is quite shocking but, I say but the last minute of that film is bogus... Nobody tried to give poor people loans to ruin themselves, they tried to give them a chance to have home for theier family.
It theory just as your video states it is a good idea and can help millions of people, but the banks got greedy looking for peanuts and small percentage points it got too cut throat banks cut each others assets off in competion to lend money just to get return on it in intrest. To say Obama is the reason for this, is just like saying Bush and Daddy Bush, and Grand Daddy Bush are the reason for the oil hikes. Grand Daddy had a peice of land that had "Gold" under-neath it. You want to post this video and make a point? Well how is Lil W even qualified to have this job? Please... Dude our politics are so messed up... Lil Bush won on a popularity contest, and their doing it again with Palin on the ticket. I do like McCain honestly I do, but I think a Obama/ Biden ticket makes so so much more sense than a McCain/Palin ticket. The Dems. will fix this I believe so, the Republicans will cover it up, like they've done so many times before...
To say Congress blocked your boy's bills and VETO's is so funny bro... the Republicans have held Congress 10 of the last 12 years... So why can't they pass their own bills??? Come on man...