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> Rodney Durham stopped working in 1991 > declared bankruptcy and lives on Social Security. > [borrowed] $15,197 to buy a used Mitsubishi sedan. > topped makin
by SixSigma 12y ago
> Rodney Durham stopped working in 1991
> declared bankruptcy and lives on Social Security.
> [borrowed] $15,197 to buy a used Mitsubishi sedan.
> topped making his loan payments ... only five months after buying
> "I just can’t get around without my car," he said.
Far be it from me to mention it, but how did Rodney think it was going to work ?
- pjc50 12y ago“I am not sure how I got the loan,” Mr. Durham, age 60, said. I don't think either he or the lender had any idea how it was going to work. Subprime booms are "push" credit: there is so much capital around chasing decreasing returns, that it's being put into riskier and riskier loans.
- SixSigma 12y agoBut surely there's a moment when you see "monthly repayments: $ nnn" and say to yourself "I can't afford that" I'd understand it if they kept the monthly fee down to something small but charged enough interest that he was paying for the rest of his life, which is how a lot of property loans were structured.