Text 26295, 37 rader
Skriven 2009-01-18 10:24:26 av Ward Dossche (2:292/854)
  Kommentar till text 26290 av Ross Cassell (1:123/456)
Ärende: Re: Make war or make productive work?
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RC> Banks and lending companies were told to go ahead and lend to risky
RC> borrowers and that they would back them up by purchasing the notes.
RC> Therefore money was being lent to people whom never had a snowballs
RC> chance in hell of being able to repay them.
 
A friend of mine in Montana was in a snowball-effect with credit and mortgages
and refinancing. No chance to get out of it. She figured she owed some $7,000
which I thought to be little and we proposed to pay it and she could get it
back to us in monthly installments in many years (you know the case, abandoned
by husband paying no child support, kids to raise, mortgage to pay, not a
decent job because no time, etc... but "what are friends for if even your
family bails-out?")
 
So we were there and she said to us there was a brown paper bag with bills
which should give an accurate total.
 
After $31,000 of unpaid bills we discovered and slips of 7 different
credit-cards, we advised her to sell the 5 bedroom 2 fireplace house and move
into something smaller. There's no way we could help a situation like that.
 
I often notice people borrowing too much, building too big a house, buying too
big a car. My other friend in Tacoma sometimes goes without food (but not for
the dog) but has a 62" (sixty-two) plasma TV, full surround sound, 3 Fuji S5
cameras with all the lenses, a huge collapsible swimming pool, 2 cars, eats out
every day (if there's money) .... people are not taught anymore how to handle
money as it used to be. Youngsters do not learn to save anymore because at an
age where they're barely not wetting their pants anymore they are already
bombarded with credit proposals.
 
I have a Visa, a Laster and a Diners only used during vacation, I have some
savings and no other debt and would like to keep it that way. When I die I
would not like to leave a gaping hole behind ...
 
 \%/@rd

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 * Origin: "Michiel for ZC" (2:292/854)