Family Debt and the Middle Class

I have zero idea what my credit score is.

A lot of boomers don’t.
The house has been paid off since the bush jr years and your cars are paid off or near paid off. If you do finance a car you don’t even ask and just know you were approved with a low interest rate.

I handle most of my dads finances now and neither he or mom knew what their score was till we pulled it for them.
 
I also think all credit cards should be like the normal/original version of the Amex where u hsve thirty days to pay it off. None of this revolving debt crap our society is based on.

Of course, this would reset the entire economy but if you don’t have the money to buy a normal item that is not a need you shouldn’t be using credit to get it.....save up.

Our society is so credit happy.
Again, this goes back to my original rant. The system needs consumer credit just as badly as the consumers want it. Yet, when things come crashing back to earth, it is only the consumers (taxpayers) that end up paying the penalty.
 
Again, this goes back to my original rant. The system needs consumer credit just as badly as the consumers want it. Yet, when things come crashing back to earth, it is only the consumers (taxpayers) that end up paying the penalty.

There's a reason for that, and it's easier illustrated than discussed. If you hold a credit card (basically have a contract with a company who issues the card), they are apparently free at any time to send you an ultimatum about a rule or interest change. Your choice doesn't include amending the rules or interest rate ... only cancelling the card if you refuse to knuckle under. My pound of flesh is simply use the card all month and pay off the balance every time, but a lot of people seem not to have that resolve or option.

In the end what really matters is that banks appear to support congress better than the consumer. So we, as consumers, generally get the shaft; banks get the congressional mine. Of course congress is never much on accountability ... see the big 2008 banking debacle that congress helped engineer by requiring loans for the credit unworthy while removing regulations aimed at keeping banks solvent. Congress is more our enemy than banking or anyone else.
 
How did I get to be the bad guy lol? I just build big things. Boss writes all the contracts and you wouldnt believe all the crap the owners try to sneak in there. Crazy.

I am sure I have already beeched about this on here...but my son took 2 classes at the local comm college last year as a junior in HS which will get college credit. Regular 4.0 for an A...no advantage for valedictorian. He has only made 2 Bs in school and 1 of them was in 2nd grade and one in 7th...so he has a perfect GPA. Little over 4 because of AP classes last year. Way out in front for valid Victorian without AP weighting. This year, he is only taking 1 class at the HS...senior English I believe, all the others are at comm college and all or most will transfer for college credits. Here is the BS part...

I have to pay FULL TUITION at the HS even though he is only taking 1 class...7200 dollars plus expenses...will be 8 or 9 grand ..
For 1 class...in order for him to be eligible to win valid victorian...which he has earned over the last 13 years. Never been sent to the office, never teacher called home etc...varsity soccer player since 9th grade and team co captain this year. The school said he must be a full time student to be eligible for valedictorian...and full time students must pay full tuition. Robbery IMO..and I have to pay for classes and books at comm college on top of that.

What am I gonna do though? Not let him get the results he has rightfully earned? Not let him have the honor of addressing the graduating class? Of course not.

So far he has a 50% ride to Liberty and a full ride to a smaller Christian school offered. 2 of his teammates from school (buddies) are going to Liberty so it looks like that's where he is headed. The other 2 are good kids and my wife is friends with their moms so hopefully they keep their heads on straight.

Anyway...tuition is a scam, the .Gov shouldnt be in the school business at any level, and we are broke and likely headed into a recession that is going to crush my family unless I can figure something out or my wife can as a new source of income since she is a realtor...wow..yay life.
I just meant your long winded posts. Thanks for proving my point....
 
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Again, this goes back to my original rant. The system needs consumer credit just as badly as the consumers want it. Yet, when things come crashing back to earth, it is only the consumers (taxpayers) that end up paying the penalty.
Loan sharks and the mafia would love to make the credit system go away
 
The problem is if most Americans did live like this it would probably tank the economy.

Tank or reset.

I agree there would be a serious tank in the beginning but after the adjustment debt would go down and wages to expenses ratio would get better.

Honestly, if everyone was required to put down 10 percent on a home still how many ppl would be living in 400,000 homes or up?

My dad made 85,000 in 87 and our home In Hendersonville was worth about 90. That was a very nice home back then but not a McMansion.

Now people making 85 live in 350,000 homes and are house poor.

There will eventually have to be a reset.
 
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Tank or reset.

I agree there would be a serious tank in the beginning but after the adjustment debt would go down and wages to expenses ratio would get better.

Honestly, if everyone was required to put down 10 percent on a home still how many ppl would be living in 400,000 homes or up?

My dad made 85,000 in 87 and our home In Hendersonville was worth about 90. That was a very nice home back then but not a McMansion.

Now people making 85 live in 350,000 homes and are house poor.

There will eventually have to be a reset.


No argument here.
A reset is better assessment.
 
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Tank or reset.

I agree there would be a serious tank in the beginning but after the adjustment debt would go down and wages to expenses ratio would get better.

Honestly, if everyone was required to put down 10 percent on a home still how many ppl would be living in 400,000 homes or up?

My dad made 85,000 in 87 and our home In Hendersonville was worth about 90. That was a very nice home back then but not a McMansion.

Now people making 85 live in 350,000 homes and are house poor.

There will eventually have to be a reset.
Either way
This country boy can survive
 
I took this as I hsve a fall out shelter and you are invited if need be.

I thank you sir.

😄

Oddly.....I do
However I recently bought property on a Tennessee mountain where I will soon be building. Yes there will be on there too.


And the apocalypse would not be a party without you there.
 

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