wrote in message
...
On Wed, 27 Jan 2010 17:05:38 -0800, "nom=de=plume"
wrote:


Really? So, I guess you've never purchased anything on your credit card
that
you couldn't immediately afford. You've never bought a house, because
you'd
be unable to pay off the mortgage immediately. Same goes with a car.

I figured out pretty early in my life that was a losing proposition.
It is a whole lot better to save your money until you can afford what
you want. Otherwise you are just making bankers rich. If you can't
afford a $15,000 car on your salary, how in the hell can you afford to
pay $19,000 for the same car? (a 4 year 12% note)
I understand young people borrowing money early in their life but if
they are still borrowing money in their 40s they will always be broke.

Have you looked recently at what percentage of the federal budget goes
to servicing our debt?


You're certainly right that it's not a good idea to finance things that you
can pay for without putting yourself in a cash flow problem situation. Cars
are a great example of people spending more than they should. I've never
purchased a new car, and I've never purchased one on credit. Some people
don't have that option, but one should avoid it whenever possible. Houses
are a different story. The vast, vast majority get a mortgage. Credit card
use is dangerous if not done properly, but I certainly use mine. I don't run
a balance, and I haven't seen grad school. It's still a loan, however.

I believe the service on the debt is 15% or so of the budget... something
like that.

--
Nom=de=Plume