Quote:
Originally Posted by Baraka_Guru
I can't name a single person I know who doesn't carry a debt.
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I carry no significant debts (barring a debt that I would pay off within the month -- utilities on CC). Neither does my SO.
Both of us have well above zero savings.
I was looking forward to the housing collapse to buy me some dirt-cheap housing. Sadly, the governments seem to have decided to give money not to people in general, but to the people who specifically screwed up and bought houses presuming that prices could never fall, which will slow down the price correction.
The house that is in foreclosure, that the mortgage company wants to kick the people out of? That's the house I want to buy, dirt cheap, with a decent percentage-wise down payment, and documentation of income, etc, then pay off as soon as possible.
I'm well aware that this kind of behavior doesn't generate the debt that is required to generate the cash that is required to keep the world liquid. (Cash is a promise you will be repayed later, by someone, somewhere, with goods or services from someone else: as such, it requires that there be someone out there who has an obligation to repay a debt, and thus wants the cash to repay it, and will give you goods or services in exchange.)