I am interested in other posters observations.
It has become "conventional wisdom" that debt is a terrible thing and that it leads to ruin.
However, it is my observations that among individuals and families it does not lead to ruin. Personally I dislike unsecured debt, I don't like to make payments and I don't like to feel a responsibility to work for money I have already spent. I look around at others who do not suffer that affliction and who borrow and spend like the end of the world is tomorrow and they never seem to ever suffer any negative consequences.
Some simply stop paying for a few years and live on a cash basis until the credit is restored and go from there, but they acquired so much while they were borrowing that they never seemed to suffer. One particular person I know goes on $10,000 snow skiing trips every winter, several of them. Others I have known simply spend and spend then declare bankruptcy. Sure they are limited by what they can borrow for a few years, but then the cycle starts over. One friend lost her house, after living rent and mortgage free for 11 months, just after she refinanced and got an extra $75,000 cash in her pocket. She worked and supplemented her income with the $75,000. She moved to France, bought a house and yesterday bought a horse because she is enjoying riding.
If you don't feel a moral obligation to pay back what you owe, or a desire to have a good credit history... You can enjoy the good life by being calculating about how you borrow.
I would love to hear a story of someone who suffered negative instead of posative consequences of debt.
It has become "conventional wisdom" that debt is a terrible thing and that it leads to ruin.
However, it is my observations that among individuals and families it does not lead to ruin. Personally I dislike unsecured debt, I don't like to make payments and I don't like to feel a responsibility to work for money I have already spent. I look around at others who do not suffer that affliction and who borrow and spend like the end of the world is tomorrow and they never seem to ever suffer any negative consequences.
Some simply stop paying for a few years and live on a cash basis until the credit is restored and go from there, but they acquired so much while they were borrowing that they never seemed to suffer. One particular person I know goes on $10,000 snow skiing trips every winter, several of them. Others I have known simply spend and spend then declare bankruptcy. Sure they are limited by what they can borrow for a few years, but then the cycle starts over. One friend lost her house, after living rent and mortgage free for 11 months, just after she refinanced and got an extra $75,000 cash in her pocket. She worked and supplemented her income with the $75,000. She moved to France, bought a house and yesterday bought a horse because she is enjoying riding.
If you don't feel a moral obligation to pay back what you owe, or a desire to have a good credit history... You can enjoy the good life by being calculating about how you borrow.
I would love to hear a story of someone who suffered negative instead of posative consequences of debt.
