Middle-class dreams a ‘myth’ in troubled economy: internal government report

[damngrumpy]

Face it the banks and the credit card industry was born after WWII
There had been shortages of everything and consumerism was the
way to save the economy that had been making weapons. Money
was scarce so the credit card and a dollar down and a dollar a week
became the slogan It was our undoing. Interest ate up the value of
the money and the interest rate kept climbing.
Criminals are not the ones who rob the bank anymore the criminals
own the bank

 

[gerryh]

Sorry, but we have the highest credit rating possible. ATM, if we wanted to we could buy a house on credit and probably still have enough credit left over to buy a car. Even though we have paid off the cards at the end of the month the credit card companies keep upping our limits and do that once a year I think. It's kind of funny in a way.

Zoooooooooooooom

 

[L Gilbert]

Zoooooooooooooom

Fine, be a schmuck and don't explain. I'll just continue to sit here with a smug look on my face.

 

[gerryh]

Fine, be a schmuck and don't explain. I'll just continue to sit here with a smug look on my face.

I have been explaining, you just haven't been listening.


One can spend their whole life, paying cash for everything. Living within their means. Keeping their bills paid. Not using credit for anything. Then one day, they decide, maybe I do want to buy a house instead of paying more per month in rent than I would in a mortgage. But guess what, since they had never bought anything on credit, they didn't have a credit rating, they couldn't get a mortgage. At least they couldn't until they put themselves into debt by getting credit cards and loans. Living within your means and not going into debt in this day and age, means you're essentially screwed. Unless, of course, you go into debt at a young age.

 

[L Gilbert]

I have been explaining, you just haven't been listening.


One can spend their whole life, paying cash for everything. Living within their means. Keeping their bills paid. Not using credit for anything. Then one day, they decide, maybe I do want to buy a house instead of paying more per month in rent than I would in a mortgage. But guess what, since they had never bought anything on credit, they didn't have a credit rating, they couldn't get a mortgage. At least they couldn't until they put themselves into debt by getting credit cards and loans. Living within your means and not going into debt in this day and age, means you're essentially screwed. Unless, of course, you go into debt at a young age.

Yeah, I read that twice now but still can't see how we are screwed.

 

[gerryh]

Yeah, I read that twice now but still can't see how we are screwed.

Didn't say you were, but I can see how someone that only thinks about themselves would think I was talking about them.

 

[L Gilbert]

Didn't say you were, but I can see how someone that only thinks about themselves would think I was talking about them.

Well, think whatever you like, but after all the discussions I've been posting in here, you think we only think about ourselves .......
All I can think about concerning you ATM is that your memory sucks.