Ableton Forum

Jekblad wrote:Going upside down on your first house makes you pretty aware.

I think there are people who are in a coma where they think they are being provided a "service" when they are actually paying for a product.
When it comes to borrowing money.

Yeah I'm aware that banks are providing a product, and I somewhat chuckle now when I reflect back to when it seemed like I was the only asshole on earth who didn't attempt to buy a house and I thought everybody else must be getting paid a huge salary in order to do so given the price of houses. Now I know what happened. Not even verifying income before giving somebody a loan? WTF? Writing in huge mortgage payment increases shortly down the road they know most people wouldn't be able to afford? WTF squared?

And what happened to the economy went way beyond home owners not reading the small print or trying to live beyond their means. Tons of people living within their means and not going into mass debt lost their job (and continue to) as collateral damage started by the banks with this bullshit.

And what does the government do as a result? Give the banks more money through taxes paid by those who they screwed with almost zero accountability or reform.

I don't know why anybody would defend banks' "products" at this point.

Jekblad

It is possible to acquire 'good' credit without a credit card....
I started with a car loan (used '74 Superbug) from my bank (cosigned by parents)
Even paying your cell-phone bill on time and all the time, is a start.
If your guy is living with you, transfer utilities into his name. He starts building credit, you pay for it. Does not teach any life lessons, but does start a credit history. He would prob have to pay a safety deposit to the utilities company, which is refunded after a year (up here).

Pitch Blacks had some good advice above - could be useful.
But if you do not need to buy any appliances (I had most things gifted to me when I started out.. still have never bought a TV, microwave, or slowcooker, etc... ever), then a credit card can be an easy way to acquire credit. Whether it is good or bad credit is up to your guy.
They gave credit cards away at uni (payed in full with hard labor in a lumber yard), so I've had one/two ever since.


I followed my grandmothers (harsh austrian) advice - worked for me through young punk days.
Discipline, Priorities, and Scorn.

Discipline - work for what your have (brains, brawn, skill or smarts - use whatever you got), stay within your means, pay all your bills on time. Keep more in the bank than you are spending. Learn to Save.

Priorities - get what you absolutely need (food, shelter, clothing), your wants will change, just Never pay retail.

Scorn - (paraphrased) - take a good look upon those 'friends' with $5000 in debt from a year with a credit card - recognize that feeling as both fear of their predicament and disdain for their stupidity. Apply that to your own actions. Look at them with Scorn and walk a different path.

IMHO... good luck, its not easy.

Ps... last time I was in a bank for a Financial Assessment, the rep asked me what my financial goals are.
I replied 'for my children never to need a bank'.

Beats Me..

I hear ya..
Last thing I trust is a govt that gives money away to a failing 'business' - FFS how many times does a car company need to go bankrupt?
Govt up here, seems to give a tax-break to the big oil companies every couple years.. WTF? Last time I checked oil-men where having steak diner with the bankers..
Second last thing I trust is a Bank with dozens of pages of extra-fine print to wade through, run by economists that seem to have forgotten grade 4 math.

arafel wrote:last time I was in a bank for a Financial Assessment, the rep asked me what my financial goals are.
I replied 'for my children never to need a bank'.

haha PWNED!!! love it