Quote:
Originally Posted by TylerH860
Its beyond cash for clunkers now.
Buy here pay here lots will literally pay retail on a mid-2000s Japanese car and make money on 29.9% financing. People buy these cars because they need transportation but their credit does not improve because the lots don't report to the credit bureau. They can't save $5, let alone plan to lay out several thousand for a car purchase.
I don't think you can blame Obama and Bernanke for people spending more than they make and borrowing money to buy now rather than save money to buy later. Its a cultural issue.
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Read this last night:
" poor people work for their money - rich people let their money work for them."
Lotta truth to it, pertains the habits of
"people spending more than they make and borrowing money to buy now rather than save more to buy later," have locked themselves in a position where they will always have to work for their money, just to try to keep up with their spending habit.