Originally Posted by
tandempower
It's really sad that practically anything can be turned into a debt-leash to indenture people into making payments for some term and it's even sadder that these indenturement contracts can be traded the same as any other commodity-future. I wonder why no one has ever invoked the 13th amendment with regard to debt-practices. I suppose the idea is that if slavery as a birth-debt would be eliminated, then people would be free to refuse offers of indenturement in exchange for future earnings. The question is why so many people feel that they are not really free from taking on such debt and what it would take to free them, if not.
+1
The auto loan looks like the last financial instrument left to exploit since over 6.4 million mortgages are still underwater. This is all part of what I consider the pooring of America as corporate entities seek to extract the last dollar (even if it's borrowed) from the public.
The last question you made is truly the underlying heart of the carfree movement. Why so many people feel they need to take on massive debt to buy "freedom" is due to programming. Americans are programmed by watching billions spent on automotive commercials each year. Most of society constructed their lives dependant on personal motorized transport and nothing is going to change this. However, it appears to be running it's course as the current generation of Americans are starting to break away from traditional car ownership due to of all things poverty.
The reason I posted this thread is due to the fact that most Americans cannot afford brand new motor transport. I also believe in 50 years, most Americans will not be able to afford used motor transport as the situation gets worse for future generations.
Dave Ramsey is a wake up call for forum members who are upside down on their new cars.