Cash for Clunkers, another credit tie down. Lets make sure our car dealerships stay alive. Lets put some more debt on people having trouble with money as it is.
We are trying to help out our economy with this cash for clunkers program. It is great for the dealerships but, is it really good for the buyer. I know this program dose not exist anymore. If you did not participate in it then way to go. You might have saved your self from a financial mistake.
Cash for clunkers took your old car and set you up with a new loan. I am sure that most people who had clunkers probably are not that financially well off. Yes it is great that you get a new car but, can you afford a car payment? This may help the economy. The problem is that cash for clunkers sucked a lot of people into a new car loan that, they may not be able to afford.
When you are doing this for people who already may have money issues. Just imagine all the people who are going to stop paying the payment. In the long run cash for clunkers is just going to put a lot of people in more debt. You also have to have full coverage insurance, a lot of peoples insurance would double.
Maybe I am wrong. I hope this turns out good for everyone. It just bothers me that handing out loans, credit cards, and houses to people with poor credit and extremely high interest rates. This is a big reason why our economy is in the hole. The last thing I would do is try to tie people down into another mistake.
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