Many bloggers and readers in the corner of the blogosphere I inhabit are conservative in their political outlook and their financial philosophy. They will likely survive the coming economic collapse. Don’t think there will be an economic collapse?
No need to waste time reading further.
Decades retailing automobiles, trucks, and utility trailers required my reading credit reports. I’ve probably seen thousands. Common conclusion often were,
“They can’t finance steam off a hot dog”, or, “They have earned the right to pay 35% APR”.
Nowadays I work as an agent, part time, contacting people behind on their mortgages. I bring them solutions. They usually don’t like the solutions.
My sympathy does go out to a few, very few people I contact. Recently, the thirty something woman with children told me she was nine months pregnant and had a restraining order against her husband who was lying about making the mortgage payments. That prompted more detailed remarks in my report than usual. Hopefully, something can be worked out.
More common was a house with two full dressed motorcycles in the garage (the door was partially open) a newer Jeep Rubicon in the driveway, and the couple $9,000+ in arrears. I delivered a refinance offer that would roll over their deficiency. Their monthly payment will go up $200 higher.
“We can’t afford that high a payment”, was their outraged comment.“Call that number”, was my response.
Over and over I’m sent to homes with $3,000 a month mortgage payments and there are $150,000 worth of vehicles (probably leased) scattered around plus boats and/or ATVs.
I don’t envy successful people their success and their rewards. Bless them, rewards for their hard work honestly earned.
It is the damned fools that set my teeth on edge because I know, as sure as the sun rises, when their personal shit hits the fan they will be screaming for someone else to bail them out.
As always, YMMV
