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A positive moment in lock down life.

leov

Well-Known Member
At least for USA. A lot of people here bogged down in debt, paying huge interest. Now many put on financial diet with much less opportunity to use credit. Hopefully some may use that opportunity to somewhat unload fknancial
 
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sun rise

The world is on fire
Premium Member
I learned from my parents that debt is a ball and chain around one's freedom. But others do need to learn that lesson.

Of course, some debt is unavoidable such as for buying a house or emergencies, but if someone has a choice, saving the money is a much better path.
 

PoetPhilosopher

Veteran Member
I learned from my parents that debt is a ball and chain around one's freedom. But others do need to learn that lesson.

Of course, some debt is unavoidable such as for buying a house or emergencies, but if someone has a choice, saving the money is a much better path.

I do feel like creditors somewhat may trap people new to credit cards too. People new to credit cards often have no credit rating, and as a result, have to pay 21-27% APR as a result due to the creditor claiming them a greater risk. Then these people do default as they didn't fully understand the significance and challenge of high APR.
 

leov

Well-Known Member
I learned from my parents that debt is a ball and chain around one's freedom. But others do need to learn that lesson.

Of course, some debt is unavoidable such as for buying a house or emergencies, but if someone has a choice, saving the money is a much better path.
I suspect that with almost trillion $$ credit card debt they try to protect banks, but it works both ways, also crude oil price dictates under $1 per gallon gasoline price.
 

WhyIsThatSo

Well-Known Member
At least for USA. A lot of people here bogged down debt, paying huge interest. Now many put on financial diet with much less opportunity to use credit. Hopefully some may use that opportunity to somewhat unload fknancial

Not in a financial system that encourages and depends upon "debt".
Can you say "economic slave " ?
 

Regiomontanus

Ματαιοδοξία ματαιοδοξιών! Όλα είναι ματαιοδοξία.
At least for USA. A lot of people here bogged down in debt, paying huge interest. Now many put on financial diet with much less opportunity to use credit. Hopefully some may use that opportunity to somewhat unload fknancial


The Ds are floating the idea of forgiving $10k in student debt for everyone (who has such debt). Already they are letting people not make payments for a while. If we can bail out the corporations we can certainly help out those with student debt. I fear though that the Rs will not go along with the 10k plan...
 

leov

Well-Known Member
Not in a financial system that encourages and depends upon "debt".
Can you say "economic slave " ?
i understand the system, but they realized is not sustainable any longer, there is no buying ability in public to sustain corporations, credit cards are mostly fully loaded.
 

WhyIsThatSo

Well-Known Member
i understand the system, but they realized is not sustainable any longer, there is no buying ability in public to sustain corporations, credit cards are mostly fully loaded.

The so called United States Government is a "corporation",
that's why we have a "President" ( of the US Corporation ).
 
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