Word: borrowable
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...walked across the street to Ganley's used-car dealership. There he found a 2007 Impala with 13,000 miles that cost $5,000 less than new one. At that price, he could pay cash. "Now's a good time to buy, but it's a bad time to borrow," Groening, 75, said on Tuesday as the continuing credit crisis dominated the news...
...That's because credit markets, which affect the ability of businesses and governments to borrow to fund day-to-day operations, continue to tighten in Asia as banks become more nervous about lending. In Hong Kong, the one-month interbank lending rate has doubled in the past month to 4%. Central banks are trying to pump liquidity into financial markets to avert a credit crunch. India on Monday cut the amount of cash that banks must deposit with the central bank in an attempt to loosen credit. "Credit markets are quite global," says Kirby Daley, senior strategist at financial services...
...free market, these weak banks wouldn't be around. Pushing home ownership and low interest rates irrespective of risk is what got us into this problem. Not everybody can afford a house. Maybe it's worth it to loan money to people who can't afford to borrow it so they can live in a house. I don't know. I'm just saying that the consequences of it are that you're going to have a lot of bad mortgages and inflated real estate prices. And then they're going to correct and it's going...
...year-old property agent in the northern state of Haryana, was horrified last month when the interest rate he pays on a $15,000 adjustable-rate home loan jumped from 9% to 12%. "There's no way I can [pay] that," he says. "I'll probably have to borrow from friends or relatives and curtail household expenses." Srinivas says a lot of people are in similar straits. Out of India's middle class of about 90 million people, some 20-30 million have taken on more debt than they can handle, he estimates. Rising rates of loan defaults appear...
...will lend you money if you can prove that you don't need it." But that too changed as easy credit bloomed and usury became another of those vices that had somehow lost its juice. The average American has nine credit cards with a total $17,000 balance. We borrow against our houses and pensions to live in a way that dares us to actually grow old. "Never invest in any idea you can't illustrate with a crayon," Fidelity mastermind Peter Lynch advised, but we embraced all kinds of investments about which we understood nothing except the hollow promise...