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RE: US Household Debt Now Exceeds Pre-2008 Credit Bubble/Market Crash Levels. By Gregory Mannarino

in #money7 years ago

Hey Greg, I have a nephew 20 years old. I found him a super nice low mileage mid 1990’s GMC pick up. It was a garage kept beauty that still smelled new. He had it for a year or so but he wanted 4 wheel drive. I told him to save his money and buy the parts to convert it to 4 wheel drive. I warned him about getting into debt . I told him the lender would own him. He did not listen to his uncle. He bought about a 7 year old used Ford 4 wheel drive. For what he paid , he could have just about bought a new one.
I spoke to my sister today and she told me he wants to sell the Ford because of the fuel cost. Now he has found out he owes more than its worth. His payments are so high he has no money left to buy gas.
He is in the process of learning a life lesson right now.

Tinpan