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If Americans are really signing seven-year loans for cars, something is very, very wrong. It seems to me that we need to do more to help people get their credit
by wyclif 7y ago
If Americans are really signing seven-year loans for cars, something is very, very wrong. It seems to me that we need to do more to help people get their credit score high enough where they won't have to sign such financially disastrous loans. Help is available via free credit counselling.
- toomuchtodo 7y agoGetting your credit score higher doesn’t reduce vehicle prices or increase wages, which is what is required to have shorter term loans. A combination of high vehicle prices and low wages is what creates the need for longer term loans to get the monthly payment down.