Well said John! Probably one of the best summaries of why there is a credit problem. A few months ago a news item came out that said the average credit card balance was ~ $8000+. Add that to a car payment and the mortgage and it is a no-brainer to understand Main Street's credit problem, which of course led to the greed of lending institutions. There is "no cure for stupidity".
I went into Wal Mart yesterday for a flu shot and asked the stabber if she had a vaccine for stupid and she said no, but wished she did "we could make billions". Ted Bunch On 10/13/08 10:15 AM, "John Gwilliam" <[EMAIL PROTECTED]> wrote: > We can point finger in all directions and blame a whole basket full of > politicians, business leaders and everyone and anyone else. One thing > we need to address ( in my uneducated opinion) is the over spending by > the regular folks on Main street. It used to be people saved up > enough money until they had a 20% down payment for a house and only > used credit for other items like a vehicle (not two or three) and > education. These days, many of us citizens make purchases on credit > that we really can't afford. after all, why do we put "thing" on our > credit cards? Because we don't have the cash. Optimistically, we > always believe our financial outlook will be brighter in the future > and we'll be able to pay off the credit card quickly. Sadly, it's > that's usually not the case. > > Those of you who are my age (56) or older might remember the "lay > away" plan that many department stores used to have. You went into > the store every week or two and paid five or tens bucks on an item > they were holding for you. When you paid for the item in full, they > handed it to you and you had a brand new "thing" - a washer, dryer or > bike for one of your kids. Nowdays, we put the "thing" on a credit > card and by the time most of us get it paid off the "thing" is worn > out or dead and gone. > > It's time for all of us to take a hard look at our spending > habits...along with who we vote into office and how we use our money. > > Sure, we're in a big mess. But if everyone learns from this mistake > we can all be doing better down the road weither it's in one year or > five years. > > Best, > > John Gwilliam > > On Mon, Oct 13, 2008 at 9:32 AM, <[EMAIL PROTECTED]> wrote: >> ______________________________________________ http://www.meteoritecentral.com Meteorite-list mailing list [email protected] http://six.pairlist.net/mailman/listinfo/meteorite-list
