Quote:
Originally Posted by Opie
Off topic: If people lived within their means loans and/or credit would be rarely ever used. Debt causes stress and depression more than it does any good. Sure people don't have 30k sitting around to buy a car or 200k to buy a house, and most people don't need a 30k car or a 200k house either.
Loans can be beneficial when used responsibly, sadly most Americans don't know how to be financially responsible. Eliminating personal debt should be everyone's goal, but that would require not getting the newest everything all the time...
As far as college, 2 things; 1. College is not a requirement for everyone. 2. Going to college does not require loans.
Says the guy who has 2 debts, 1 car & 1 house. Both will be paid off long before their full loan term, and has a college aged daughter that has no debt, is in her last year off college and preparing to go for her graduate degree. And no, I didn't fund it for her.
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You can have debt and credit and still be living well within your "means". As you then followed up as long as you are responsible with that debt and credit it is not an issue. A person that is irresponsible with their debt can be just as bad with their cash though so living within their means can still be impossible since they will just short the necessities for the luxuries.
We should just get rid of all monetary forms of commerce and go back to barter! I will give you 3 goats and a chicken for your next restoration project.