SNL offers a revolutionary debt and money-management program. Chris Parnell teaches Steve Martin and Amy Poehler the secret to financial success. It’s all detailed in a new book called, “Don’t Buy Stuff You Can’t Afford.” Every debtor in America should read it.
(Thanks to Sean!)
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I am an undergrad here in the US and I find it perplexing that people borrow habitually in this country. This will most absolutely eventually increase a good amount of risk in the whole system, by making financial institutions much more fragile. An illustrative example is the recent sub-prime mortgage crisis. With very minor economic fluctuations, banks here will suffer a lot, because many borrowers are on their edges of insolvency even in peace times. ‘Building Credit History’ is unnecessary for most people as they don’t lack the working capitals for entrepreneurship. And by borrowing money regularly to build on the so-called credibility, most people embark on their way to serfdom. Beware, people.
@etetet: it’s like you predicted the future!
look what is happening now, banks / investment firms are closing down left and right!
You would probably lose to Ivanka Trump in Jeopardy … the newest bailout recipients: Detroit and the auto industry! Hey, we’re the new France! Surely the newspaper industry is up next. And what about radio? Let’s save them, too … anyone here join Hoffspace?
@crosenblum: I don’t understand why people are so scared of credit cards. They’re extremely convienent, and while I use them every day, I still do not buy things I cannot afford and have never once not paid off my credit card bill in full every month.
I know some other books:
* Don’t go to war unless you are being attacked
* Double your IQ or no money back (old one)
* Talking to and taking orders from invisible friends is considered a psychotic disorder.
Seriously though, lines of credit can be a good thing if they are used for their intended purpose which is to expand your operational cash pool because you will be paying it forward. Most companies can’t operate without LOC’s. Also, individual consultants greatly benefit from LOC’s because they typically receive large sums of cash only a few times a year.
Also, it’s my understanding that sub prime loans were DESIGNED for self employed individuals who expected to pay off the negative equity at the end of the year. They were intended to be a form of credit. Also, executives who received large bonuses would benefit from sub-primes. Sub primes were never meant for the average employed individual.
That’s the real problem with credit. No one ever teaches anyone how to use it. It’s like a drivers license. At 18 everyone can get one without proper training.
Don’t have the money? Vote for an Econo-Pimp who will pander to your stupidity.
Viola! The half of the country that is forced to pay taxes will bail you out and and your problems are solved.
Yep it’s funny…but truth is that most of the people in bankruptcy court for CCs are because of medical debt. The minority of filers are there for CC debt related to entitlement-minded idiotic purchases.
This is funny, and so very simple and true.