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ruin it for the people who are financially responsible/smart?
i was having this conversation with someone who is horrible with money and in so much debt despite the person making $200k per year. obviously some horrible decisions were made and this person lived beyond their means for quite some time. do these situations effect the people who are financially responsible with their money? if so, how? i was trying to make the argument that this person was ruining it for the rest of us but i didn't have any examples to support my argument lol so then i started questioning if that were true. i was just wondering what kind of ramifications this has on the rest of society.
Personally, I only see advantages, even though this may sound a little heartless. All the deals you see with 0% intro APR on cards and 24 months deferred interest for Home Depot purchases are there because of those irresponsible people - credit card companies are preying on them. Which is sad, but those of us who know how to budget can take full advantage of them.
I have 1400 left on 4500+ I "borrowed" from Home Depot for my home improvement in July 2015. Will pay it off in 7 months, not a penny paid in interest. Would've had to take some other loans or defer repairs until I had that money saved.
Personally, I only see advantages, even though this may sound a little heartless. All the deals you see with 0% intro APR on cards and 24 months deferred interest for Home Depot purchases are there because of those irresponsible people - credit card companies are preying on them. Which is sad, but those of us who know how to budget can take full advantage of them.
I have 1400 left on 4500+ I "borrowed" from Home Depot for my home improvement in July 2015. Will pay it off in 7 months, not a penny paid in interest. Would've had to take some other loans or defer repairs until I had that money saved.
ruin it for the people who are financially responsible/smart?
i was having this conversation with someone who is horrible with money and in so much debt despite the person making $200k per year. obviously some horrible decisions were made and this person lived beyond their means for quite some time. do these situations effect the people who are financially responsible with their money? if so, how? i was trying to make the argument that this person was ruining it for the rest of us but i didn't have any examples to support my argument lol so then i started questioning if that were true. i was just wondering what kind of ramifications this has on the rest of society.
If you own stocks, consumers are good for your bottom line.
If we are just talking about people that have made good money, but spent just as much or more I think we all know a few. I think the only affect it has on me is increasing the way I don't want to share any financial information about myself. Always having lived under our means and now having retirement maybe right around the corner things will likely be pretty good for us, but not for some of our friends. I want to be able to enjoy my later years and think it would be more fun if our friends aren't financially limited. Guess we'll see how it goes.
I feel that there are ramifications for other members of the society. As the careless/reckless members continue spending and not saving, they won't have anything left during retirement. It seems that the majority of the people belong in this group. When the majority is hurting, they will vote into government offices those who will favor them, hence it will ultimately hurt the prudent members as they will pay the price (taxes) to support the majority. This will seem to offset any small benefits you have gained over the years from the careless lifestyles of the majority.
If we are just talking about people that have made good money, but spent just as much or more I think we all know a few. I think the only affect it has on me is increasing the way I don't want to share any financial information about myself. Always having lived under our means and now having retirement maybe right around the corner things will likely be pretty good for us, but not for some of our friends. I want to be able to enjoy my later years and think it would be more fun if our friends aren't financially limited. Guess we'll see how it goes.
I meant ruin the economy and maybe as far as society as a whole. Sorry i should have said that!
I know a couple, both the husband and the wife have filed for bankruptcy twice---EACH. Now they finally have a successful $5-million-dollar business going with 32 employees. "Society" has benefitted from them.
Hard to say. We all have our anecdotes but we don't really know the broad swath of the general public's financial situation.
I can say that I recently bought a car and the dealers all reacted with this mix of befuddlement and amazement when I wanted to pay cash. Definitely changes the dynamic of car shopping. Leads me to believe that most of their customers finance.
The problem with living below or at your means is the majority of people live above their means, which leads to living around people of a lower economic class/education. In that sense, they 'ruin' it for those who live within their means. Though in this instance I think 'ruin' is overly harsh.
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