Not a good harbinger of the future prospects, Credit card and car loan defaults hit 10-year high as inflation squeezes families

[18xoxo]

https://pbs.twimg.com/media/F5XNtzKaYAEmeee?format=jpg&name=large

With oil making new highs almost daily this could portend a huge headwind to the economy and individuals

 

[ll74]

That's not inflation l, that's interest rates. (Credit and car loans)

 

[jaF0]

Two words ...

Personal
Responsibility

 

[Ignobel]

Two words ...

Personal
Responsibility

Two words can be said as well for

Student

Loans


But those are forgiven, why not auto n CC loans

 

[Ignobel]

That's not inflation l, that's interest rates. (Credit and car loans)

Inflation is up this interest rates are,

You really are a big dummy

 

[ll74]

Inflation is up this interest rates are,

You really are a big dummy

Interest rates are a reaction to inflation

You
Fuckhead

 

[RobDownSouth]

Two words can be said as well for

Student

Loans


But those are forgiven, why not auto n CC loans

Because student loans cannot be discharged via bankruptcy, like auto and credit card loans can be.

 

[crazychemgirl]

Two words ...

Personal
Responsibility

Two words … silent depression

 

[Dribble]

Two words ...

Personal
Responsibility

Except...sometimes life changes. Do you know the #1 cause of defaults? Come on bright one....guess. ..demonstrate how "responsible" you are.

 

[Chernosoth]

Do not lend or borrow with interest is a lesson the Christians learned in the death of the Roman empire. And then they gradually forgot. First they used a loophole of borrowing from Jews, and then hating Jews for their wealth and the borrowers' debts. Now loan sharks, credit card corporations, and anyone with a hundred million to lend are respected and frequently hired for government financial positions. That will end the same way it has always ended: the collapse of a financial system. Vast piles of digital wealth will vanish. Vast piles of paper wealth will be just paper, useful for burning or wiping.

 

[Dribble]

Do not lend or borrow with interest is a lesson the Christians learned in the death of the Roman empire. And then they gradually forgot. First they used a loophole of borrowing from Jews, and then hating Jews for their wealth and the borrowers' debts. Now loan sharks, credit card corporations, and anyone with a hundred million to lend are respected and frequently hired for government financial positions. That will end the same way it has always ended: the collapse of a financial system. Vast piles of digital wealth will vanish. Vast piles of paper wealth will be just paper, useful for burning or wiping.

How about you? What do you think the #1 cause of defaults is?

 

[jaF0]

Lack of personal responsibility.

 

[Dribble]

Let me enlighten people...

Health care. One incident...completely not your fault...wipes away 30 years of saving. But no one cares

 

[crazychemgirl]

Lack of personal responsibility.

So we can say lack of brain cells is clear here.

 

[Dribble]

Lack of personal responsibility.

Wrong. Enlighten yourself

 

[Dribble]

So we can say lack of brain cells is clear here.

Ego. He actually has a few cells...but his ego blocks them from functioning

 

[Chernosoth]

How about you? What do you think the #1 cause of defaults is?

Borrowing with interest in a shrinking economy. Running an economy on nonrenewable resources, fossil fuels, is a pyramid scheme that ran for centuries. With such a long runtime and the European heritage of expansion out of Europe, the belief that the economy can continue expanding forever is deeply ingrained in the American psyche. Most investments will lose money, more loans will default, and many people will commit suicide when they can't pay their bills or their investments become worthless.

 

[jaF0]

Let me enlighten people...

Health care. One incident...completely not your fault...wipes away 30 years of saving. But no one cares

I'm currently in that exact situation.

Bills I've seen so far are in excess of $70K

Insurance is covering most of it, but there are some amounts I'm not sure of yet. I might get out from under it owing little to nothing, but if I have to pay some portion, I have reserves stashed away. Why do I have those reserves? Because I at least try to be responsible and spend significantly less than my income. I don't take loans or add purchases to my CCs that I'm not sure I can pay for.

A few years back, I got a $20K loan on my signature alone, no intense application. I paid it off a full three years early.

 

[Dribble]

I'm currently in that exact situation.

Bills I've seen so far are in excess of $70K

Insurance is covering most of it, but there are some amounts I'm not sure of yet. I might get out from under it owing little to nothing, but if I have to pay some portion, I have reserves stashed away. Why do I have those reserves? Because I at least try to be responsible and spend significantly less than my income. I don't take loans or add purchases to my CCs that I'm not sure I can pay for.

A few years back, I got a $20K loan on my signature alone, no intense application. I paid it off a full three years early.

When given a choice...a cancer drug that works but not covered by insurance...and that cost is 200k...and it is your child....damn right i am not paying my other fucking bills.

 

[jaF0]

You think it's responsible to put the rest of the family at risk of losing home, food, transportation, etc.?

 

[icanhelp1]

Except...sometimes life changes. Do you know the #1 cause of defaults? Come on bright one....guess. ..demonstrate how "responsible" you are.

Health care, sickness.

 

[Dribble]

You think it's responsible to put the rest of the family at risk of losing home, food, transportation, etc.?

Perfect example of an idiot^^^^^

Read the book Sophie's Choice.

EDIT: go...live your life....knowing you could save your child...and chose your comfort over their life. Pathetic piece of shit

 

[Dribble]

Sucks....can't ignore a "mod". Pathetic piece of shit no better than a Fascist traitor

 

[Chobham]

It's going to get worse, a lot worse.

 

[Chernosoth]

Car loans specifically are so long term with unpayably high cumulative interest because new cars are so overloaded with features that are at best unnecessary. Some features reduce the lives of the cars or make repairs unpayable. Many basic maintenance jobs are "engine out," or disassemble some of the front end to replace some cheap little part buried under the extra features. And a low speed collision can total the car. Keeping the car running long enough to pay the loan is happening less.