What needs to change in the usa

[Guest jin979]

Theres no trust here between people .

 

Its the biggest social control i have ever seen, credit check for everything, deposits, security deposits, crazy

 

USA people is letting people take their money, charge then crazy fees for what and why.

 

i think USA needs to change this especially now. this is not way to make good living.

[Jeikun]

I agree mostly. When use of credit goes beyond convenience (use card then pay in full before the bill), and necessity (house, vehicle, student loan)... and moves into "Buy everything I ever wanted RIGHT NOW, and then live in debt for the rest of my life even after those things have rusted and rotted" then it has become a dangerous addiction, and that addiction spread so far that it's the rule and not the exception now.

 

Also it is relatively easy to get away with abandoning your debts and never paying, so that creditors, renters, loan officers, banks, etc are forced to do extensive credit checks because you CAN'T trust anyone financially in this country.

 

I don't see all credit, loans, etc as bad... It's just the mix of low self-control and lenders willing to take greater risks by lending to unstable people that have turned a good thing into a bad thing.

 

It's kind of like cheesecake. It's yummy and if you have a slice a couple of times a week no problem at all. But if you eat a whole cheesecake every day you will be 450 pounds in a couple of years and have a heart attack and had have to be taken to the hospital in a flatbed truck after they saw off the front of your house to get you out... still it wasn't the cheesecake's fault, it was yours.

[amberjack1234]

Theres no trust here between people .

 

Its the biggest social control i have ever seen, credit check for everything, deposits, security deposits, crazy

 

USA people is letting people take their money, charge then crazy fees for what and why.

 

i think USA needs to change this especially now. this is not way to make good living.

Jin I agree on one thing now is the time for change.

 

As far as the trust goes I have experienced much less trust in China than here. My wife agrees as well she was taught in her business to trust no one what so ever. She still adheres to this thinking here. I don't think that she even trust me.

 

Deposits: I understand from some of my friends that are english teachers in China that it is not uncommon to be charged one years rent in advance before they can rent a place to stay. Is that true?

 

Larry

[Guest jin979]

I agree mostly. When use of credit goes beyond convenience (use card then pay in full before the bill), and necessity (house, vehicle, student loan)... and moves into "Buy everything I ever wanted RIGHT NOW, and then live in debt for the rest of my life even after those things have rusted and rotted" then it has become a dangerous addiction, and that addiction spread so far that it's the rule and not the exception now.

 

Also it is relatively easy to get away with abandoning your debts and never paying, so that creditors, renters, loan officers, banks, etc are forced to do extensive credit checks because you CAN'T trust anyone financially in this country.

 

I don't see all credit, loans, etc as bad... It's just the mix of low self-control and lenders willing to take greater risks by lending to unstable people that have turned a good thing into a bad thing.

 

It's kind of like cheesecake. It's yummy and if you have a slice a couple of times a week no problem at all. But if you eat a whole cheesecake every day you will be 450 pounds in a couple of years and have a heart attack and had have to be taken to the hospital in a flatbed truck after they saw off the front of your house to get you out... still it wasn't the cheesecake's fault, it was yours.

 

 

you miss point , they force credit on people. if you dont use it or have then ask more fees, etc, does not matter if you are good bad, they want to suck you into credit always.

[b.c]

Theres no trust here between people .

 

Its the biggest social control i have ever seen, credit check for everything, deposits, security deposits, crazy

 

USA people is letting people take their money, charge then crazy fees for what and why.

 

i think USA needs to change this especially now. this is not way to make good living.

 

Good observation Jin. I think americans are starting to realize this and are starting to change. The savings rate is going up alot recently and that is a good sign. Another factor is the availability of credit. Credit has always been abundantly available and is very tempting to play this game and many have took full advantage of this and are now paying the price. Now the game is changing.

[chengdu4me]

China is getting into consumer credit now, too. There is an entire credit system being created right now so you can buy your TV and make payments, buy your refrigerator and make payments, take a vacation and make payments. The evil credit beast knows no particular home. It wil go wherever it is welcomed.

 

Chinese government is doing this to encourage domestic spending. It will bite them in the butt, just as it has everyone else, sooner or later.

 

Credit is good. Abusing your credit capabilities is bad. Temptation is the driving force behind the abuses...buy today! take it home today!

[amberjack1234]

I agree mostly. When use of credit goes beyond convenience (use card then pay in full before the bill), and necessity (house, vehicle, student loan)... and moves into "Buy everything I ever wanted RIGHT NOW, and then live in debt for the rest of my life even after those things have rusted and rotted" then it has become a dangerous addiction, and that addiction spread so far that it's the rule and not the exception now.

 

Also it is relatively easy to get away with abandoning your debts and never paying, so that creditors, renters, loan officers, banks, etc are forced to do extensive credit checks because you CAN'T trust anyone financially in this country.

 

I don't see all credit, loans, etc as bad... It's just the mix of low self-control and lenders willing to take greater risks by lending to unstable people that have turned a good thing into a bad thing.

 

It's kind of like cheesecake. It's yummy and if you have a slice a couple of times a week no problem at all. But if you eat a whole cheesecake every day you will be 450 pounds in a couple of years and have a heart attack and had have to be taken to the hospital in a flatbed truck after they saw off the front of your house to get you out... still it wasn't the cheesecake's fault, it was yours.

 

 

you miss point , they force credit on people. if you dont use it or have then ask more fees, etc, does not matter if you are good bad, they want to suck you into credit always.

I will have to agree with you on that. Credit is a good thing but some people can not control their buying habits. To an extent the credit system is forced on you. For example if you try to finance a new car with no past credit history you stand a good chance to being turned down or have to pay a premium in interest charges.

 

Larry

[dnoblett]

you miss point , they force credit on people. if you dont use it or have then ask more fees, etc, does not matter if you are good bad, they want to suck you into credit always.

Yes I have been reading about this, some are now considering killing reward programs like (Frequent Flier Miles, Cash Back, etc..) for people who pay their balance in full every month, or will charge a fee to those who do that in-order to keep the rewards.

[samsong]

Here's a question for ya; who needs credit anyways???

 

Credit has become a big scam and as far as I'm concerned, I could, (and can), live just fine without it! I say this because my happiest times were days without credit cards, loan, etc., and I lived happy and conented for years like that, in not using credit. Jin has a point about it. I can live happily without being a slave to the crooks. Like I said, who needs credit anyways? Just pay with whatever cash you can obtain and be happy with it!

[chengdu4me]

Here's a question for ya; who needs credit anyways???

 

Credit has become a big scam and as far as I'm concerned, I could, (and can), live just fine without it! I say this because my happiest times were days without credit cards, loan, etc., and I lived happy and conented for years like that, in not using credit. Jin has a point about it. I can live happily without being a slave to the crooks. Like I said, who needs credit anyways? Just pay with whatever cash you can obtain and be happy with it!

So that's worked out pretty well for ya?

 

Saved up cash for your car?

Saved up cash for your house?

 

Sounds Chinese to me. Well, I guess they do borrow from family.

 

 

Thats a hard thing to do, Don! I did it. If I had it to do over again, I would not put myself through that long of a period of absolute fanatical self-discipline and basically denial of anything resembling a normal life. I bought every car and motorcycle I have ever owned with cash. I bought my first house with cash and then after that, since I now had sold for lots more than I paid I stuck to buying whatever I liked,but stuck to the cash purchase theory. There was no borrowing from banks or family. No gifts from family.

 

I'll tell ya...you can't do that if you have a family or want a family.

 

I do appreciate the Chinese thinking, however. If you can't pay for it, you don't need it. Moving to China, I guess I will be in a cash and carry society. But that suits me fine. Life is much simpler when you don't wakeup every morning and have to answer to your creditors.

[Guest ShaQuaNew]

Theres no trust here between people .

 

Its the biggest social control i have ever seen, credit check for everything, deposits, security deposits, crazy

 

USA people is letting people take their money, charge then crazy fees for what and why.

 

i think USA needs to change this especially now. this is not way to make good living.

 

Jin, I'm glad to see you and some of our other Chinese members bringing up issues about the differences between life in the US and China.

 

As for credit, the banks make money when they lend money. Many Americans have gotten themselves into real trouble by charging credit cards up to the max, buying trips, cars, furniture, audio and video equipment, and so on. Now, they're stuck. Many are now in a position where is they miss one single paycheck, they will not be able to meet their monthly obligations.

 

You really don't see that happening in China, because the people know the importance of saving as they've experienced the upturns and downturns of life with more of an extreme than those of us from the West.

 

I've gotten myself into credit trouble more than once, and then had to dig myself out. However, many people simply use the bankruptcy option to avoid paying for the debts they've incurred, and then go right back out and do it all over again. Some learn, some don't.

[griz326]

Only the credit culture?

[Guest ShaQuaNew]

Only the credit culture?

 

 

Well, we could add another stimulus package, courtesy of US taxpayers to get people to spend money they don't have.

[whome?]

Theres no trust here between people .

 

Its the biggest social control i have ever seen, credit check for everything, deposits, security deposits, crazy

 

USA people is letting people take their money, charge then crazy fees for what and why.

 

i think USA needs to change this especially now. this is not way to make good living.

Jin I agree on one thing now is the time for change.

 

As far as the trust goes I have experienced much less trust in China than here. My wife agrees as well she was taught in her business to trust no one what so ever. She still adheres to this thinking here. I don't think that she even trust me.

 

Deposits: I understand from some of my friends that are english teachers in China that it is not uncommon to be charged one years rent in advance before they can rent a place to stay. Is that true?

 

Larry

Yes .. but not just for english teachers. You almost always pay upfront the entire rent amount. Also, depending on where you live, you pay for utilties up front. You get a card that you then insert into your meter. I can tell you...it is pretty easy to get pissed off when you wake up to take a shower (snowing outside) and realized you forgot to check your meter and the power is off .. haha.

 

What I see in China is disturbing because I see the credit culture coming here. Also the need to buy the designer watches, handbags, etc. to show face for relationships.

 

USA is ahead but we seem to buy more toys to play with ... when the boats, motor homes, ski mobiles, etc. marketing hits China I am afraid they will follow our model.

[Dennis143]

Economist have recently stated that baby boomer spending is what's fueled the US economy for many years. With this recession comes a sobering, learning for us boomers; the need to get out of debt and to save. The consequence of this is a slower economic recovery.