I have no idea where I fall into this curve, although I'm confident I'm not in that bottom 2%. I mentioned before that when I asked my only credit card company to lower my limit from $22k to $4k, that action likely put me in a lower tranche. OK. Someday it will be revealed to me where I lie, but I don't think I'll really ever need to know what others think about my ability to repay.
According to GMAC, our GMAC bailing money is going to help those in the 621-700 range, and they said this tranche represents about 40% of all who want/need motor vehicle financing. But as I see it, this segment represents something less than 27% of all people. The two don't mesh.
What's compelling is that our bailing money will be used to assist some who are at least a full standard deviation below the mean. These are the standard deviants -- one missed paycheck away from financial disaster; absolutely no savings, and likely, negative savings; no ability to weather any financial perturbation.
Damn, I have to admit I haven't been in that sorta position in a very long time...but I do remember many times when I'd have to borrow $5 bucks from someone, deposit it into my ATM account that had $16 bucks in it just to get the balance above $20 because that's the only denomination the ATM spits out. Then I'd end up paying back that borrowed $5. I always paid it back. And I found a way to live beneath my means even then, as I do today.
My financial decisions in the past have led to where I'm at today, and to be sure I have contempt for many, many people who fail to keep their own financial houses in order. So I'm just a little bit pissed that I get to bail out a company to help lend freshly printed dollars to standard deviants so they can drive new motor vehicles.
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