Posted: Wed Jul 23, 2008 8:15 pm Post subject: Given a Shovel, Americans Dig Deeper Into Debt
Given a Shovel, Americans Dig Deeper Into Debt
Quote:
The collection agencies call at least 20 times a day. For a little quiet, Diane McLeod stashes her phone in the dishwasher.
But right up until she hit the wall financially, Ms. McLeod was a dream customer for lenders. She juggled not one but two mortgages, both with interest rates that rose over time, and a car loan and high-cost credit card debt. Separated and living with her 20-year-old son, she worked two jobs so she could afford her small, two-bedroom ranch house in suburban Philadelphia, the Kia she
drove to work, and the handbags and knickknacks she liked.
Then last year, back-to-back medical emergencies helped push her over the edge. She could no longer afford either her home payments or her credit card bills. Then she lost her job. Now her home is in foreclosure and her credit profile in ruins.
Quote:
Years of spending more than they earn have left a record number of Americans like Ms. McLeod standing at the financial precipice. They have amassed a mountain of debt that grows ever bigger because of high interest rates and fees.
Posted: Wed Jul 23, 2008 11:54 pm Post subject: Re: Given a Shovel, Americans Dig Deeper Into Debt
Watching that video was like doing one of those "how many things are wrong with this picture" puzzles in highlights.
1. Coke can on counter.
2. Fat.
3. Smokes. A lot.
4. 2 Dogs.
5. "Bought" house no money down, despite 25k in credit card debt.
6. 10k in penalties and fees in mortgage.
7. Tapped into 401k to pay those fees.
8. Refied house and rolled CC debt into mortgage - I call this the 30 year amortization of the cheezeburger. G-d bankers suck.
9. Got unexpected tax bill on 401k withdrawal.
10. Pay 3k to IRS with new CC.
11. Refied repeatedly from 135 buy price to 228 "appraisal".
12. Freeloader son living at home smoking, with own dog.
Did I miss any? _________________ Massive Human Dieoff must occur as a result of Peak Oil. Many more than half will die. It will occur everywhere, including where you live. If you fail to recognize this, then your odds of living move toward the "going to die" group.
Joined: May 06, 2006 Posts: 833 Location: Tustin, CA
Posted: Wed Jul 23, 2008 11:54 pm Post subject: Re: Given a Shovel, Americans Dig Deeper Into Debt
Most Americans are Stupid like this. But if they are anything like their progenitors, they wake up and come around fast! _________________ Skeptical scrutiny in both Science and Religion is the means by which deep thoughts are winnowed from deep nonsense-Carl Sagan
Posted: Thu Jul 24, 2008 5:57 am Post subject: Re: Given a Shovel, Americans Dig Deeper Into Debt
Quote:
Watching that video was like doing one of those "how many things are wrong with this picture" puzzles in highlights.
1. Coke can on counter.
2. Fat.
3. Smokes. A lot.
4. 2 Dogs.
5. "Bought" house no money down, despite 25k in credit card debt.
6. 10k in penalties and fees in mortgage.
7. Tapped into 401k to pay those fees.
8. Refied house and rolled CC debt into mortgage - I call this the 30 year amortization of the cheezeburger. G-d bankers suck.
9. Got unexpected tax bill on 401k withdrawal.
10. Pay 3k to IRS with new CC.
11. Refied repeatedly from 135 buy price to 228 "appraisal".
12. Freeloader son living at home smoking, with own dog.
Did I miss any?
13. When her father died, she went shopping to console herself.
Note all the crap around the house. Nary an open spot, for it is all covered in things that are euphemistically called "knick knacks" aka, trash and junk and garbage. Dollar-sucking trash and junk and garbage. As someone else said, "chronic shopper." Bad, bad, news.
14. Starbucks drinks on the outdoor table.
One of the problems with our current generation is that they're unable to deny themselves ANYTHING, even (apparently) when drowning in debt. Geez, can you imagine these people surrendering their cast-iron skillets for the scrap drive, as the 1940s generation was forced to do? They can't give up their frappuccinos, much less anything important.
Posted: Thu Jul 24, 2008 7:20 am Post subject: Re: Given a Shovel, Americans Dig Deeper Into Debt
Cashmere wrote:
Watching that video was like doing one of those "how many things are wrong with this picture" puzzles in highlights.
1. Coke can on counter.
2. Fat.
3. Smokes. A lot.
4. 2 Dogs.
5. "Bought" house no money down, despite 25k in credit card debt.
6. 10k in penalties and fees in mortgage.
7. Tapped into 401k to pay those fees.
8. Refied house and rolled CC debt into mortgage - I call this the 30 year amortization of the cheezeburger. G-d bankers suck.
9. Got unexpected tax bill on 401k withdrawal.
10. Pay 3k to IRS with new CC.
11. Refied repeatedly from 135 buy price to 228 "appraisal".
12. Freeloader son living at home smoking, with own dog.
Did I miss any?
I found it funny that the son of the other one was an accountant. An accountant who can give his mother money, but can't prevent her from making some very bad financial decisions.... _________________ In individuals, insanity is rare; but in groups, parties, nations, and epochs it is the rule. – Nietzsche
Time makes more converts than reason. – Thomas Paine
History is a set of lies agreed upon. – Napoleon Bonaparte
Joined: May 26, 2008 Posts: 29 Location: north texas
Posted: Thu Jul 24, 2008 4:46 pm Post subject: Re: Given a Shovel, Americans Dig Deeper Into Debt
1) I think people such as this are following the example set by the leadership of this country. If the leaders are not financially responsible why should the people be?
Posted: Thu Jul 24, 2008 4:57 pm Post subject: Re: Given a Shovel, Americans Dig Deeper Into Debt
Bingo. And in more recent history, how can we be surprised considering Harken, Silverado and the Rangers? Bankrupt. Now the US is bankrupt.
Could there possibly be a connection here?
tex123 wrote:
1) I think people such as this are following the example set by the leadership of this country. If the leaders are not financially responsible why should the people be?
2)Did anyone else find that reporter scary?
Posted: Thu Jul 24, 2008 5:15 pm Post subject: Re: Given a Shovel, Americans Dig Deeper Into Debt
tex123 wrote:
1) I think people such as this are following the example set by the leadership of this country. If the leaders are not financially responsible why should the people be?
2)Did anyone else find that reporter scary?
bingo, and it isn't just our nation's leadership: look at the GD banks themselves; they're not exactly models of responsibility either.
if institutions chock full of the most 'brilliant' minds in finance can't keep from F'ing themselves w/money, how in the hell does anyone expect joe average to do it?
(i'd rather defualt on a CC than roll it into my mortgage. poor schlub.)
Joined: Dec 27, 2004 Posts: 12026 Location: zombie horde wonderland
Posted: Thu Jul 24, 2008 5:48 pm Post subject: Re: Given a Shovel, Americans Dig Deeper Into Debt
As someone who is desperately afraid of debt, I have trouble understanding people like this. What are they thinking? I know, I know - they aren't thinking.... _________________ "...powerdown so soft and fluffy you'll think you're living in a pillow..." - jboogy
Posted: Thu Jul 24, 2008 6:07 pm Post subject: Re: Given a Shovel, Americans Dig Deeper Into Debt
15. Starbucks and Yohoo's as well as the expensive kinds of chips or crackers in the shelfs. Can't tell what brand but definitely not the store brand (which is still expensive for what you get nutritionally).
16. She went TV shopping when in the hospital. _________________ Riches are not from abundance of worldly goods, but from a contented mind.
Posted: Thu Jul 24, 2008 6:19 pm Post subject: Re: Given a Shovel, Americans Dig Deeper Into Debt
Ludi wrote:
As someone who is desperately afraid of debt, I have trouble understanding people like this. What are they thinking? I know, I know - they aren't thinking....
cultural conditioning. we're bombarded from the instant we're born with the system's imperative: consume!!!!!!!!
Posted: Thu Jul 24, 2008 11:57 pm Post subject: Re: Given a Shovel, Americans Dig Deeper Into Debt
nobodypanic wrote:
Ludi wrote:
As someone who is desperately afraid of debt, I have trouble understanding people like this. What are they thinking? I know, I know - they aren't thinking....
cultural conditioning. we're bombarded from the instant we're born with the system's imperative: consume!!!!!!!!
Add to this the: "Government bad, Private sector good!" mentality too.
Whatever the Government does is a waste of (your) Money, whatever a private enterprise does is good for everyone, even if your service is suddenly thrice as much.
Good luck to whoever takes over in January, I doubt anybody is going to trust him.
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