Quote:
Originally Posted by R8ers
I love this thread...
I want some of you to tell me how to justify borrowing money is better than saving up and buying with cash....
|
It depends on what you're borrowing money for. If you're using a credit card to buy everyday purchases or stuff you don't need, it's bad.
If you're borrowing money to buy a business or an asset that can be used to gain value, borrowing money can be a good thing.
Nearly every one of the richest people on earth got to where they are by borrowing money. Donald Trump has a lot more money than you or I, but I bet he has many, many loans outstanding right now.
Quote:
Originally Posted by R8ers
I want some more of you to tell me how that credit card you value so much is changing your life for the good.....
|
Who has said that? I don't think anyone is arguing that normal credit card debt is a good thing.
Quote:
Originally Posted by R8ers
I don't have any debt ZERO NADA NONE everything is paid for, every last penny of my paycheck goes into the bank.
|
Good for you. You're content where you are. You'll never be in Forbes, but that isn't your goal.
Quote:
Originally Posted by R8ers
Credit is to let broke people buy shit they can't afford to impress other people...
My credit score is 0 and I can get a loan if I wanted it with a 0 credit score far easier than others can with a 700...
Why?
Debt to income ratio + Bank account
|
Not always.