Posted on 10/18/2024 8:34:45 AM PDT by ChicagoConservative27
You should only have to make car payments on your first car.
For the longest time, ARCO gas stations (in SoCal) accepted only cash or debit cards. Then, a couple years ago they made a big deal about now accepting credit cards. My guess is that too many customers could no longer spare the cash and HAD to put gas on a credit card, so ARCO was losing too much business to gas stations that accepted credit.
“That makes all car loans “underwater” for at least the first couple of years (until the loan balance is paid down).”
Some, not all.
I don’t remember how much my first car cost, but it was around $200 I think did not need a loan.
I got a loan on my first brand new car like 15 years later
I think it was a 36 month 0% interest loan at $349 a month
today I see people getting stupid crazy loans on crap used cars.
I wonder how much of that can be attributed to “cash for clunkers”
No doubt Cash For Clunkers was a major step towards making personal transportation unaffordable for the masses.
“My guess is that too many customers could no longer spare the cash and HAD to put gas on a credit card,”
I get 2% back on gas purchases with my main card, except for when I get 5% back for 90 days at a time. I also get up 80 cents a gallon off at City Market. That’s when I fill up the 36 gallon tank in the F150.
I pay as many bills as possible with the card, utilities, insurance, food, etc. 2% back on everything and I pay the card off every month. I make about $750 a year off the card.
Just talking with my wife this a.m. about this. I said credit card debt is like kudzu. Trying to trim it back a little at a time is a Sisyphean task that will consume the rest of your life. It has to be pulled out root and branch and burned to ashes.
It’s called bankruptcy, and the number of folks applying are going through the roof.
I remember 1978.
The same thing happened with lots of Americans.
Thank you Jimmy Carter.
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