Are we getting it?

[Brian Lohnes]

Just reading some news on the fact that casinos and lotteries, not just Vegas, but country-wide are seeing massive slowdowns in business, on the order of 30-50% drops in revenue.

Combine that with a report that came out last month saying that the average debt of an American household actually dropped for the first time in the history that the stats had been recorded (since 1950 I believe) and it got me to thinking.

Are "we" collectively as a people here in the ol' US of A actually getting the message and trying to dig ourselves out of this deal? Are we paying the bills instead of adding to them?

I'm sure there are a myriad of factors contributing to each of those things listed above, but what do you think?

Brian

[squirrel]

Re: Are we getting it?

If your house is forclosed, you're no longer in debt!

But I like your version better.

[Monk]

Re: Are we getting it?

Yeah Brian I was hearing/reading the same reports.
First decline since records were started.

Some are speculating that this is happening because the
credit markets being so tight...but hey if that's what it takes, so be it.

[DanStokes]

Re: Are we getting it?

As a person who pays his bills and doesn't buy what he can't pay for, I hope you're right. I guess we'll have to watch and see.

Dan

[SuperBuickGuy]

Re: Are we getting it?

If your house is forclosed, you're no longer in debt!

But I like your version better.

Umm... not exactly squirrel... In most jurisdictions, if your house is foreclosed your debt is reduced - but you're responsible for whatever the balance owing should your house be foreclosed upon and the sale results in a deficit. Only difference between that an ownership is you have no place to live and you owe for where you used to live. And yes, you can get bankruptcy protection - but that's not a good road either.

[JRoberts]

Re: Are we getting it?

Are "we" collectively as a people here in the ol' US of A actually getting the message and trying to dig ourselves out of this deal? Are we paying the bills instead of adding to them?


Brian

Only until things get better and they can charge it all over again.

[OldUsedParts]

Re: Are we getting it?

I have been "getting it" since my first paycheck, even tho my 401 is a 201 now - - I still "get it" :'(

[dieselgeek]

Re: Are we getting it?

If your house is forclosed, you're no longer in debt!

But I like your version better.

stoneshrink beat me to that one...

usually, when your house gets foreclosed, the debt troubles are just beginning. Ever see those "buy foreclosed homes for $500!" infomercials on TV? guess who still has to pay the rest of the value of a foreclosed home back to the lender...

[squirrel]

Re: Are we getting it?

Ok, how about this....if you're foreclosed, your debt is reduced!

[Brad54]

Re: Are we getting it?

Damn I hope we're all getting it! From the guy next door not getting the plasma screen on his Circuit City card to the mom & pop business not expanding their building on credit.

The road to Hell isn't paved with good intentions, it's paved with Visa Gold cards.

-Brad

[outlaw57]

Re: Are we getting it?

Damn I hope we're all getting it! From the guy next door not getting the plasma screen on his Circuit City card to the mom & pop business not expanding their building on credit.

The road to Hell isn't paved with good intentions, it's paved with Visa Gold cards.

-Brad

isn't it credit card air line miles?

[Woodward_Dreams]

Re: Are we getting it?

If im honest, im going to say no. We are not getting it. People are still buying crap they can't afford and that they do not need. Whether it's the new Macbook or a Blackberry, people are wasting money on stuff they should not be buying. Im not saying that people shouldn't have some of these things, but i think people are just going to keep spending money that they don't have. They'll learn eventually, but it'll bite them hard.

Also, that's not to say that some people haven't learned or that some people are responsible with their money. But for the most part, people blow what they have.

[Falcon67]

Re: Are we getting it?

We were in Vegas for the SEMA show. The cabbie says that everything looks OK to us visitors now, but after the show he says you can shoot a gun through the casinos and not hit anybody.

As for our house - My wife gets it, but I don't LOL. But I'm on a short leash.

[fahrenschnell]

Re: Are we getting it?

I am torn on this one.....I hope that people are getting it. It is the only way for the economy to truly "recover"

Seth

[fine59]

Re: Are we getting it?

OK now someone tell those guys in DC to quit handing out the billions