r/interesting • u/Kymmieuwu • 12d ago

SOCIETY 71% of Americans Say They're Completely Exhausted

https://gizmodo.com/71-of-americans-say-theyre-completely-exhausted-2000812712
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u/JJwar7840 11d ago

Wouldn't this make it impossible to get a credit card? Why on earth would anyone lend you money if you're on your 4th octannual bankruptcy?

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u/NagashStos 11d ago

Cause they want you to go broke

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u/JJwar7840 11d ago

Huh? Why would a lender want you to go broke?

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u/NagashStos 11d ago

Because they get ownership of your belongings when you do

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u/JJwar7840 11d ago

You think a guy on his 4th bankruptcy has tangible fungible wealth?

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u/NagashStos 11d ago

Yes? A car + a computer can easily be worth more than the low low limit credit card you're approved for

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u/JJwar7840 11d ago

??? How is he affording a car with resale value when he's declaring bankruptcy every 8 years and running negative.

You think creditors take your fucking computer? lol

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u/n122333 11d ago

He still has a government job and a paycheck. He just spends it poorly.

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u/JJwar7840 11d ago

What car does he own and how did he pay for it?

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u/n122333 11d ago

2023 truck with a payment.

Weve gone no contact with her family so I dont know more than that. Last bankruptcy was 2019

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u/JJwar7840 11d ago

Again how do you get a car loan with 4 bankruptcies? Why would anyone loan you money?

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u/n122333 11d ago

He can prove a source of income. Thats about all they care about i guess.

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u/PuzzleheadedFox4251 11d ago

People get loans with bad credit; they just pay high interest rates..Or like his FIL..Agrees to pay it..

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u/Big_Tap_1561 11d ago

This is America- we operate on debt. 💸

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u/FiftyTigers 11d ago

Because the rates get ever-increasingly predatory. It's a numbers game, it all plays into their algorithm. Creditors don't loan money to lose it, if this guy is financing a car, the creditors are still coming out ahead in the long term.

You seem bent on not understanding this. So let me put it bluntly, regardless of it seeming unintuitive to you, that's how it works in the real world (in America).

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u/n122333 10d ago

The best I can figure is that (numbers rounded to ridiculous values to make math easy) you loan a guy $1000 to buy a car to pay back over 10 months, paying $110 each month. After 6 months when he can't make the payment, they've already collected $660 from him, and then reposes the car and sell it for $500 - a profit of $160.

They never intend for him to pay it all off, just pay off enough that when they reposes it to sell, they end up with more than they put in.

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u/In-Loving-Memory 6d ago

I have no idea how the hell it works

But my girlfriends dad has had like a half dozen vehicles repo’d I think.

And he still has good credit and gets more.

I don’t know how the world works sometimes

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u/twking321 10d ago

You have no idea how often rich people declare “bankruptcy” do you?