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I meant smaller things then houses or and eduction. Things such as TVs, PCs, Ovens, ect. Items that are not as expensive as college or a house but are in the un
by CoryMathews 17y ago
I meant smaller things then houses or and eduction. Things such as TVs, PCs, Ovens, ect. Items that are not as expensive as college or a house but are in the under $3k range.
I agree that some debt it unavoidable and did not mean to come across that ALL debt is bad and should be avoided because well some of it cannot (ie the house). However buying many of these sub 3k items that are not needed then paying them off over 3 years is crazy. Thats more what I was getting at.
- petercooper 17y agoIn that case, you're mostly right, but I think the "using credit to buy assets" point is worth reiterating. Books, training courses, tools, etc, are usually under $3K but could be a "good" use of credit. If someone without much disposable income has the opportunity to take credit to become, say, an MCSE to find a better job, that seems a reasonable use of credit. In terms of needless consumer goods that return little value, however, right on. The problem, then, is you either have to ruin credit for everyone (good or bad) or you need to find a way to reduce "bad" borrowing.. which is seemingly next to impossible.