Champ Money

Today’s financial news reveals “GM, GMAC ease lending rules to entice car buyers”.

Wait, isn’t this exactly what got us into this mess to begin with?

Sure, it wasn’t only “easy” credit for cars, but also easy-to-obtain credit cards, mortgages, home equity loans and personal loans. Often times – very often in fact – to consumers that should never receive that amount of financing to begin with.

So, after a few bailouts, here we go again.

Be careful with credit friends – it should be very clear that these companies have only their own interest in mind. Your financial well-being is completely in your hands.

There are some current reports indicating that auto loans are becoming more difficult to get.

We don’t view this as a bad thing, but rather something that all consumers should be aware of, and prepared for.

Requiring car buyers to provide more money down, and that they have a better credit score, will protect the lenders as well as all consumers – as they will be less likely to have to pay for the unpaid loans of others.