The subprime auto loan bubble
This has been going on for quite a while, but apparently it's now escalating. The bottom line is, if you are poor and need a car to get to work, you're fucked. And unlike Europe, here in America, it's almost impossible to get to work without a car.
http://consumerist.com/2014/07/21/ba...ith-car-loans/ Quote:
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It breaks my heart to observe the trials of people who have to buy cars to go works which pay pittance.
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The cost of cars has gotten ridiculous as well. What with all the fancy gizmos and lights, lots of things to break down and very expensive to repair. Sucks for the low wage earner.
Used to be you had a light bulb and a simple one pc housing for a tail light, now you have a bank of LED lights in extremely complex 10pc housings. |
I was surprised when I read this earlier this year:
http://articles.latimes.com/2013/jun...-tire-20130609 |
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"The Rich Square, N.C., couple last September agreed to pay Rent-N-Roll $54.60 a month for 18 months in exchange for four basic Hankook tires. Over the life of the deal, that works out to $982, almost triple what the radials would have cost at Wal-Mart." "I know you have to pay a lot more this way," said Florence Cherry, a 57-year-old nurse who drives the 15-year-old van when her husband, a Vietnam veteran, isn't using it to get to his job as a prison guard. "But we didn't really have a choice." I think I see a problem here. Am I wrong?:rolleyes: |
Well who knows the fact that people are renting tires is scary enough.
Maybe he is a guard at a private prison....they might be low balling on wages as well as other things. |
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People these days don't learn to budget, or just budget for recurring expenses. They also don't learn how to live within their means. I am aware that there is a huge section of the population that can't, and I don't know where he works, but here, prison guards make a pretty decent wage.
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Lots a truth in your post. I have a close relative who is a nurse making over 100k a year and is forever crying. WTF. However some of these loans are really crippling. I think in New York (I am not certain) the evil salary loan is banned. |
People are stupid. This is an example of less stupid people taking advantage of more stupid people.
Regarding the nurse and prison guard. Is she an RN? Probably not. If the guard works for a private sector prison (outsourcing) his pay and benefits are significantly less than a civil servant prison guard. |
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