Easy credit brought havoc to the market world wide.
2007-08-18 06:39:20 · 11 answers · asked by Anonymous in Politics & Government ➔ Politics
I don't have credit cards, don't want them. I pay for anything I purchase, I save my money so that I don't have to worry about interest, or payments.
So I think it should be harder, as so many get credit cards, rack up huge balances and then don't pay!
2007-08-18 09:04:15 · answer #1 · answered by ♥ ♥Be Happi♥ ♥ 6 · 2⤊ 0⤋
In Mexico, like ten years ago, the banks started handing out credits to buy houses, like there was no tomorrow. Then along came the December error, which many Mexicans still wonder about, and many lost their houses because they could not pay for them. The interest rates went up 100% and people were unable to make their monthly payment because it doubled or tripled. The banks of course were as unhelpful as possible and refused to lower the interest rates. Many citizens who had sold their old house to buy a new one, lost both. The banks took over the houses and ended up with more than they could chew, so they started to sell them. The buyer would realize that the house was inhabited and the bank would tell them they had to evict the invaders because they got the house so cheap. There are countless tales of the abuses committed against so many.
Unfortunately easy credit has been back for a number of years. God Forbid we ever have to go through a repeat performance.
2007-08-18 13:50:56 · answer #2 · answered by Karan 6 · 0⤊ 1⤋
'Easy credit' is a result of a good economy. When interest rates are down, this is an indication of 'cheap' money. It means that many people have extra money to lend. When things get tighter, as they are beginning to do, lenders tighten restrictions because money is hard to get. If lenders are to 'easy' on people, and many loans start to default, then reserves dry up. There is no need for extra restrictions. The system is self correcting.
2007-08-18 13:51:34 · answer #3 · answered by Bruce J 4 · 0⤊ 1⤋
End Credit completely .
If you do not have the funds to purchase something you should have to wait .
Including homes cars and so called big ticket items .
Negotiated terms of payment could be acceptable as long as an established range of interest was not placed on the purchase .
2007-08-18 13:58:46 · answer #4 · answered by Anonymous · 2⤊ 1⤋
Somewhat, yes. It is way too easy in this country and really is a big reason that our savings rate is so poor. What is sad is that credit card companies in this country love people who miss payments and have revolving debt and label people who pay off their entire balances each month as "deadbeats", even though that is what is considered to be wise behavior. It is tough on young kids to say "no" though when they aren't even out of college and already start to get those credit card pre-approvals in the mail.
2007-08-18 16:07:22 · answer #5 · answered by Jeff P 2 · 0⤊ 2⤋
It would probable be best. The ones with good credit will still have no problem and the ones who do not need to borrow more will not be able to. Good Question.
2007-08-18 13:46:23 · answer #6 · answered by ♥ Mel 7 · 1⤊ 0⤋
As someone who never uses credits except when absolutely necessary, yes, I do.
Except when it comes to the purchase of homesteads. We must protect the rights of Americans to buy a home.
2007-08-18 13:45:48 · answer #7 · answered by Anonymous · 0⤊ 0⤋
No, but I favor letting people and businesses who made poor lending and borrowing choices suffer the consequences... it will lead to more prudent decisions for a generation or so.
2007-08-18 13:46:16 · answer #8 · answered by B.Kevorkian 7 · 1⤊ 0⤋
I think I'm in favor of good strong economies that give good paying jobs so people can borrow and pay back their debts.
2007-08-18 13:46:03 · answer #9 · answered by Anonymous · 0⤊ 0⤋
No. I think people should be more responsible with their given credit.
2007-08-18 13:51:57 · answer #10 · answered by Ulrika 5 · 0⤊ 0⤋