Is it this bad?..the economy

[Lin]

 

[euroazn]

The video took a long time to render and all I saw at first was a blank page. I thought that was a beautiful metaphor.

 

[Abdel]

When Casino's executives start making rap videos, you know it's bad:

 

[Abdel]

Here is the answer:

A majority, or 64%, of Americans don't have enough cash on hand to handle a $1,000 emergency expense.
http://money.cnn.com/2011/08/10/pf/emergency_fund/index.htm?hpt=hp_t2

 

[Joe Ross]

Here is the answer:

A majority, or 64%, of Americans don't have enough cash on hand to handle a $1,000 emergency expense.
http://money.cnn.com/2011/08/10/pf/emergency_fund/index.htm?hpt=hp_t2

However, they will be able to watch Monday Night Football on the 54" plasma in their living room and draw off their home equity line in order to pay their mortgage.

 

[atreides]

However, they will be able to watch Monday Night Football on the 54" plasma in their living room and draw off their home equity line in order to pay their mortgage.

I think the concept of 'credit' is a double edged sword... if only people bought things they could truly afford we wouldn't be in this mess. The last place I lived in, everyone dealt in hard cash as there are no systems that will track you / your SSN / credit history if you refuse to pay up.. paying for that brand new house or car..cash all the way

 

[RE_finance]

Quick question: -any help would be appreciated.

Principal amount $32,000.
Interest rate of 16%
2 year note
Payment amount to be interest plus $400.00

What is the effective rate on this note?

 

[curltron]

I think the concept of 'credit' is a double edged sword... if only people bought things they could truly afford we wouldn't be in this mess. The last place I lived in, everyone dealt in hard cash as there are no systems that will track you / your SSN / credit history if you refuse to pay up.. paying for that brand new house or car..cash all the way

Fortunately the issuance of credit comes from an agreement of more than one party, one of them who ought to be experienced knowing whether or not they will get their money back. The problem of credit comes in when this is poorly assessed, such as the subprime mortgage crisis.

People can attempt to live out of their means all they want, but it doesn't become a problem unless creditors foolishly allow them to do it.

Very related article: http://www.nytimes.com/1999/09/30/business/fannie-mae-eases-credit-to-aid-mortgage-lending.html