The saying “history repeats itself” is proven true over and over again and we never seem to learn.
Before the 2008 crash, banks started making it easier and easier to take out a mortgage when thy knew that there’s a good chance that many that they were giving mortgages to could never pay it back. This is what lead to the 2008 crash. People got approved for loans that they couldn’t afford and later defaulted and that lead to the worse recession since the Great Depression.
You would think that the policies that lead to the worst recession in 80 years would have taught us a lesson but we never seem to learn. Banks are now making the credit card approval process easier.
“This is about opportunity” according to Trish Wexler, spokesperson for JPMorgan Chase. “This will give millions of Americans the opportunity to access credit that’s essential to building wealth — buying a home, starting a business or financing education.” Now of course this time is different they claim and that it will absolutely not lead to another 2008 style crash despite the banks making it easier for people to take out loans that they likely can’t afford. Of course they also said that the economy was fine in the days leading up tot he 2008 crash as well.
You shouldn’t worry about the banks through. They will get their money back somehow, even if that means they need to take money out of your bank account first to pay it back, which they can legally do now. Sure, you might get your money back eventually but you might have to wait awhile until the banks could afford it again.
You need to prepare for what’s coming.
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