The Economy Sucks Because of YOU

*** 90% of people with fucked up credit are just like 90% of people addicted to crack they all knew what the fuck they were doing but just went for it anyway ***

Remember about 10 years back when they were handing out credits cards like candy on Halloween. I remember I was cutting thru HU campus just trying to see what I could see because having a Howard chick on my team was like winning an Oscar back then. So here I am standing in front of the library looking around and see this beautiful chick standing about 30 feet from me handing out these little applications and giving away clock radios to everyone that fills one out. I walk my happy ass over there to get a better look at this chick and get me some free shit. She hands me an application for Manhattan-Chevy Chase Master Card and tells me if I fill it out now I’ll be entered in a drawing for some other shit and I get this free clock radio now. Honest to god truth the limit on the card was only $250 I had at least 4 times in my pocket at the time (Yeah I was getting it like that) and the clock radio was made by like ‘Daniel Sonn Electronics’, but I filled it out with BS info away just to get another chance to chop it up with Ms. Credit Card. I didn’t get that follow up chance to rap to Ms. Credit Card because these students were on credit like it was good coke. As I started my trek back towards the block with clock radio in hand I couldn’t understand why anybody would be so damn press to have 250 only to pay it back with crazy interest. For college students the kids sure were stupid I don’t give a fuck what the SAT score said.

As I got older I noticed my friends were swipe champions every other purchase was put on a credit card. When they bought semi-major purchases like furniture and major electronics they were quick to whip out that Hecht’s/JC Penny/Macy’s/Sears card. Why pay 800 now when you can pay 50 dollars a months for the next 2 years? I know why because I can pay 800 right now instead of paying 1200 later. Having a wallet full of charge cards was like a status symbol.

When I was about 24 or 25 I would step into some girls’ spots and that shit would be laid the fuck out. Leather furniture, 32 inch TV’s and DVD players (this was before a DVD player was like 20 bucks) in every room, closet full of fly shit and a 04 whip sitting out front. I’d be like damn shorty doing it over here. Her whole life was financed wasn’t shit that house hers except the food in the fridge. Credit was allowing folks to live way beyond their means. Shit you can’t afford today you can still get it today just pay for it later plus interest.

Credit got bigger than little pieces of plastic that fit in your wallet. Credit introduced the interest only loan that appealed to all these folks that were already living on credit. “So let me get this right I can move into this 400k house and pay $100 less than I’m paying in rent right now for the next 5 years.” Folks were running to buy houses and leaving apartment buildings empty. I know real estate agents that were making 10k-15k a month in commission. Every Tom Dick and Mary was taking a real estate class and getting a license. Flipping property was the new hustle; buying a house for 100k put new windows and a tub in it then sell it for 160k.

Then prices of houses skyrocketed when the average income didn’t improve to allow more folks to continue buy houses like they were before. The foreclosures came when those interest only years ended and that $1100 mortgage became $2800 a month. The creditors started calling you to pay off that sectional couch, bedroom set, and entertainment system you bought in 2000 when you first move out on your own and Eastern Motors wanted their car back.

Department stores, credit card companies, car companies, cell phone companies, banks, and every other business in between built empires and jobs based on money your ass didn’t have to start with. When folks didn’t have real money they started spending future money. One fool with a credit card living beyond his means didn’t bring the house down but it was millions of you buying shit you couldn’t afford and fucked up for everybody.

This ain’t a recession it’s a fucking reality check live within your means
Jean DeGrate has spoken