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I'd like to see the numbers when FBHO ruled.

Fake news.

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LOL....I wonder what the figures are on bass boats and 4X4 side-by-sides.

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/thread

Only debt I currently have is a mortgage and it is 1/3 the price of what rent would be.

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Around 2005 or so, I was selling cars. (And still do)
Customer wanted to buy a used Jeep, he applied for credit, and was approved.
He had 2 previous repossessions. That's insanity on the banks part. The banking industry is a huge part of the problem.

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7,000,000 really isn't that many. That's less than a 7% default rate.

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That's like, 2% of the population, right?

I'm honestly more surprised that the number isn't higher.  A number that low is a sign of a strong economy.

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I got a lady done (who made like $230k BTW) with horrible credit and two repos back when I was selling cars.

She got state maximum rate, and ended up paying $150k for a $60k car or something absurd. Her payments were ludicrous.

Edit: well the bank got her done. I was the salesman

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lol

The repo rate will continue to rise as the average length of loan increases. Doesn't mean its a problem, just means people are fucking stupid and cars are more expensive relative to income (but they last longer) and people want new shiny things they can't afford.

Yeremyahu: Debt is like a narcotic, our society can't stay off of it.  Debt has always been a problem for America, even when America had a high IQ electorate.  The Founding Fathers got themselves into so much trouble that the Congress passed the first bankruptcy law in 1800.  Now the electorate's and the general population's IQ has decreased; debt is easy to acquire, hard to discharge; in the last half century America has been deindustrializing, families have been fracturing, fastidious fatherhood has fallen away to feminized fuckboyhood, medical costs have been inflating, and the financial sector has gained huge amounts of political power.

When the debtor doesn't even need to be smart enough to calculate the interest of his or her debt, should I hold liability to the debt serfs or the megcorporations?  Is liability with the 85 IQ ditch digger stuck in the payday loan rut, the 110 IQ journeyman or clerk living paycheck-to-paycheck in deep credit card debt, or should I hold liability to the the financial offices full of MBAs and PhDs?

Usury is immoral, and America should become a Christian society again.  The banks create these loans out of nothing, with not even paper bills to back them up, lend out these inflated dollars to the public, and they have the audacity to charge interest on this made up money.  Student Debt should be dischargeable in bankruptcy.  Congress could nationalize the Federal Reserve, and make a debt jubilee where it uses that same money creation method to give a stipend to everyone that files a credit report with an income tax return on the condition that all money of the stipend be used to retire the tax payer's debt before any other use.  Fractional reserve banking is usury and should be constitutionally prohibited.  These things could be done if the public was the main focus of the government; but we do not have a government of, by and for the people - we have a government of money power.

jaqufrost: I'm glad you're not in charge.

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I didn't see the article give its raw data, but...

There are roughly 270 million registered cars in the US.  If 7 million of them are at risk for repossession, that still only represents roughly 3% of cars.

Still an exceptionally low figure, IMO.

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@jaqufrost
Yeah that's fair I guess, who would you prefer?

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Does that factor in the impact on the used part market and the auto repair industry as a whole? And lack of availability of used or rebuilt parts leading to non-cfc cars being scrapped anyway?

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But dey gots dat 70" flat screen yo

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Those are about $600 now so that's not really a thing anymore.

It's more likely major finance companies like Ally giving loans to people with 60% debt ratios on 84 months.

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And the politicians like Bush & Obama will be right there to take the money out of the tax payers pockets and give it to
the commie banksters as per usual.

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That statement holds some water considering used car purchases but is not and has not been an issue for new vehicle sales.

The subprime market blossoms with a strong economy such as what we see in the USA.
The downside of that is predatory lending practices and shysters that kink paperwork to get the banks to buy the loan and foist 29.9% interest rates on people who "think" they can make the payments and discover that the cannot because it takes too much out of their disposable income.

GDSR is a real thing, and it is largely ignored by predatory lenders and those who want something shiny and want it right now.

"Most of the people who are behind on their bills have low credit scores and are under age 30"
(from the article)

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Now you know how all of those 19 year old kids are driving around $60K diesel trucks with $20K worth of lift kits and wheels on them..........

Yeremyahu: Debt is like a narcotic, our society can't stay off of it.  Debt has always been a problem for America, even when America had a high IQ electorate.  The Founding Fathers got themselves into so much trouble that the Congress passed the first bankruptcy law in 1800.  Now the electorate's and the general population's IQ has decreased; debt is easy to acquire, hard to discharge; in the last half century America has been deindustrializing, families have been fracturing, fastidious fatherhood has fallen away to feminized fuckboyhood, medical costs have been inflating, and the financial sector has gained huge amounts of political power.

When the debtor doesn't even need to be smart enough to calculate the interest of his or her debt, should I hold liability to the debt serfs or the megcorporations?  Is liability with the 85 IQ ditch digger stuck in the payday loan rut, the 110 IQ journeyman or clerk living paycheck-to-paycheck in deep credit card debt, or should I hold liability to the the financial offices full of MBAs and PhDs?

Usury is immoral, and America should become a Christian society again.  The banks create these loans out of nothing, with not even paper bills to back them up, lend out these inflated dollars to the public, and they have the audacity to charge interest on this made up money.  Student Debt should be dischargeable in bankruptcy.  Congress could nationalize the Federal Reserve, and make a debt jubilee where it uses that same money creation method to give a stipend to everyone that files a credit report with an income tax return on the condition that all money of the stipend be used to retire the tax payer's debt before any other use.  Fractional reserve banking is usury and should be constitutionally prohibited.  These things could be done if the public was the main focus of the government; but we do not have a government of, by and for the people - we have a government of money power.

jaqufrost: I'm glad you're not in charge.

Yeremyahu: Yeah that's fair I guess, who would you prefer?

jaqufrost: Me of course
But at a minimum, someone who understands the dollar is held up by confidence and nationalizing the fed while declaring a debt jubilee would sink the country.
I'm fine with making student debt dischargeable.
If your IQ is 110, you should be plenty smart and not be living paycheck to paycheck.  I've paid back my loans, in general I expect others to pay theirs as well.

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I'm 6 months ahead

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That's like, 2% of the population, right?

I'm honestly more surprised that the number isn't higher.  A number that low is a sign of a strong economy.

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@GSODracing

Consider re-titling your thread to indicate the math that 7 million out of 328 million represents.