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Started By
Message
re: Rate cuts isn’t economic policy.Market needs to bleed,cut spending,lifestyles need change
Posted on 8/5/24 at 9:00 am to Old1937
Posted on 8/5/24 at 9:00 am to Old1937
quote:
Amen, younger people live on their credit cards. This will cause mass bank rurptzies
Not just younger folks, my friend. I know plenty of 60+ that do too
0
Posted on 8/5/24 at 9:01 am to Tantal
quote:
Every economy is going to have ups and downs. We're supposed to ride those. The problem is that, for political reasons, governments try to prevent the downs altogether (lest they be blamed for them at the next election), which only makes them deeper and longer lasting when we finally have to deal with them.
This.
Posted on 8/5/24 at 9:02 am to Covingtontiger77
I agree with all of this OP.
But the government will respond with this action:
“50 year home mortgage” to help people be able to afford a new home.
Watch and see….
But the government will respond with this action:
“50 year home mortgage” to help people be able to afford a new home.
Watch and see….
Posted on 8/5/24 at 9:04 am to Covingtontiger77
quote:
lifestyles need change
frick that. Just stop giving my money to stupid shite.
Posted on 8/5/24 at 9:04 am to Covingtontiger77
quote:
There day of reckoning is coming.
I agree.
Posted on 8/5/24 at 9:05 am to Covingtontiger77
I’m not disagreeing but if you think people from “wealthy” on down are going to suddenly voluntarily live within their means then you’re being naive as well. The country will collapse without guard rails on the way down. The absolute last thing we should do is crash our dollar
Posted on 8/5/24 at 9:07 am to SloppyFrog
quote:
One problem is that many people just cannot live within their means due to the skyrocketing cost of everything. Especially housing.
bullshite.
Prioritize your lifestyle. Go through your monthly spending. You would be amazed at how much unnecessary spending a household engages in.
Priorities should be:
1) your housing cost - mortgage/rent
2) Food got to eat
3) fuel to get to work
You don’t need:
1) streaming services
2) Starbucks coffee runs
3) going out to eat
4) knowing the Amazon delivery driver by first name
If people would do that, I promise you they find at least $500-$1,000 a month.
Posted on 8/5/24 at 9:08 am to Covingtontiger77
Credit Card bubble will come to a massive burst at some point. People are spending $100-$400 per concert ticket, sitting down for $50/entrée meals at restaurants, dropping $10-$15 a day on coffee and snacks, buying a new cellphone every 2 years along with many other excessive lavish spending all while still making $30-$50K/year. We have become a society of debt acceptance and reliance, and it is going to crash bigly in the future.
America is a gluttonous civilization. It is our biggest weakness.
America is a gluttonous civilization. It is our biggest weakness.
Posted on 8/5/24 at 9:21 am to Covingtontiger77
quote:
Cutting interest rates to prop up the equity markets and to entice Americans to take out MORE DEBT with lower rates is not economic policy that is beneficial long term.
We artificially kept interest rates low for far too long.
I remember (when I didn't have a lot of expenses) calling around to find banks that were paying good interest on CDs. Found one at a bank about 150 miles SE of Dallas that paid 8% on a 5-year CD, they even had Saturday morning hours. It was a great deal, especially when rates started plummeting.
Posted on 8/5/24 at 9:23 am to Covingtontiger77
quote:
Here is my PSA: If you have to take out a loan for a boat, brand new car, vacation condo, name brand purses and shoes YOU CAN NOT AFFORD THESE LUXURIES. THESE ARE NOT FOR YOU.
Given car prices you almost have to have a loan at the outset, though when it is paid off, keep it as long as you can.
Posted on 8/5/24 at 9:24 am to jizzle6609
quote:
People spend to much trying to impress people that dont care LOL.
We spend $ we don't have, on things we don't need, to impress people we don't like (and who don't like us either).
Posted on 8/5/24 at 9:26 am to Vacherie Saint
quote:
600K McMansion
$600K barely gets you a regular-sized house in many places.
I bought my house in 1999 for $170K. It's appraised at $450K now. And it's one of the smallest floor plans in my subdivision.
Posted on 8/5/24 at 9:28 am to Covingtontiger77
I must agree. This house of cards needs to fall.
Posted on 8/5/24 at 9:34 am to Covingtontiger77
quote:
Here is my PSA: If you have to take out a loan for a boat, brand new car, vacation condo, name brand purses and shoes YOU CAN NOT AFFORD THESE LUXURIES. THESE ARE NOT FOR YOU.
True. Very clear for many of us. Very unclear for most people for some reason.
And it is not a "this new generation" issue. Lots and lots of Boomers are in this boat. My mom has filed for bankruptcy 3 times in her life. She used to count the years to know when she could do it again and would run up more debt.
At one point she lamented, "I used to have a house, a good car, a house full of furniture, a big tv."
"Mom," I'd say, "You never *HAD* those things. The credit card company did." She has no concept of a financial net worth statement. Hers would have always been negative.
This post was edited on 8/5/24 at 9:36 am
Posted on 8/5/24 at 9:44 am to Covingtontiger77
quote:
People need to stop buying on credit and live within their means.
wut dat meaaaannn?
Nah. maybe one day when credit scores are determined by how well you live within your means instead of how likely you are to willingly pay high interest rates. Im over 800 but only because i played the real estate market to pay off hundreds of thousands over the past decade.
just had capital one close an account on me for not using it in 2 years. zero warning just a text alert " its been 2 years, your account is now closed". so now i get penalized for closing an account i didn't close on my own , and penalized again for my average account age going down. all because i didn't need to borrow. makes sense.
Posted on 8/5/24 at 9:45 am to Covingtontiger77
quote:
If the Fed cuts rates it’s taking advantage of the retard population to entice them into accumulating more crap and putting them further into debt.
Car loans now run out to 10 years, boat loans 15, homes 40. We're watching the US consumer being trained to happily accept indentured servitude. CC debt creation has beaten the shite out of GDP growth ever since Q4 2021, meaning that growth has been fueled pretty much solely by the growth in consumer debt.
Those cards have a carrying rate of 20+%. As UE rises, I think we are going to see more and more consumers walk away from their CC debt, assuming they will be able to just get some other card to continue charging on. If that breaks down (read: enough consumers default on enough debt), we're going to see a world of pain.
Posted on 8/5/24 at 9:47 am to Bard
quote:
Car loans now run out to 10 years, boat loans 15, homes 40
10yr car loans? Conv or Gov loans dont offer 40yrs. Only outside the box
Posted on 8/5/24 at 9:59 am to SDVTiger
quote:
10yr car loans? Conv or Gov loans dont offer 40yrs. Only outside the box
Outside the box counts, especially in this instance where the topic is of time length on loans being extended longer in order to entice consumers into continue buying.
This post was edited on 8/5/24 at 10:01 am
Posted on 8/5/24 at 10:01 am to Gusoline
quote:
maybe one day when credit scores are determined by how well you live within your means instead of how likely you are to willingly pay high interest rates. Im over 800 but only because i played the real estate market to pay off hundreds of thousands over the past decade.
just had capital one close an account on me for not using it in 2 years. zero warning just a text alert " its been 2 years, your account is now closed". so now i get penalized for closing an account i didn't close on my own , and penalized again for my average account age going down. all because i didn't need to borrow. makes sense.
yeah, don't get me started on credit scores. I have no debt except a home mortgage that's at about 20% of my home value, but we use CC's heavily every month, and pay them off every month. Also have a good net worth.
Yet, my credit score is very pedestrian 680-725 range.
Posted on 8/5/24 at 10:07 am to Covingtontiger77
quote:
$35 Trillion and growing is not sustainable.
You stupid fricking twat, you move from the above to blaming individuals not living within their means for our national debt.
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