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Debtor's Prison

Discussion in 'General Discussion' started by Crosstimbers Okie, Mar 19, 2011.

  1. Crosstimbers Okie

    Crosstimbers Okie Sharpshooter Member

    Joined:
    Jul 16, 2006
    Messages:
    636
    Location:
    KC, MO
    Insanity. That will make you think twice about filling out that credit application. It's cheap cars and rented apartments, or mobile homes for me from now on. If I can't pay cash as I go, I don't need it.

    Let the bankers stick that in their "recovery" and smoke it.

    http://online.wsj.com/article/SB10001424052748704396504576204553811636610.html

     
  2. JKClay

    JKClay Sharpshooter Member

    Joined:
    Dec 23, 2010
    Messages:
    658
    Location:
    Oklahoma City
    This is just one of the many reasons I avoid debt at all costs! The only thing I owe on is my house and my Jeep and I wish to God I wouldn't have taken a loan on my Jeep. This country is so out of control in debt. When I graduated college I was $20k in cc debt and decided to live way below my means and pay it off. It sucked for a while (a long while)...I wasn't able to buy a house or drive a nice car. I got out of debt started saving and now I have a 130k home on a 15 year note (only 10 more years or less left) and a 09 Jeep Wrangler that I only have 3 more years to pay on! I will have my house paid off before my 44th b-day (or sooner)! If I would've kept going down the credit card road I would have had to file bankruptcy by now...I hate credit card companies and all that goes with them!
     
  3. dennishoddy

    dennishoddy Moderator Staff Member Moderator Member

    Joined:
    Dec 9, 2008
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    Location:
    Ponca City Ok
    Its not rocket science.
    If you don't have the money to pay for it. Don't buy it.
     
  4. RETOKSQUID

    RETOKSQUID Sharpshooter Member

    Joined:
    Aug 22, 2009
    Messages:
    2,405
    Location:
    Back in BA
    In 1833 the United States abolished Federal imprisonment for unpaid debts, and Oklahoma prohibits it under our state constitution. Can see many more people saying F this and declare bankruptcy if crap like this is allowed to continue. But dennishoddy is right on the money!
     
  5. Glocktogo

    Glocktogo Sharpshooter Member

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    Jan 12, 2007
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    Location:
    Collinsville
    My wife and I live within our means, which is WAY below what we could borrow "according to the experts". Well the "experts" can go **** themselves! What they want is people hooked on credit like crack babies. They've pretty much had their way with this country and it shows. Hope they get theirs in the end! :(
     
  6. dennishoddy

    dennishoddy Moderator Staff Member Moderator Member

    Joined:
    Dec 9, 2008
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    42,301
    Location:
    Ponca City Ok
    Our house is paid off now, but if we had
    "invested" in a house at the level the bank said we could afford, we would be eating beans and rice for supper.
    I can't believe that people can't look at their monthly income, factor in the monthly bills, and then figure out what they can pay for a house payment......
    ITS NOT ROCKET SCIENCE!
     
  7. rlongnt

    rlongnt Sharpshooter Member

    Joined:
    May 16, 2006
    Messages:
    2,461
    Location:
    Stillwater
    I could not agree more. All I want is enough land to have something large enough to at least jokingly call my ranch, a few head of cattle and a couple of horses but according to the experts I could buy the world. Well screw them all; in two months I pay off a car, child support of 19 years “not that I regret that part”, etc. etc. etc. I think all I want from here is a new set of tires and shocks for my Jeep. A year from now, I owe nothing. I had to learn it all the hard way but boy did I learn it!
     
  8. Glocktogo

    Glocktogo Sharpshooter Member

    Joined:
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    Collinsville
    Another trap is buying on credit without a large enough down payment. I will only have a house payment and one car payment at a time. I could sell either one for a net loss tomorrow and still get cash back. If you're upside down on anything, you're vulnerable. :(
     
  9. Crosstimbers Okie

    Crosstimbers Okie Sharpshooter Member

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    Location:
    KC, MO
    According to the article, McIntosh County, OK is one of the places where it's happening.
     
  10. Crosstimbers Okie

    Crosstimbers Okie Sharpshooter Member

    Joined:
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    Location:
    KC, MO
    The problem is that shoddy lending practices drove prices up to the point where many couldn't afford the loans they got. And the housing bubble drove rental prices right up with them.
     

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