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Originally Posted by jimbuna
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Originally Posted by SUBMAN1
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Originally Posted by jimbuna
I wish my credit card company was so understanding. :p
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Lock that thing in a safe already and don't use it ever!!! Or better yet - cut it up!
-S |
Bad/negative personal experience ? :hmm: |
I'm just anti credit is all. You have a choice - be free and wealthy or be a slave to the lender. The choice is yours. I never use credit anymore (accept to purchase online, but I don't keep a balance), which gives me the most powerful wealth building tool I have - my income!
Credit is the mantra of the middle class. No other way to describe it. Credit is bad. If you like being middle class however, keep the credit.
An example of just how bad credit is, simply take a car payment. The average US car payment is $400 a month. Do you know that if you paid yourself $400 a month for 40 years straight into a decent mutual fund that this would add up to $4.5 Million dollars at a normal return on investment of 12%? That car you have there must be a pretty nice car for $4.5 million!
The car companies know this, but would rather not tell you because they want that 4.5 million in their pocket, not yours! Hope you like the car!
I guess the point I am getting across is that credit will keep you down. Even someone with minimal income can walk away at the end of their life more wealthy than anyone else if they are only slightly smart with their money.
I'm debt free at this point. I don't owe a penny to anyone and I plan to keep it that way.
-S