wrote in message
...
On Thu, 14 Oct 2010 10:24:34 -0700, "nom=de=plume"
wrote:

That is a cultural problem promoted in the 70s when we were told it
was better to "use other people's money and pay them back with
inflated dollars".
I never bought into it but there are lots of people who fell for the
debt trap.
I was saved by a stock broker named John Flick from AG Edwards who sat
me down in 1971 or so and ran the numbers of that "live on credit"
lifestyle. Then he showed what happens when you save up money to buy
things. It didn't take long for me to understand I was too poor to
borrow money.
I will say it again. If you are too poor to pay your bills, how can
you afford to pay your bills plus paying a banker 20% (now 29.999%)
You can be broke at zero or you can live large a little longer and be
broke at your credit limit, hoping the bankruptcy court will make your
neighbors pay your bills.

I will say it again. When you have a relatively low monthly payment, even
though the interest rate is very high, you can typically make the payments
for some period of time. As a short-term solution, it works. Of course,
for
long-term, the principal balance needs to be paid off.

Do you not understand this basic concept?


You do not understand that this is how they sell the debt trap.
It always gets rationalized as a temporary solution and it becomes a
lifestyle.
The reality is you can eat bologna now and save your money or you can
be up to your ass in debt and eat bologna for the rest of your life.
Unfortunately our government is the worst offender, dooming our kids
to a lifetime of debt.

Sure.. we all get it, but the point is that some people have little choice.
They either borrow or their kids don't eat. Feel free to blame them of
course.