Being a cosigner is a terrible risk that nobody should ever have to take. All it would take is some freak accident or lawsuit. I wouldn't make anyone risk bankruptcy on my behalf just for a little credit.
so shared responsibility is fine, as long as you're pulling someone else down with you, but the power of the collective is only good for shooting at other people.
and people who can't get a cosigner, they're fucked right?
Here's an idea. Let's use the government to HELP PEOPLE WHO NEED HELP, and not worry about whether or not they can find someone who will COSIGN A LOAN FOR THEM!
you make the mistake of thinking that because one part of the process has been damaged, that none of it works, just like you make the mistake of thinking that when people who don't want government to work are in charge of it, they're not complicit when government fucks up.
Obviously, reform is needed. BETTER regulation. But that doesn't automatically mean "no" regulation.
are the people running the corporations doing so purposefully to somehow make people hate the corporations?
Yeah, didn't think so.
In your world, corporations are under no obligation to act ethically. That's why you have no problem with a credit card company doubling someone's interest rate for no apparent reason.
Just like I have "no problem" with people walking away on upside down mortgages - it fucks the bank hard core, the people get poor credit for a year but likely save themselves tens of thousands of dollars. They're merely exercising their right to not pay and have the bank engage in the proscribed foreclosure.
Oooh, how ANARCHIST of you...
I think you seriously misunderstand how foreclosure works. Your credit doesn't magically get better after a year.
You get my point. You just don't like it, so you refuse to acknowledge it.
No, I've been through bankruptcy. I've been denied loans. I've been denied apartments. I'm very attune to how long it takes credit to repair. But if you give me the option of paying $50,000 more than my house is worth, or 10 years of bad credit, you bet your ass I'm opting for the latter.
Then why lie and say it would only give you bad credit for a year?
Emotional? I don't see any such connotation in my comment. This is purely logical. Not understanding cosigning is the same sort of ignorance that resulted in a large part of the economic issues we face today. I understand that you have no basis for my intelligence, but don't assume that I don't known the risks involved.
Of course bankruptcy is only a concern for large dollar amounts. But it is not uncommon for people with credit issues to get far more debt that they could ever reasonably expect to pay off.
I would hope that anyone who knows me would not expect me to risk my home and all my possessions just to help them get credit. It is far easier to do it the slower method via cards & such.
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politicartoons2009-10-12 02:48 pm
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Here's an idea. Let's use the government to HELP PEOPLE WHO NEED HELP, and not worry about whether or not they can find someone who will COSIGN A LOAN FOR THEM!
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No, it won't. Sometimes, the little guy needs a big guy with him. Talk about being boggled.
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Obviously, reform is needed. BETTER regulation. But that doesn't automatically mean "no" regulation.
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Yeah, didn't think so.
In your world, corporations are under no obligation to act ethically. That's why you have no problem with a credit card company doubling someone's interest rate for no apparent reason.
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Oooh, how ANARCHIST of you...
I think you seriously misunderstand how foreclosure works. Your credit doesn't magically get better after a year.
You get my point. You just don't like it, so you refuse to acknowledge it.
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Then why lie and say it would only give you bad credit for a year?
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Of course bankruptcy is only a concern for large dollar amounts. But it is not uncommon for people with credit issues to get far more debt that they could ever reasonably expect to pay off.
I would hope that anyone who knows me would not expect me to risk my home and all my possessions just to help them get credit. It is far easier to do it the slower method via cards & such.