patrick.net

Great. So if you are disatisfied with any purchase that you finance via a loan, it's not your responsibility to pay it off, but the loan issuers. Brilliant!

Al_Sharpton_for_President says

Great. So if you are disatisfied with any purchase that you finance via a loan, it's not your responsibility to pay it off, but the loan issuers. Brilliant!

I get your sentiment, but it is a two way street. They made a business transaction lending money in an attempt to make more money. Everyone should agree and do what ever they can to pay it. But if that doesn't happen, that was part of the inherent risk of loaning someone money.

Fact is people don't pay shit. The hundreds of credit reports I've pulled for tenants, a large majority of humans don't pay a lot of stuff. I think most would be surprised how few people have clean credit. It's anecdotal, but a large sample size personally. Out of hundreds, maybe 5 came back clean without collections, missed payments or other concerns. Our economy is built on spending and most people fuck that up.

Loans should always be allowed to be discharged, you need counter party risk in order keep an equilibrium. Without discharge all you have is serfs and lords.

I worked for a bit in a business in Pittsburg in the East Bay. I don't even know why they checked credit. Virtually nobody had good credit in that community that came into that office.
Having a bank account was a status symbol. Otherwise, people apparently would just cash their checks at the check cashing places. Lots of welfare. It's amazing how large segments of the population live. If you are foolish enough to lend these people money, they just spend it and don't even think about paying it back, if there is not painful physical pursuit and force behind the loan.

Even when I was dirt poor as a student, I had a bank account.

Dholliday126 says

Loans should always be allowed to be discharged, you need counter party risk in order keep an equilibrium. Without discharge all you have is serfs and lords.

Yes, but this is why there should be no government backing of any loans. Without such taxpayer backing, loans for more than trivial amounts would impossible to get without down payments and a secured collateral asset. As it should be.

WookieMan says

Fact is people don't pay shit. The hundreds of credit reports I've pulled for tenants, a large majority of humans don't pay a lot of stuff. I think most would be surprised how few people have clean credit. It's anecdotal, but a large sample size personally. Out of hundreds, maybe 5 came back clean without collections, missed payments or other concerns. Our economy is built on spending and most people fuck that up.


I had the same experience when I was renting out houses. These folks had plenty of paycheck, but spent more than they earned and somehow got the idea they are not required to pay their bills. I turned down potential renters with bad credit because the same attitude of need not pay would apply to rent as well. I did rent to one guy with bad credit, but that was only because his employer send his rent by allotment to my bank.

Not sure of your sediment with "Our economy is built on spending and most people fuck that up," but I do not blame so called "society" for an individuals lack of self discipline.

Ceffer says

I worked for a bit in a business in Pittsburg in the East Bay. I don't even know why they checked credit. Virtually nobody had good credit in that community that came into that office.
Having a bank account was a status symbol. Otherwise, people apparently would just cash their checks at the check cashing places. Lots of welfare. It's amazing how large segments of the population live. If you are foolish enough to lend these people money, they just spend it and don't even think about paying it back, if there is not painful physical pursuit and force behind the loan.

Even when I was dirt poor as a student, I had a bank account.

My income in middle 90' was less than 12K per year. No problem...never missed a rent payment and never starved and could affeord a crappy car