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Thread: What credit-card payoff? Consumers are dumping debt

  1. #51
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    Re: What credit-card payoff? Consumers are dumping debt

    Quote Originally Posted by RightinNYC View Post
    I agree that there should be more financial management classes, but there are some things that are pretty elementary.
    Even if the schools are teaching such info, the kids might have the opposite being demonstrated at home.
    Most of my financial wisdom comes from watching what my parents did, and going the opposite direction...
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    Re: What credit-card payoff? Consumers are dumping debt

    Quote Originally Posted by RightinNYC View Post
    So the solution to people being susceptible to peer pressure is...?
    Change the peer pressure. Better education, an end to glorifying greed, promoting living a less materialistic/healthier life, promoting charity over business investments, valuing people more than corporations... Social change, back towards when we were caring more about your fellow man and the next generation than yourself and your personal comforts.
    Last edited by NoJingoLingo; 03-24-10 at 03:00 PM.

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    Re: What credit-card payoff? Consumers are dumping debt

    Quote Originally Posted by RightinNYC View Post
    You mean that by the time people have finished 13 years of free schooling, we shouldn't have expected them to learn that you can't pay off a $600k mortgage on a $40k salary?
    Oh, I think they've learned enough math by that time to figure that out.

    However, here's the rest of the story:

    Houses have been increasing in price by double digits for several years. That HS grad knows of people who have made thousands of dollars by buying and then selling a house. His choice is to buy a $200 K house that he can afford, and see it increase in value by 20% for a gain of $40K, or buy the 600K house with a "creative" mortgage and hang on to it as long as possible. When it goes up by 20%, he's made $120K instead of 40. The buyer probably realizes that doing so is a gamble, but gambling with other people's money can be a pretty good deal most of the time.

    Quite a lot of people gambled and won.
    "Donald Trump is a phony, a fraud... [he's] playing the American public for suckers." Mitt Romney

  4. #54
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    Re: What credit-card payoff? Consumers are dumping debt

    Quote Originally Posted by NoJingoLingo View Post
    Change the peer pressure. Better education, an end to glorifying greed, promoting living a less materialistic/healthier life, promoting charity over business investments, valuing people more than corporations... Social change, back towards when we were caring more about your fellow man and the next generation than yourself and your personal comforts.
    When exactly did this mythical period of caring and sharing exist?

    Quote Originally Posted by Dittohead not! View Post
    Oh, I think they've learned enough math by that time to figure that out.

    However, here's the rest of the story:

    Houses have been increasing in price by double digits for several years. That HS grad knows of people who have made thousands of dollars by buying and then selling a house. His choice is to buy a $200 K house that he can afford, and see it increase in value by 20% for a gain of $40K, or buy the 600K house with a "creative" mortgage and hang on to it as long as possible. When it goes up by 20%, he's made $120K instead of 40. The buyer probably realizes that doing so is a gamble, but gambling with other people's money can be a pretty good deal most of the time.

    Quite a lot of people gambled and won.
    And I'm sure a lot of people watched the World Series of Poker on ESPN, spent a weekend in Vegas, and left with a small profit. That doesn't mean I think we should be making excuses for those who went there and lost every penny they had.

    Again, I can understand why people did what they did, I just don't see the value in placing the blame on society rather than expecting people to act with a modicum of common sense.
    People sleep peaceably in their beds at night only because rough men stand ready to do violence on their behalf.

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    Re: What credit-card payoff? Consumers are dumping debt

    Quote Originally Posted by Dittohead not! View Post
    Reading the news and looking at things people do, I ask myself that question pretty regularly.

    Have you figured out an answer yet?
    Baby boomer parents.

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    Re: What credit-card payoff? Consumers are dumping debt

    Quote Originally Posted by NoJingoLingo View Post
    Change the peer pressure. Better education, an end to glorifying greed, promoting living a less materialistic/healthier life, promoting charity over business investments, valuing people more than corporations... Social change, back towards when we were caring more about your fellow man and the next generation than yourself and your personal comforts.
    There is no alternative to people accepting responsibility for their own actions. There is no government program that can replace basic social skills.

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    Re: What credit-card payoff? Consumers are dumping debt

    Quote Originally Posted by Catz Part Deux View Post
    There is no alternative to people accepting responsibility for their own actions. There is no government program that can replace basic social skills.
    Who said this change should come from government? I think we found out that that is NOT going to happen.
    It should come from the people.
    Personal responsibility needs to be taught and reinforced by society as a matter of daily life. Do we really need to flip cars every 2-5 years? Do we really need a flat screen in the bathroom of the "master suite"?

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    Re: What credit-card payoff? Consumers are dumping debt

    Quote Originally Posted by Catz Part Deux View Post
    There is no alternative to people accepting responsibility for their own actions. There is no government program that can replace basic social skills.
    I agree. Individuals need to be held accountable for decisions they make. Parents should teach their children that it is ok to live within your means. That wealth alone won't bring happiness or determine if you are a successful person. Govt. does not need to be involved.

    Quote Originally Posted by NoJingoLingo View Post
    Who said this change should come from government? I think we found out that that is NOT going to happen.
    It should come from the people.
    Personal responsibility needs to be taught and reinforced by society as a matter of daily life. Do we really need to flip cars every 2-5 years? Do we really need a flat screen in the bathroom of the "master suite"?
    You are correct that their is a difference between a "need" and a "want". Do we need to swap vehicles every 2-5 years. No, However, if a person can afford to swap vehicles every 2-5 years or have multiple tv's without running themselves into debt, why not? It is not the indiviuals decision to make?
    "I can explain it to you but, I can't understand it for you"

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    Re: What credit-card payoff? Consumers are dumping debt

    Count me as part of the $10 million then. At 25, me and my family are completely debt free. I was on the wrong side of debt for quite a few years, but I don't plan to see another cent of mine go towards debt.


    If I can figure it out, anyone can.
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    Re: What credit-card payoff? Consumers are dumping debt

    Quote Originally Posted by RightinNYC View Post
    When exactly did this mythical period of caring and sharing exist?
    Must have been the Age of Aquarius, which happened in the '60s, or so I'm told. I remember the '60s pretty well, but still don't remember anything like that happening.

    Quote Originally Posted by RightinNYC View Post
    And I'm sure a lot of people watched the World Series of Poker on ESPN, spent a weekend in Vegas, and left with a small profit. That doesn't mean I think we should be making excuses for those who went there and lost every penny they had.

    Again, I can understand why people did what they did, I just don't see the value in placing the blame on society rather than expecting people to act with a modicum of common sense.
    Correct. The blame goes to the individuals involved. Nevertheless, people who bought houses that they couldn't afford didn't act out of ignorance. They knew exactly what they were doing, and a lot of them did make money on it.

    It's just that no one expected the housing market to collapse quite as suddenly as it did.
    "Donald Trump is a phony, a fraud... [he's] playing the American public for suckers." Mitt Romney

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