Running Away from Debt

[Atomoa]

I can tell you that you are incorrect. But hey, what do I know!?

Based on you quoting the insta-credit cards "credit check verification" requirements as a actual standard...?

[perspicacious]

Small print on the applications states that you agree to a credit check. All credit apps do. Even when you apply on the spot, it runs a credit check on you while you wait. These things take seconds to do. So it isn't instant approval, but based on your credit bureau beacon scoring.

Actually most bank loans under $50k are done this way... Input data, hit the button it approves or declines. There are back office integrity groups that verify the data input is correct.

The banks have a set default % that they expect to default but that is where the model comes into play and they adjust the model based on the level of defaults.

Back to the topic... It's not ethical to take money on a loan and not repay. If you believe it's right then how about lending me $10k and I'll use your model for repayment? If I default, it's half your fault.

[Even Steven]

Back to the topic...

Hey hey hey, no.

We need to find out more about this magical "law" that Atomoa made up on the spot that you're only responsible for 50% of the loan.

Cause I googled it and nothing came up. If it's true, it's like a gold mine.

[perspicacious]

Back to the topic...

Hey hey hey, no.

We need to find out more about this magical "law" that Atomoa made up on the spot that you're only responsible for 50% of the loan.

Cause I googled it and nothing came up. If it's true, it's like a gold mine.

If it were true then banks would go broke! Ever see the stocks prices of the major banks or the profits???

[Silverstarqueen]

To Atomoa:I worked two jobs and ate rice and tuna meals. lived in marginal accomodation, to afford my education, which I paid for myself. So don't presume that previous generations were handed a free education. Why take the loan in the first place if you don't intend to pay it back? Someone else (like me) had to pay for your education for you, since you don't feel like paying your debt, which is theft. Hardworking people hate freeloaders.

[Smurf]

Atomoa wrote:

That's why we are closing in fast in 200% consumer debt loads. Take the credit cards away and the economy crashes and most Canadians are denied those few "middle class perks" they were promised so long as they follow the rules and show up for work. Then people start to strike and get mad. Can't have that. More credit cards! Government can't stop it because they know how thin of a thread our society is built on now.

I haven't heard that "promise" in my lifetime. What I have heard is you reap what you sow. The harder you work the better you will do. I worked two jobs many times to keep up so my wife could stay home and raise our kids. As far as I know there are no promises in life. It is up to you what you want to get out of life. This feeling that the world owes you something is a fools idea. It would be nice, but hopefully it ain't going to happen. I and most others can't afford to support a whole pile of free loaders and should not have to that. the fact that it is happening to an extent these days is a big part of our problems today. It is time people step up and look after themselves. Our interest on loans etc would be a lot lower if it wasn't for defaulting free loaders that feel they are special and deserve a free ride in life. You borrow money "YOU" pay it back, period.

[JollyGreenBully]

The younger generation have a sense of 'priviledge' and 'entitlement' to the good things in life.

No, they really don't. But the older generation sure like to lecture and berate anyone even perceived to be younger.

[Atomoa]

We need to find out more about this magical "law" that Atomoa made up on the spot that you're only responsible for 50% of the loan.

A debtor and creditor have equal and shared responsibility in the relationship.

It's pretty simple.

[Atomoa]

]
I haven't heard that "promise" in my lifetime. As far as I know there are no promises in life.

There is a difference between "life" and being a "Canadian citizen". Life isn't fair when a tornado hits your trailer, but "life" has nothing to do with why most jobs being created are low paying and part time nowadays.

Why do you submit to the rules and follow the law? Because you're afraid of being shot? That's tyranny.

You submit to the rules because you are owed something. Social contract. Look it up.

[Atomoa]

.So don't presume that previous generations were handed a free education.

I don't, but statistically your education costed far less than it does today. Cost of living relative to wages was significantly lower as well.

For every high paying boomer that retires, 0.25 low paying jobs are created to fill the gap. Or they just farm the job out to China or India altogether. Must have been nice ride for you guys.

Your education got you more bang for it's buck as well. Post secondary is the new high school diploma. Did you have to go in debt and eat rice for a high school diploma?

Your generation has it much better than the generation that you raised and created. Your fathers handed you a better life, and here you are handing us a worse life and chiding us while doing it.

[The Green Barbarian]

and here you are handing us a worse life and chiding us while doing it.

LOL - a "worse" life. That made me laugh. Oh boy the entitlement just never ends.

[Atomoa]

LOL - a "worse" life. That made me laugh. Oh boy the entitlement just never ends.

Life expectancy is going down in some places of the US. Static wages since the 80's. Job quality, job compensation, stable careers all gone out the window. Housing prices. Cost of living. Environmental factors. Government debt due to tax cuts for the wealthy and shortfalls. Pensions gone. Massive consumer debt loads the norm.

Did people 35 years ago have to compete for their jobs with some guy at a desk in India who will work for donuts?

It's not as if these news stories aren't a weekly feature of the landscape, but that's not the sentiment of this thread.

Pile on the whippersnappers. Kids these days!

[perspicacious]

.So don't presume that previous generations were handed a free education.

I don't, but statistically your education costed far less than it does today. Cost of living relative to wages to significantly lower as well.

For every high paying boomer that retires, 0.25 low paying jobs are created to fill the gap. Or they just farm the job out to China or India altogether. Must have been nice ride for you guys.

Your education got you more bang for it's buck as well. Your generation has it much better than the generation that you raised and created. Your fathers handed you a better life, and here you are handing us a worse life and chiding us while doing it.

Sounds like someone is playing the blame game here. I'm not old by any means, moved out on my own at 17, put myself through college and worked hard to pay for it while renting, found my first real job at 19, saved and bought my first home at 20. That was many years ago but my point is, my generation is likely close to your generation in age. Not once have I defaulted on any loan or financial commitment I have made despite having hard times and supporting a child on my own. No one gave me what I have and I've worked damn hard for many years and gone without the new house, new car, new clothes and the latest gadgets to have what I have. Sure the cost of living has gone up, but so have the wages. My fathers did not hand me a single dime. Problem with this generation again is entitlement. Bit of advice and words of wisdom.. you don't get the new Mercedes, BMW right outta university, your phone may have to be 3 - 4 years old before you can upgrade and yes, you might be still wearing the fashions of 2 or 3 years ago if you want to get ahead in life and the first home you buy might be a trailer or condo but who cares as it is only a stepping stone. This is what hard working people do. Credit cards aren't supporting the economy, it is a need versus want scenario.

[Atomoa]

Credit cards aren't supporting the economy

The Finance Minister of Canada and the Bank of Canada strongly disagree with you.

Christy Clark is giving away more free money in the form of subprime loans for down payments in a desperate attempt to keep the debt-economy afloat. There is no more money left. There is only debt.

[perspicacious]

We need to find out more about this magical "law" that Atomoa made up on the spot that you're only responsible for 50% of the loan.

A debtor and creditor have equal and shared responsibility in the relationship.

It's pretty simple.

You are so wrong and your way of thinking is very scary.