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Posted by TM2008
ahh ok - that def helped me a lot!!
so how do you (and everyone else) feel about it?
Posted by Songstress
Posted by TM2008
ahh ok - that def helped me a lot!!
so how do you (and everyone else) feel about it?
Check out the BHB thread.
BHB Thread on AIG
We've been talking about it for a while there. Lots of info too. Dont feel bad about being confused. I really had no clue what this meant. I started googling everything I needed to know.
Posted by Songstress
So Im watching Suze Orman talk about it and she basically said:
These bankruptcies mean credit will be almost impossible to get. Chances of getting a mortgage, car loan, student loans for your kids, will be very very difficult.
Its going to take years for the losses in their retirement accounts their 401ks will suffer, and the oridinary person may not even be able to retire. When the economy collapses we have high unemployment, cant pay mortgage, more foreclosure. More people who lose their homes, less people paying their property tax. Less people who pay their property tax, the less state has to pay firemen, police, service. the more property taxes go up and the less we can afford our mortgages, etc etc etc
Now it just cant be carried anymore. People are living in financial lies by buying properties they couldnt afford. Living off BORROWING.
Thats what she said in a nutshell. I was typing as I was listening. I just thought it really explained how this happened in an easy way.
There was a time where we were a cash economy and it turned into a huge borrowing economy. People started living way beyond their means and this is whats causing this financial mess.
Posted by Espo22
Posted by Songstress
So Im watching Suze Orman talk about it and she basically said:
These bankruptcies mean credit will be almost impossible to get. Chances of getting a mortgage, car loan, student loans for your kids, will be very very difficult.
Its going to take years for the losses in their retirement accounts their 401ks will suffer, and the oridinary person may not even be able to retire. When the economy collapses we have high unemployment, cant pay mortgage, more foreclosure. More people who lose their homes, less people paying their property tax. Less people who pay their property tax, the less state has to pay firemen, police, service. the more property taxes go up and the less we can afford our mortgages, etc etc etc
Now it just cant be carried anymore. People are living in financial lies by buying properties they couldnt afford. Living off BORROWING.
Thats what she said in a nutshell. I was typing as I was listening. I just thought it really explained how this happened in an easy way.
There was a time where we were a cash economy and it turned into a huge borrowing economy. People started living way beyond their means and this is whats causing this financial mess.
this is why i keep saying its not a buyers market. Everyone keeps saying 'oh now is the best time to buy bc of prices' not really bc banks are not giving loans like they used to. Even those with good credit can have problems, and now forget it, its going to get even worse.
Posted by Songstress
Posted by Espo22
Posted by Songstress
So Im watching Suze Orman talk about it and she basically said:
These bankruptcies mean credit will be almost impossible to get. Chances of getting a mortgage, car loan, student loans for your kids, will be very very difficult.
Its going to take years for the losses in their retirement accounts their 401ks will suffer, and the oridinary person may not even be able to retire. When the economy collapses we have high unemployment, cant pay mortgage, more foreclosure. More people who lose their homes, less people paying their property tax. Less people who pay their property tax, the less state has to pay firemen, police, service. the more property taxes go up and the less we can afford our mortgages, etc etc etc
Now it just cant be carried anymore. People are living in financial lies by buying properties they couldnt afford. Living off BORROWING.
Thats what she said in a nutshell. I was typing as I was listening. I just thought it really explained how this happened in an easy way.
There was a time where we were a cash economy and it turned into a huge borrowing economy. People started living way beyond their means and this is whats causing this financial mess.
this is why i keep saying its not a buyers market. Everyone keeps saying 'oh now is the best time to buy bc of prices' not really bc banks are not giving loans like they used to. Even those with good credit can have problems, and now forget it, its going to get even worse.
Sometimes Im actually happy I claimed bankruptcy 6 years ago. I think I would be in a really bad situation right now had this not happened to me. I would probably have like 20 credit cards. Instead I was forced to learn how to live off what I had in the bank. It actualyl taught me responsibility. And Im still young, its going to be 7 years where Ill be able to start all over again. I know its not the best thing but I think it did help in some ways.
Posted by Songstress
Posted by Espo22
Posted by Songstress
So Im watching Suze Orman talk about it and she basically said:
These bankruptcies mean credit will be almost impossible to get. Chances of getting a mortgage, car loan, student loans for your kids, will be very very difficult.
Its going to take years for the losses in their retirement accounts their 401ks will suffer, and the oridinary person may not even be able to retire. When the economy collapses we have high unemployment, cant pay mortgage, more foreclosure. More people who lose their homes, less people paying their property tax. Less people who pay their property tax, the less state has to pay firemen, police, service. the more property taxes go up and the less we can afford our mortgages, etc etc etc
Now it just cant be carried anymore. People are living in financial lies by buying properties they couldnt afford. Living off BORROWING.
Thats what she said in a nutshell. I was typing as I was listening. I just thought it really explained how this happened in an easy way.
There was a time where we were a cash economy and it turned into a huge borrowing economy. People started living way beyond their means and this is whats causing this financial mess.
this is why i keep saying its not a buyers market. Everyone keeps saying 'oh now is the best time to buy bc of prices' not really bc banks are not giving loans like they used to. Even those with good credit can have problems, and now forget it, its going to get even worse.
Sometimes Im actually happy I claimed bankruptcy 6 years ago. I think I would be in a really bad situation right now had this not happened to me. I would probably have like 20 credit cards. Instead I was forced to learn how to live off what I had in the bank. It actualyl taught me responsibility. And Im still young, its going to be 7 years where Ill be able to start all over again. I know its not the best thing but I think it did help in some ways.
