Quote:
Originally Posted by Cerek
Sorry, SW, but it is possible to live relatively debt free with a few exceptions. House, car and college being the three actual needs I can think of for legitimately borrowing money.
The adage is still just as applicable to current times as it was 50 years ago. Transferring balances from one credit card to another does nothing to eliminate the debt, it just reduces the amount you might have to pay each month. Of course, the less you pay, the longer it's gonna take to pay off that balance. In the meantime, consumers still go out and buy more wants on the lower interest card, so there total debt still doesn't go down, it just gets moved around. The point is there comes a time when you simply have to STOP buying stuff if you don't have the money to pay for it.
Times have changed and it is the very rare person that has enough money to buy a car or pay for college out of their bank account, but much of that is their own fault.
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While this doesn't seem to be your intention at the beginning of your post, you appear to be in 100% agreement with me. You mentioned nothing that I didn't - just said it another way (i.e. it was possible to live debt-free with some exceptions, and then you listed the exact necessities I was referring to). What am I missing here?