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7 million US auto loans 90 days in arrears


Neighbor

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The little church oriented group with whom I am taking this class has a debt to liquid asset ratio of 4 to 1 ( without home mortgage being part of the calculation). I am still stunned at that. Will be interesting to share together as a group and see how we all progress as an anonymous group statistic.

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2 minutes ago, Neighbor said:

Yep, same here, yet again Ramsey claims paying cash saves more  then the enticements to use any credit card does, for there is a real physical affect upon the brain when cash is used compared to any credit or debit or smart phone for the transfer of assets. He may be right I did it for a year then bought into the easy record keeping that was an enticement by AMX and others, that easy summary at the end of the tax year. With cash I do think more, I think how much more cash do I have on me at this moment, instead of I got it covered at the end of the month  I'll just tally it up then.

Anyway I hope to continue with the process and experiment. I did cut up my sLowes card. And plan to get a debit card which I have always refused in the past. I am going  to get out of my easy auto pay arrangements for utilities and pay each month  with a hand written check to see do I pay closer attention to th euse of electricity as example, or not. I am fortunate enough not to have great concern over such things, but I also think I am taking the at good fortune way too casually. I do need to be more aware of what God has tended to me for care.

Ot is some early fun anyway- I will soon see, if I am able to be better at this or not.

debit cards are dangerous at most banks.....    if my discover card is used by someone else, discover covers the loss and it is not out of my finances.....   debit cards are different.  If someone manages to get into that, the bank says you are responsible for the safety of the card and they will not cover the loss.  I do have one for my checking account but never use it.

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2 minutes ago, Neighbor said:

The little church oriented group with whom I am taking this class has a debt to liquid asset ratio of 4 to 1 ( without home mortgage being part of the calculation). I am still stunned at that. Will be interesting to share together as a group and see how we all progress as an anonymous group statistic.

Oh my...  I do hope they are all very young.

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29 minutes ago, other one said:

debit cards are dangerous at most banks.....    if my discover card is used by someone else, discover covers the loss and it is not out of my finances.....   debit cards are different.  If someone manages to get into that, the bank says you are responsible for the safety of the card and they will not cover the loss.  I do have one for my checking account but never use it.

I have believed the same thing to be true!  I also have had my identity stolen and have found as the bank claims all assets get restored. But it does seem to me that  the loss of use of assets for a time can be most nerve racking. So I too will not link a debit card to a large resource of capital.

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4 minutes ago, other one said:

Oh my...  I do hope they are all very young.

I am definitely the geezer at the class, but no we are  of a vast range in age.

Seems very few nearing retirement age can come up with that four hundred dollars cash for an overnight emergency visit to a night health clinic. It is what has me  interested, and now taking the class. I had kind of thought myself quite fortunate and above the fray so to speak, but at the same time seeing the cost of  home care if I live to my mother's age will be an awful lot of money, and then just thinking hey I could perhaps  do more and do better if I pay attention than I am doing now that I am taking the course.

The first two lessons had me in stiches laughing, I could see so many misadventures of my life and chances to do better even now. Though very entertaining and fun it is serious business too.

I also am taking it hoping it may later become an encouragement to my family to do the same for themselves. -will better see as the class progresses.

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6 minutes ago, Neighbor said:

I am definitely the geezer at the class, but no we are  of a vast range in age.

Seems very few nearing retirement age can come up with that four hundred dollars cash for an overnight emergency visit to a night health clinic. It is what has me  interested, and now taking the class. I had kind of thought myself quite fortunate and above the fray so to speak, but at the same time seeing the cost of  home care if I live to my mother's age will be an awful lot of money, and then just thinking hey I could perhaps  do more and do better if I pay attention than I am doing now that I am taking the course.

The first two lessons had me in stiches laughing, I could see so many misadventures of my life and chances to do better even now. Though very entertaining and fun it is serious business too.

I also am taking it hoping it may later become an encouragement to my family to do the same for themselves. -will better see as the class progresses.

it's good you can laugh at yourself for the things we have done...

My daughter and son in law went through his class in their church several years ago and it has helped them...   my son was kind of like me in that he learned very early to stay out of debt....   he's single and playing the car game right now.....   he told me a couple of months ago he bought a nearly new Porch 911...   seems they let him have an interest free loan for it....   says it didn't make sense to take money out of a interest baring savings account just to pay it off....   smart kid.    He'll pay his house off early I'm sure.  He wants to be financially able to completely retire at 55 (in 15 years)...   I doubt he will quit working but that is his goal.  When he sees what Medical insurance costs when he looses his company insurance I doubt he'll want to quit...  Kept me going till I was 63...   they changed our retirement program and I was kind of forced to retire or loose a good chunk of monthly income.

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31 minutes ago, other one said:

he's single and playing the car game right now.....   he told me a couple of months ago he bought a nearly new Porch 911...

We share a son? Mine did that too, made money early on the Porsche, got the car fever and soon went through an absolute fortune. 

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Michael isn't doing that.

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Seems to me there is going to be a flood of fairly new vehicles on the used market very soon.  Good time to be a repo man I guess. And I suspect a lot of those $55,000+ trucks city folk are driving to office jobs in will be pretty cheap used trucks on the car sales lots.

Probably will also become a good time for how to get out of debt program presenters too.

Wonder what this will do to the housing market place? Bet it hurts it for seven years or more. Things are supposed to be booming, but if the end consumers aren't paying on their debts and college grads aren't ever going to pay on their "student loans" either, there is going to be a whole lot of crying going on, with a lot  of political  representatives shouting out,  lets make it free and have the rich pay for what is not. Might get messy real soon. Well praise God for the lessons, eh? I've got to read from Proverbs each day for sure.

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