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What is wrong with the system?Feb 25 '00 Write an essay on this topic.Well, this is not really an advice. It is more like an editorial of thoughts I had about financing, bankruptcy and what's wrong with this whole system. I know that this category may not be the right place, and if so I beg for your forgiveness in advance. Although it was the only place on Epinions where it would fit. Three days ago our car broke down and we decided that it was finally time to get a new "used' one. And we actually thought that there would be no problem, we had a decent amount of money in the bank, all our bills are paid on time and we even have two credit cards. As far as credit cards, I have to say that I do not like them and will never learn to do so. That might be because I am from Germany and credit cards are not such a big subject there. My personal opinion is that credit cards are dangerous, tempting, insecure and way too easy to use. The only reason why we have credit cards is because the last time we tried to get a car loan, we were told that we have to have credit cards to establish a credit history. And then we could try for a car again. So here we were, giving all the information to the sales person and waiting for him to come back with our credit report. And all that just to get told, that we have a good credit history, it is just to limited to apply for a car loan. He told us that we would need a cosigner. It would have been perfectly okay for us to have my Sister-in-law cosign our loan and that is something I can not understand. Because other then us, she has a large amount of money that is owed to creditors. I recently read an article about the increasing cases of bankruptcy that are filed in the USA. Well, considering what has happened to us at the car lot, I have no problems to see why. It is possible for someone with a long credit history to get a loan without any problems. And it seems that no one actually cares how much money they already owe. So those people are able to obtain loans, more credit cards and so on just to add even more debt to their account. And that goes on until they can not pay off their debts anymore and have to file for bankruptcy. But if you pay all your bills on time, don't have any credit card debts and try to stay atop of your financial situation it is incredible difficult for you to get financing for a car, house or what ever else you may need. Maybe it is just me but I think that there is definitely something wrong with this system.  |
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