More debtors are behind their loans than at any time since 1992. [American Banker's Association]
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Rampant dept, foreclosure, and repossession on the last year of their presidency. It's the Bush family legacy!
All aboard the hate train. choo choo.
Cue the liberal shills talking about how it's all government's fault that people live beyond their means.
but there are more debtors now than in 1992. also there are more people doing lots of stuff than in 1992 b/c there are more people than there were then.
Cue the commentators who wish the ones who politicize these threads would kindly STFU.
Hmm let me think. Our paycheck went down this year even after getting a cost of living raise that does not even come close to the actual cost of living. Our dental insurance went up, medical insurance went up, copays went up, gas went up, food went up, ect. Of course, we are all living beyond our means and damn us liberals for wanting to do things like eat and live indoors.
Some people who are in debt up to their eyeballs still pay for cable TV, high speed internet, a nice new-ish car, and dine out more than 3 times a week. Sometimes, when the going gets tough, the tough change their lifestyle to suit their *new* means.
Sell the SUV, get a civic or corolla, dine at home, ditch the cable TV and internet, and maybe get a second job. It's not all that hard to get out of debt, if one is so inclined.
/Dave Ramsey FTW!
@CRNewsom: It isn't that easy to get a job in some parts of the country right now...
"Olive Garden general manager Jerrilynn Dean said as of around 3 p.m. they have had well over 200 applicants through their doors. She said they have so far hired four of the near 170 they intend to hire."
My question is where the tipping point will be. Y'know, when people start saying "Eff it. NOONE has a 'good' credit score." That'll be a fun day to see. Of course, none of the pantywaisters here on consumerist will be amused.
@AngrySicilian: I think the more reasonable viewpoint is that this is not ONLY a political issue, it's societal as a whole. Political, social, educational, commercial. The Chimp in Chief certainly contributed to the environment that made this possible with his "laissez faire at any cost" approach to things, but the feeding frenzy for oversized McMansions and $600k 2-1 bungalows in LA didn't help. That made it easier for people to look the other way about liar loans and selling ARMs at the bottom of the rate curve, because everyone wanted a mortgage regardless of whether it was a good idea, then they turn around and get a HELOC or cash-out refi because they can't afford the other accoutrement of modern consumer society after they overpay for their house.
I realize it's easy for me to be critical about that, since I live in a more realistically-priced real estate market... I could easily find $600k houses, but around here those are usually 4-3 with a 3-car garage on a golf course or behind a gate. I don't feel like spending that much or cooling that much house in the summer (never MIND the property tax.)
There's plenty of blame to go around. Greedy business interests, lap-dog politicians and mindless consumers all conspired (consciously or not) to set up the conditions for the debt crisis.
@CRNewsom: I did get rid of all the debt, got the world's smallest crew cab pick-em-up truck, no cable, no subscriptions, don't eat out, used the same razor blade forever (seems like it), you get the idea.....
It still sucks. We who don't owe money are being punished by monetary policy to bail out those who do.
@GearheadGeek: Don't get me wrong here, I agree that people were assclowns for buying those McMansions and living beyond their means... There IS plenty of blame to go around... but I just Love when Republicans pass the buck on the issue, blame the consumer, and stay quiet when Bush & Co. bail out investment banks.
@AngrySicilian: Lately I have noticed some comment threads have broken down to "It's the fault of the conservatives and their free market policies" vs "It's the fault of the liberals who want more govt." Then it goes back and forth of comments saying that they're right and the others are wrong.
I can point to the hospital that's closing in Chicago as the perfect example, the article is about the fact that the hospital has to close because it doesn't make enough money, which will affect medical care for folks in the area, especially true blue emergencies. However, the comment thread is basically full of rants about how the US healthcare system is broken or about why the US should have universal care or why the health care systems of Canada/France/UK are good/bad. Along with that then there's the finger pointing that it's the fault of conservatives because they want to take away medicare and social security and/or it's the fault of the liberals because they created medicare. The discussion has completely gone away from the original point of the article posted. I am tired of sifting through tons of political attacks on one another to find the comments that relate to the original post.
If you want to rant about politics, that's what Wonkette is for, get them to link to it and then you can have all the political commentary you want.
There is a lack of accountability period. Not just in this nation, but the world at large. People feel free to come and go as they please, and expect immediate satisfaction at the drop of a dime.
When the money stops rolling in to pay for all these extras - when the card gets declined and the creditors are calling hourly - then it hits.
Everyone just feels entitled to have "x". You don't even have to earn it - you are just deserve to have it. That's the mentality that needs to change.
@mduser: Maybe a Consumerist PSA is due to raise your point instead of singling me out in a burried comment thread.
Without circling back to that hospital article, I believe it also got down and dirty on "illegal" immigrants. If you want to be the Consumerist ombudsman, then call out people on their racism and classism as well.
It's an election year, people will talk politics. Relax, November is around the corner and people will go back to not caring soon enough.
Cue the GOP commentators talking about how people are not responsible for themselves and how people are the problem... Then when someone reminds them that years ago they said that government was the problem and the markets left alone would run itself perfectly, they'll say this is government's fault.
Bitter, party of one?