I have not decided on a car yet. I am looking for a cheap used car. Something that I can afford. Without much economics or excel sheet or banker advice, I should know what I can afford. My loan application is still with me. I am still wondering if I should apply or not.
Texans CU has a special deal for multinational (?) new employees. For those who have not proved they are "credit worthy". By default, none is worthy of a loan. You take more loans and pay them back, you are more eligible for a loan in need. If you are that old man with principles and values, who still prefers the giving hand over the begging hand, chances are that you will not get help when in need. If you are that guy in college, who used to borrow from someone and payback someone else every monday, you are termed "credit worthy" and people are ready to help you even when you are not in need. You have a healthy credit history.
I now understand why Yunus got a Peace price and not price for Economy. Nobel authority still believes in the loans and credit worthiness. Otherwise they should have given him a Economics Nobel price. Someone who created a new economy, created a good society out of it, has been awarded for the results he produced. Peace. Not the common theory of loans and credits the he disproved.
If I have a million rupees worth land, I can mortgage and take a loan. Then invest in a business. Pay back regular. I increase my wealth. My land becomes free. My credit history improves. I then apply for a bigger loan. I get a better deal. I keep on growing my wealth.
I need a market too. So I give loan options for the poorer section of the society. Make sure their money is not invested to grow their wealth. They bet their future money into "comforts" that they do not deserve now. Their thirst for comforts grow. Their future earnings shrink. Their wealth shrinks. They grow thin as I put on weight. I call it free economy. They got choices, they made the wrong choice. I made the right choice. Haves keep growing and Have nots become more and more so. The gap never ends. Then dogs and fences and alarms come to guard the gaps. Wars and treaties fill up the air.
Banks are not something that the needy can bank on. In Yunus' words, banks have been asking people "Are you credit worthy?". Its time we ask them back "Are you bankworthy?"
പണമുള്ളോറ് നിറ്മ്മിച്ച നീതിക്കിതിലൊന്നും