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Inmate Central Inmate Central, where civil and family-friendly discourse about off-audio topics (other than religion and politics) is welcome. |
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In Reply to: It's hard to rent a nice place with a bad credit rating.... posted by peppy m. on December 2, 2024 at 01:57:32:
If folks don't have a good credit rating and they are paying on burdensome debt they are fools not to declare bankruptcy. A good credit rating is over rated. If burdened by heavy debt and only capable of making minimum payments folks should seriously consider bankruptcy. The credit system is designed to be a boat anchor on people who shouldn't have been getting the loans in the first place - put the burden on the irresponsible lenders.Since industry has essential failed in America the burden of carrying the economy has relied on expanding consumer credit. From CC expansion that began in the 60s/70s we've seen student loan expansions, 30 year mortgages, 6 year auto loans (or whatever it's up to now) all after the early days trickery to get the public to adapt to CC usage using CC interest deductions (which BTW were removed in order to give tax cuts to the highest earners in the 80s).
Americans used to save their money in savings accounts which used to pay 5% interest or more. Those days are long gone intentionally replaced by consumer debt which gives industry a higher rate of return and screws the public. American consumerism is the result of billions of dollars worth of marketing investment by American industry and the banking systems quest for profits regardless of the cost to the public. It's a massive scam that has destroyed American capitalism. Before the 70s middle class single income families could afford to buy a home and save money but since then a war has been waged by American Industry including the financials to suck away that wealth and opportunity once available to the public.
Bankruptcy is the only escape for many.
Edits: 12/02/24
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Follow Ups
- Money talks - Goober58 08:23:58 12/02/24 (2)
- RE: Money talks - Inmate51 08:43:54 12/02/24 (1)
- Yes - Goober58 09:25:56 12/02/24 (0)
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