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To: SamAdams76
It seems that they have been using their credit cards to maintain their standard of living despite declining wages - not a good strategy. What scares me most about this economy is the staggering amount of debt that has been run up in the last few years. It seems that more than a few have decided to "let the good times roll" by using Visa and Master Card. Have you seen the personal bankruptcy statistics?
18 posted on 05/05/2002 6:49:12 AM PDT by sarcasm
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To: sarcasm
I'm sure they are high as I know several co-workers and family members who have declared bankruptcy, largely due to credit card debt that they could not get out from under. It pisses me off that they are allowed to get away with it as clearly they could pay their debt if they really wanted to.

As the most financially successful one in my family, I get a lot of resentful and snide remarks from some of them along the lines of "Not everybody can be as lucky as you." Well, my secret has always been living within my means and not getting into debt. I have no credit card debt, no car payments (I always buy used and pay cash for my cars) and only a modest mortgage to contend with. I tell these people that I don't use credit cards because "I can't afford the interest." I'm sure it infuriates them.

There are two types of people in the world. Those who borrow money and pay for doing so and those who lend (invest) money and get paid for doing so. I just prefer to be in the latter group. I hate making payments on loans and credit cards and I can't wait to get my mortgage paid off so I can be truly debt free. Of course, you can look at a mortgage as "paying yourself," for as I pay it, I build up my own equity. When you pay off a credit card, you are only reducing debt and doing nothing positive for your bottom line.

29 posted on 05/05/2002 7:02:15 AM PDT by SamAdams76
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