Debt and spending out of favor in 2012?
Some analysts are predicting 2012 will be the year Baby Boomers and their parents will begin to really show, through more personal conservative spending habits and more frugal lifestyles, that they understand and believe, austerity is in Americas future.
These demographic groups have driven markets of all kinds since World War II. They taught America how to spend money and how to borrow money, like no generations before them. Home mortgages, credit cards, auto loans, equity lines, and credit has been a staple of their lives. Just look at the overall size and scope of local, state, and federal employees, regulations, amount of public and private debt, and spending policies of our current government.
The Baby Boomers own this government, the policies, debt, and all else it encompasses. The lack of entitlement program reform speaks to their inability to honestly face and deal with the really tough issues. Time is running out. They elected the people who have represented America over the past fifty years. We have created a welfare country with no visible means of funding it. Sure FDR created social security in 1935, but we failed to reform it, and it was designed to be social welfare, not entitle people.
They coined the phrase OPM (other peoples money) and in one generation using leverage, drove local, state, federal, and personal debt levels to the edge of the cliff. Accepting historically high levels of consumer and government debt as normal. Now faced with fixed incomes and basic non discretionary food, energy, and health care inflation, they are at the cross road of their lives.
Today they are caught in an emotional riptide between feeling entitled to a certain standard of living and bankrupting America. Through lack of conservative government reform, entitlement reform, tax reform, and balancing our National budget the self declared ME generation is poised to selfishly steal their own children and grandchildrens futures.
The 2012 presidential election will define just how selfish they really are going forward. They do not have a great record of being financially conservative or doing without and they value materialism highly. Materialism is closely tied to their measure of each other, themselves and success. They view cutting personal consumption and a lower standard of living as some great sacrifice.
As a group they have not saved anywhere near enough money to live out their lives independently. Home equity was the Nest Egg, and the golden goose has died. Today real home equity is negative or nonexistent for many. They are locked in place. Inflation, in food, energy, and health care will be an ongoing battle with relatively fixed or falling future incomes. The fixed incomes will also affect availability of credit for most. They are, very grudgingly, coming to understand that debt, public and private, is the enemy and less spending and affordability are the issues of the day.
With two solid generations of living beyond our means and needs combined with access to leverage and the associated risks, we have stacked up huge future financial obligations, public and private. Along the way neglecting upkeep and maintenance of our nations vital infrastructure.
These two generations of Americans will continue to drive some real estate markets. Many are going to find smaller and more efficient homes are better financially. Retirement markets will be the most directly impacted This will be like a wet blanket on home prices above national medium price of $164,000 in many real estate markets.
For retirement housing markets, understanding the needs and abilities of the target market with product focus and marketing will continue to be the key to new home sales and construction. Housings additional costs of living including energy consumption, water, taxes, insurance, internet, cable TV, HOA and SIDS fees, sewer and garbage collection fees will all be considered in addition to price. The notion of a second home is out of the question for most. The question is; can they, rather will they, become frugal like their grandparents or will they continue to demand even more instant personal gratification.
The broadest real estate market appeal of tomorrows retirees will be dominated by smaller, more efficient and affordable home markets.
John F. Kennedys words, And so, my fellow Americans, ask not what your country can do for you; ask what you can do for your country seem lost to the self-serving greed and entitlement mentality of today . You ask Where did the current socially entitled, welfare and regulatory state that is eating America like a cancer come from? Take a look in the mirror.
Our great nation was built on the ideals of Life, Liberty, and the Pursuit of Happiness, however none of us are entitled to leave our heirs with trillions of dollars in unfunded debt. The upcoming election will be the most important votes we have or will cast during their lives.
We are faced with a simple question, will we be the first generations in American history to leave our Great Nation in worse shape than it was when we inherited it, or will we step up and sacrifice today, for a better tomorrow.
Just for perspective, if you take dollars for miles our current national debt will make over 39 million trips to the moon. The debt is $15,235,000,000,000 and its 384,000 miles to the moon. Of course 39 million trips to the moon wont be compounded by interest!
Chris W. Miller
We are able to offer you a no-cost auto loan quotation.
An auto refinance is a loan taken to pay off the existing auto loan. It involves transferring the official ownership of your car from one creditor to another. The new lender pay off the older one and you start paying him at different terms than those of the first contract.
People take a refinance for different purposes. However the underlying aim is to have favorable terms due to mostly a change in the prevailing market conditions. Among the reasons for an auto loan refinance is a decrease in the interest rates, desire to either shorten the period of monthly installments or lengthen them.
If you desire to pay lower monthly installments, this will necessitate you prolong the period of payment hence the need to refinance. The market interest rates may have decreased than when you took an auto loan or you may have sported a better deal. A rise in the credit points definitely means lower rates. Under any of these circumstances one should take a refinance.
The process of refinancing is fairly simple, after approval following application of refinancing, one gets the check from the new lender and uses it to clear the old debt. There are a few costs in refinancing which include; a lien holder fee ranging from $5-$10, state re-registration fees ranging from $5-$75.one should ensure his agreement does not have any prepayment penalties which may be costly.
With such possibilities, an auto loan refinance should be considered by any one keen to save.
A few tips on how to secure the bad credit auto loans that you are looking for may include: first and foremost, being realistic. The truth is, you have a bad credit history, so you’ll probably not be able to borrow as much as you could have had you a better credit score. Therefore, accept your situation and be comfortable with a less expensive car than you had hoped for.
Another tip is to try and encourage lenders to give you bad credit auto financing by willing to put down a big down payment. This will give them evidence of just how committed you are to purchasing the car, and they will less likely view you as a high risk borrower. This may then translate into a lower interest rate for your auto loan.
Then ensure that you discuss all the bad credit auto loans rates before applying. Many financial institutions that specialize in bad credit auto financing usually play around with the interest rates so that an unsuspecting consumer will in the end be the one to pay more.
Something else to note is that banks and financial lending institutions are less likely to offer bad credit auto loans as they prefer to stay clear of high risk borrowers who seem less likely to repay their loans in time. Furthermore, when they do agree to offer such a loan, the paperwork and formalities that will go along with it will be so enormous and cumbersome, and the borrower will be forced to adhere to stringent conditions set forth by them. A better option would be to go directly to institutions that have specialized in handling bad credit auto financing.
Therefore, be smart and alert. That way, your bad credit auto loans are more likely to be approved.
Experiencing poor credit problems can be a source of stress especially if you are in dire need of cash. Moreover, it can prevent you from buying your own car since you will go through a tough time getting approval from lenders. However, over the last few years companies have been setup to provide auto loans to people with bad credit. It is now easy for a borrower to apply for and get approved for a bad credit auto loan.
With a bad credit auto loan, you have the option of buying either a brand new or a used car. Keep in mind that a brand new car is more expensive than a used car so the amount of the loan will be high. This also means that the cost of the loan or the rate of interest will be high. You should come up with a budget and figure out the amount of money you can afford to spend on a car. Regardless of the amount, ensure that it falls within your budget.
A bad credit auto loan is available in two types. It can be availed in secured or unsecured formats. Secured auto loan is availed by using collateral that cushions the lender against unwarranted losses. This type of loan has low rates of interest and longer repayment period. However, you risk losing the item placed as collateral in the event of a default. If you do not want to risk losing your property, then you should consider applying for the unsecured bad credit auto loan.
This type of loan has a higher rate of interest, which means that the monthly installments are also high. The type of bad credit auto loan you decide to go for depends on your budget. Knowing the amount of money you are willing to spend will give you an upper hand when dealing with lenders.
When people think about an auto loan, many associate it with high interest rates which make you pay much more than is required for a vehicle. However, it is possible to pay less on a car than most people even if you apply for a car loan. Some of the things you can do include the following.
Paying less on a car loan starts with finding a well priced car. Whether you want to buy a new or used car, it is possible to find great deals offered by car dealers. Find the best offer on the car of your choice and use this as the base of the loan you want to apply for.
Once you have found your car and its price, its now time to find the best auto loan lender. Look at the lenders terms on the car loan. Such terms include interest rates, payment periods, penalties on defaulting and incentives to pay up faster among others. It is necessary that you find a lender who suits your borrowing needs if you want to pay less than others.
Think about fixing your credit history before applying for the loan. Bad credit rating usually attracts high interest rates. Consider the advantages and disadvantages of fixing your credit rating before or after applying for the auto loan. You will find in most cases that fixing it early will enable you pay less on your car loan.
If you want to pay less on you auto loan than others, you have to consider making a down payment on the loan. The reason for this is that the balance that remains after down payment is what is subject to interest charges. In addition, down payments can enable you get lower interest rates on your loan.
n auto credit is meant to assist you in buying the car of your dreams. Naturally, you would want to apply immediately you spot the vehicle you want. This is logical but you may need to consider certain factors.
The auto credit will certainly cater for almost all the expense of buying the car. However, it does not erase the fact that you will be paying for the car for as long as the loan term states. That is, the finance is just a borrowed assistance but the cost of purchasing the car still lies squarely on your shoulders. So, when is the appropriate time to ask for auto loans?
When you have already secured a stable job with an adequate monthly income, you can easily shop around for the car you need and then apply for the auto loans. This will put you in a good position to repay the loan over the time duration you will be given. The lender could also cut down on your interest rate knowing you are worthy and capable of repaying within the shortest time possible. Furthermore, a good income enables you to come up with a handsome down payment that any lender cannot refuse.
It is also advisable to apply for an auto credit immediately after verifying your credit rating. If you have a good credit, it is automatic that your chances will be high and your choice range will be wide. With a bad credit, you will seek the specific lenders dealing in bad credit auto loans or no credit check auto loans.
Finally, you could take advantage of tough economic times like now to apply for auto loans. This may sound absurd, but if you have some cash and a good job, you can take advantage of the current low demand for cars that has driven dealers out of business or forced them to offer great incentives.
Bad credits are normal. When you get them, that is not the end of your life, and neither should they be a hindrance to that car you have always dreamt of. You can still buy your first car with the help of bad credit auto loans.
This means that even if you do not have enough save up for your first car, you can still get a loan and buy it. Bad credit auto loans are given to car shoppers who have bad credit histories. Such shoppers do not have very good credit scores and they will therefore not be very attractive to creditors.
The good news is that today, there are companies out there that are willing to take a risk with you. These financial institutions are willing to give you bad credit auto loans, against all odds, and will give you a deal that you cannot refuse.
The only thing you have to do is avail yourself for them to assist you get that car that you so badly need. How can you do this? Walk into their offices and ask what kinds of loans they offer. If you qualify for the bad credit auto loans they offer, then you will be half way to your dream car.
After you get a loan package that can work for you, go a step further and apply for that loan. It takes a while before you can get feedback on your loan status, but it will be worth the wait when you finally get the money to pay for your first car.
All you need to do is to smile your way to the car dealers shop, pay for your car, and drive off with a car of your own.
When seeking a bad credit auto loan, many of the people are nervous and many hold a sense of doubt in their mind. The truth is that, proper planning and organizing will lead to getting a positive result. Having the required knowledge will end up placing you at a better position.
The first thing you should know is that not all auto loan lenders are the same. Some have a high interest rate while some have a low one. In addition, some lenders have additional requirements while many have the same requirements. You should be prepared for any situation. A bad credit auto loan lender will take advantage of your confused state and you may end up doing more harm than good in terms of credit payment. Therefore you should do some shopping around to understand the different kind of lenders.
You should never assume that you are the only one having bad credit score and that you must end up paying more for the car. Basically, the recent cash crunch did a lot of damage to many people and thus many face the same situation as you. Thus, you should be confident and you should be optimistic of the trade. This will give you more bargaining power when facing the bad credit auto loan lenders.
You should also try to avoid credit car dealership whenever you can. Basically, these are individuals who act as the middlemen in terms of linking you with the bad credit auto loan lenders. You should know that these people are in the business of making money and in any case you will have to pay them for their service. An interesting fact is that you can actually link to the lenders directly with no additional cost. In addition, your link will help be of beneficial since you will getting first hand information on the transactions and give the response directly thus making the transaction moves faster.
The importance of a car in our lives cannot be underestimated. They not only make our lives simple by helping us moves from one place to another but they also boost our social status. However, one of the major hindrances preventing people from having their own car is lack of finances. Regardless of the type of car you have always dreamed of owning, whether a SUV, truck or car, you cannot own it without having money. If you have shortages in terms of money, you have the option of applying for auto finance loans from online lenders.
When you apply for an auto finance loan, you can buy any type and design of car you want. Regardless of the state of the car, whether it is new or used, you can easily get it hassle free by applying for loans from the auto financing companies. However, you need to consider the age of the car when applying for an auto loan. If the age of the car is 5 years and above, chances of you getting a loan is less.
There are two types of auto finance loans; secured and unsecured. For secured loans, you need to use collateral on the loan whereas unsecured loans do not require you to place any collateral. There are some lenders who will provide you with up to 90% financing on the loan, thus you need to consider this when searching for an online lender.
Auto finance loans from online companies are available to all types of borrowers, whether or not they have poor credit scores. In addition, individuals who are bankrupt or are facing problems such as arrears, default or CCJ can also qualify for these loans.
Finding the right lender to offer you an auto finance loan is not an easy task especially for people with bad credit ratings. Most traditional lending institutions consider such people as being risky and thus may decline to offer them loans or if they do, provide it at high rates of interest. Luckily, the internet has made it possible for the establishment of companies that specialize in providing financial assistance to people with bad credit ratings.
There are plenty of reasons why your credit rating is poor and in some cases it is beyond your control. You therefore need an auto finance lender who will provide you with financial assistance regardless of the state of your credit ratings. In fact, by getting approved for the loan, your credit ratings will go up since you can show proof of your ability to repay the loans.
To qualify for the auto finance loan for people with bad credit, you need to show proof of your ability to repay the loan. The online lender will need copies of your income and bank statement before approving your application. Even though most of these loans are usually provided at high rates of interest, you can negotiate with the lender for much affordable loans. Making regular payments on the loan provides you with the bargaining chip you need to ask for better terms.
The application process for these types of loans is simple and does not take long before being approved. If you have poor credit and have not been successful in getting approval from mainstream lenders, these auto finance companies will sort you out.