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Originally Posted by willravel
The credit system is crap and has ruined hundreds of thousands to millions of lives in it's history. We get sucked into believing that it's normal to pay $750,000 for a house when the average income in the area is around $63k a year. We sign happily on the line to buy that $30,000 car when you only have a $20,000 a year job...on top of the $6,000 you already owe on your Sears Mastercard. The very SECOND I paid off my college loans, I cut up all 4 of my credit cards. Just so we're clear, I think that spending money that you don't have is a form of massive insanity, and we're all stuck in the middle of it. If I found a magic lamp today, my second wish would be the destruction of the credit system and the reintruduction of bartering.
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Very well said, Will.
I once had a Visa when I was first stating out with a limit of only $750 (its been paid off for 5 years now). I maxed it out, made late payments, went over the limit. I think in a seven year period that card must have cost me at least 3k maybe 4k.
Im counting down the days till the only thing I will owe on credit in my car.