It's hard to believe that people are out here paying $1,500 per month car payment for ordinary vehicles that are not considered luxury vehicles. This YouTube video is only 9 minutes long and it's talking about these high car payments.
Google "youtube adblocker" for whatever browser that you use and you'll be able to watch Youtube without the commercials (adblocker also blocks ads on blogs, websites, etc.)
Financial education in our country is terrible. People spend money they don't have to buy things they don't need to impress people they don't like. Nobody *needs* a NEW car in life and yes, prices are high, but there are ways to largely reduce cost.
ReplyDeleteYou are right no one is entitled to a new car but no one wants to sacrifice to get the things that they want and then they complain about the homeless, the books in schools, the bike lanes, etc., etc., etc.
DeleteI cannot imagine the stress people are under to have such large car payments plus the insurance and registration. Plus, they are carrying the student loan debt.
That's their fault. They get zero sympathy from me. I do feel bad for people completely set up to fail by bad parenting.
Delete😳 That's more than my rent.
ReplyDeleteThe parents and grandparents have to be pitching in financially to keep them from having to live in their cars.
DeleteWhy did the banks finance these loans? The banks took on extraordinary risk and at some point...the banks will go under.
Every bank underwrites loans knowing some will default. It's risk/benefit analysis, I would assume.
DeleteThey are always making money while they have yours. Default doesn't mean problem unless on a mass scale. Every mortgage lender makes at least 1/4 point on the front end *and* back end of your mortgage loan and that's before having the use of your money.