How Long Will The Recession/Depression Last?

Page 4 of Thanks to this virus, we're heading into a recession and maybe even a depression, so, my question is, how long will it last? How long will it take to r... 160 comments | 7970 Views | Go to page 1 →

  1. #46
    GrantNKY's Avatar
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    Quote Originally Posted by 00Rocket28 View Post
    Now is a good time to buy a new car.
    If you’re still in good shape financially, now is the time to do any type of investment purchase from a car, house, refinance your mortgage, stocks, etc.
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  2. #47
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    Quote Originally Posted by coldweatherfan View Post
    Pretty much everybody on here is going to know people who lose their businesses over this.

    We are going to know even more people who will lose they jobs and savings, because small businesses can't make it.

    We are going to know people who go bankrupt.

    People who's families are destroyed by divorce.

    People who will turn to crime.

    People who will be victims of crimes.

    There will be people who commit suicide.


    Be sure to walk up to them and tell them you don't care.
    I think PP is trying to make a point that we should always be as compassionate towards those in need as we are gearing up to be. All of what you describe is every day America on a micro level.

  3. #48

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    Quote Originally Posted by GrantNKY View Post
    If you’re still in good shape financially, now is the time to do any type of investment purchase from a car, house, refinance your mortgage, stocks, etc.
    I'd wait on housing. Home prices are going to be heading for a major correction, and that hasn't happened.... yet.

  4. #49
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    Quote Originally Posted by coldweatherfan View Post
    Pretty much everybody on here is going to know people who lose their businesses over this.

    We are going to know even more people who will lose they jobs and savings, because small businesses can't make it.

    We are going to know people who go bankrupt.

    People who's families are destroyed by divorce.

    People who will turn to crime.

    People who will be victims of crimes.

    There will be people who commit suicide.


    Be sure to walk up to them and tell them you don't care.
    If they have been paying attention to society then they should know that there are plenty of people who have suffered much of the same fate they are just now suffering. Tell them they can lean on them since they know their way around the struggle.

  5. #50
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    Those who will rebound from this the strongest will be those who are looking at this as a chance to leverage their money and the low interest rates. You could refinance your mortgage or auto loan to pay it off earlier or get a better APR. If you’re in credit card debt, consolidate it with a personal loan because interest rates will never be lower and you’ll save hundreds or even thousands of dollars of interest. Then you’ll be able to create a better budget by having a routine monthly payment every month and a plan to pay off your debt. Use this time to invest in your retirement with an IRA or invest some extra cash in the stock market. Those who don’t use this time to position themselves in a better spot financially, will find themselves in the same or an even worse spot after this is all over. I understand people feel differently than I do on this and no 2 situations are the same, but I’m choosing to view this as an opportunity. So many things are about perspective.

  6. #51
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    Quote Originally Posted by GrantNKY View Post
    Those who will rebound from this the strongest will be those who are looking at this as a chance to leverage their money and the low interest rates. You could refinance your mortgage or auto loan to pay it off earlier or get a better APR. If you’re in credit card debt, consolidate it with a personal loan because interest rates will never be lower and you’ll save hundreds or even thousands of dollars of interest. Then you’ll be able to create a better budget by having a routine monthly payment every month and a plan to pay off your debt. Use this time to invest in your retirement with an IRA or invest some extra cash in the stock market. Those who don’t use this time to position themselves in a better spot financially, will find themselves in the same or an even worse spot after this is all over. I understand people feel differently than I do on this and no 2 situations are the same, but I’m choosing to view this as an opportunity. So many things are about perspective.
    I’ll be looking to refi my mortgage and possibly a new truck with the 0.0 financing.

  7. #52
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    Quote Originally Posted by 00Rocket28 View Post
    I’ll be looking to refi my mortgage and possibly a new truck with the 0.0 financing.
    If I find somewhere doing 0% I'm buying a new car and I don't even need one.

  8. #53
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    Quote Originally Posted by TheDeuce View Post
    If I find somewhere doing 0% I'm buying a new car and I don't even need one.
    I don’t think your Honda/Toyota/Lexus, types are yet. GM, Ford, jeep, Dodge, Chrysler are all offer 0.0 up to 84 months for qualified buyers, which I’m sure is your 700+ credit score folks.

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    Quote Originally Posted by 00Rocket28 View Post
    I don’t think your Honda/Toyota/Lexus, types are yet. GM, Ford, jeep, Dodge, Chrysler are all offer 0.0 up to 84 months for qualified buyers, which I’m sure is your 700+ credit score folks.
    Are the dealerships setting the price on the car if you want the 0.0 or can you still negotiate?

  10. #55
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    Quote Originally Posted by theguru View Post
    Are the dealerships setting the price on the car if you want the 0.0 or can you still negotiate?
    I believe there’s still negotiating room as I was talking to a dealer earlier on a Ram and they remarked they wouldn’t lose the sale over a thousand dollars. The particular one I’m looking at has an MSRP of $50k and they’re “asking” $35k.

  11. #56
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    Quote Originally Posted by 00Rocket28 View Post
    Or good credit
    No way would I sign up for a 5-6 year loan right now. A new $300 payment with the financial crisis coming, very risky. You have a secure job though, you could be in the minority.

  12. #57
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    Quote Originally Posted by GrantNKY View Post
    Those who will rebound from this the strongest will be those who are looking at this as a chance to leverage their money and the low interest rates. You could refinance your mortgage or auto loan to pay it off earlier or get a better APR. If you’re in credit card debt, consolidate it with a personal loan because interest rates will never be lower and you’ll save hundreds or even thousands of dollars of interest. Then you’ll be able to create a better budget by having a routine monthly payment every month and a plan to pay off your debt. Use this time to invest in your retirement with an IRA or invest some extra cash in the stock market. Those who don’t use this time to position themselves in a better spot financially, will find themselves in the same or an even worse spot after this is all over. I understand people feel differently than I do on this and no 2 situations are the same, but I’m choosing to view this as an opportunity. So many things are about perspective.
    Refinance rates aren’t as good as new loan rates. You would have to have a very good credit score, or take out a shorter loan. A shorter loan would be a good idea but I think the housing market is gonna take hit.

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    Quote Originally Posted by John Anthony View Post
    No way would I sign up for a 5-6 year loan right now. A new $300 payment with the financial crisis coming, very risky.
    It depends on how "essential" your job is in America.

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    Quote Originally Posted by 00Rocket28 View Post
    I believe there’s still negotiating room as I was talking to a dealer earlier on a Ram and they remarked they wouldn’t lose the sale over a thousand dollars. The particular one I’m looking at has an MSRP of $50k and they’re “asking” $35k.
    Sounds like you are going to get a new ride for 30k with 0.0.

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    By June 30, unemployment rate will be less than 4%.

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