Real estate blog entries tagged with credit by Louis Esbin (Law Offices of Louis J. Esbin)

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Home : Blogs : Louis Esbin : Louis Esbin's Blog : Tag "credit"

credit: Where Have We Been ... And Where Are We Going??? - 12/29/08 02:18 AM

Since about 1978 we have been running an economy on the back of the consumer. During the last 30 years, real income has declined, as adjusted for inflation. The difference between real income adjusted for inflation and spending has been filled by credit. Credit was moved from a subjective decision by the local banker to a quantifiable objective standard measured by a credit score. Net worth, living within one's means, being fiscally responsible, and saving for a rainy day, were all replaced by merely affording a monthly payment. Price no longer mattered, as long as the monthly payment was tolerable.
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Louis Esbin

Santa Clarita, CA

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