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The wise aren't getting everything for themselves, as the foolish are probably the ones with nicer clothes, nicer car, eating out more, etc. since they are willing to use revolving credit to finance their lifestyle. I have trouble pitying that person and believing the wise person who lives within their means "wise get everything for themselves" or steals from the foolish person.
Yes.
It also requires knowing "whats best" for the people and infringing upon their rights to make their own decisions.
If some gal spends $250 on a purse I might think that's crazy but what about a guy that spends $250 on alchohol for a party? He doesn't need to have that...neither does she....so let's step in and not let them make those purchases.
Oh, you want cosmetic surgery for that big wart on your face? Sorry, fill out government form #1207-b and we might let you spend your money that way.
So what else? We put speed limiters on all cars to 75mph? Ban motorcycles as too dangerous....pre-approve all food and liquid consumption along with mandatory exercise plans so that people don't make "bad choices"...we must "protect them".
Big Brother is your friend, let him make your choices...you'd just screw it up.
How can credit be a scam? It is perfetly legal. The fact is that you sign paperwork prior to taking the loan. Do you read that paperwork? Most I am sure don't, still it is there. You are made aware of the responsibilities of taking on the debt. Everything was explained to you. Is it a smart move to take on that debt? Only if it will make you more than the cost of the debt. \
A student loan: Hopefully you will find employment in a field that will allow you the ability to pay off the debt.
Credit cards: Depends what you buy. Most cosumer items just wont give you the kind of ROI that makes it worth it. Still, their are things that do make sence.
Auto loan: I have had them before, but never liked them and don't plan on having them ever again.
Mortgage: For me it is cheaper then rent for similar home. Best debt I have ever had.
You should take the time to read the articles people post before responding.
The point was that you spend that much MORE by using plastic, than handing over cold hard cash.
So, my premise is correct AND your statement is wrong.
The post I responded to referenced a "12-18%" and hence you were discussing the interest rate charge aspect.
This is what the article said.
"a fair substitute for cash when the balance is paid in full at the end of each month"
This is what I said.
"They do when you don't carry a balance"
Had you mentioned the part about possible overspending etc. then I would have agreed with that portion of your post and disagreed with the other portion.
Please don't reprimand me for failing to read your mind, I can only address your comments.
The wise aren't getting everything for themselves, as the foolish are probably the ones with nicer clothes, nicer car, eating out more, etc. since they are willing to use revolving credit to finance their lifestyle.
Or maybe some of the people who have these things can actually afford to have that lifestyle.
Quote:
Originally Posted by slackjaw
Credit can be used wisely or poorly, to say anyone using credit is unwise is absolutely stupid.
On this...we agree.
Quote:
Originally Posted by jtur88
But the system (free market) is rigged in favor of the scammers. The clever have perfect freedom to exploit those less clever, virtually unrestricted and with impunity, and they always do. Is that really the principle upon which you want a perfect world to be predicated?
"If you're smart, you use credit as a tool" . . . to steal all you can from those who are not smart. Are you proud of yourself for that?
The only scam about crdit is what people do to con themselves. Credit is a product to be used to your advantage not to con yourself into the deepend of the pool.
The post I responded to referenced a "12-18%" and hence you were discussing the interest rate charge aspect.
This is what the article said.
"a fair substitute for cash when the balance is paid in full at the end of each month"
This is what I said.
"They do when you don't carry a balance"
Had you mentioned the part about possible overspending etc. then I would have agreed with that portion of your post and disagreed with the other portion.
Please don't reprimand me for failing to read your mind, I can only address your comments.
This is why I say read...
It's talking about HOW MUCH MORE PEOPLE SPEND using plastic over cash... NOT INTEREST!!!
The article you posted does not make the case that paying off the balance each month leads to overspending, and implies that the overspending comes when you carry a balance. Your point is still not made.
You should take the time to read the articles people post before responding.
The point was that you spend that much MORE by using plastic, than handing over cold hard cash.
So, my premise is correct AND your statement is wrong.
That is not true unless you have no control. Its like people ho carry hard cahs foten spend it all with no accountig and often actually own other bills after that. Cash;checking account or credit card depends on the person. In fact soem who have traust have to be controlled because they over apend cahs they have.Mnay have problem i that they borrow cash dirctly becfore credit cards eve existed and i fact even the bile mentions the moeny leanders.Whe it wsn't cash it was actually barter that was owed.There is a reason the old saying a fool and his money are soon parted came about. There was alos a debtorsw prison at one time ni many societies;so nothing has really changed;except allowing those i debt to walk away really. That alone has conseqauences.
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