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Thread: 4 pillars of debt

  1. #11
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    Quote Originally Posted by donttread View Post
    Horrible invention. Jefferson rolled over in his grave when the CC came into use.
    It is useful for responsible adults. For others it is a great danger.

    I just had a $16,000 dental bill (with more to come) and I used my Amazon card to pay it. I let the debt sit there for a week or so, then paid it off with a small part of one of my several savings accounts. I got a $#@! load of Amazon points for that.

    Seems like a good deal to me.
    Last edited by Peter1469; 10-15-2018 at 06:34 PM.
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    Captdon (10-16-2018)

  3. #12
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    Quote Originally Posted by Captdon View Post
    True but it is less than overall debt. Add a mortgage to credit debt makes the overall debt higher. Mortgages are almost always more than credit card debts. Add a car debt and what do you have?
    Student loan debt is extremely high. In the trillions. And it is generally not discharable in bankruptcy like credit card debt it.
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    Tahuyaman's Avatar Senior Member
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    Quote Originally Posted by Peter1469 View Post
    It is useful for responsible adults. For others it is a great danger.

    I just had a $16,000 dental bill (with more to come) and I used my Amazon card to pay it. I let the debt sit there for a week or so, then paid it off with a small part of one of my several savings accounts. I got a $#@! load of Amazon points for that.

    Seems like a good deal to me.
    16k dental bill with more on the way.... Implants?

  5. #14
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    Quote Originally Posted by Tahuyaman View Post
    16k dental bill with more on the way.... Implants?
    bingo
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    donttread's Avatar Senior Member
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    Quote Originally Posted by Captdon View Post
    It is just as unsecured loan. The means are different but the way is the same.

    Maybe when we had usery rules , but not anymore. It's an ATM for the big banks. People get $30.00 late fees on 40.00 balances and such. Sure most people over 40 have learned their lesson but younger folks strapped to make ends meet and inexperienced in the way these things work are nothing short of prey.
    National disgrace proving that SOME regulation is needed, especially when we are talking about megacorps. The further the buyer and seller are removed from each other the less compassion and fairnes effects the transaction

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    Article author Nomi Prins, a woman, refers to debt as a "pillar". I have never seen debt considered a "pillar", but she here appears to find superstructural support (dictionary definition) in debt, wasting not one sentence to muddle meaning into the rocket science of economics.

    She has worked in executive capacities at Goldman-Sachs, Bear Stearns, Lehman Brothers and Chase Manhattan Bank, whose pillars are renowned to be the federal government. Perhaps she alludes to a federal bailout of Americans' debt?

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    I loathe debt. I understand its use as a tool. I have harped on it for years, preached against it to my children and written the last six presidents to do something about it. It ruins lives when used irresponsibly.
    Any time you give a man something he doesn't earn, you cheapen him. Our kids earn what they get, and that includes respect. -- Woody Hayes​

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    stjames1_53's Avatar Senior Member
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    Quote Originally Posted by DGUtley View Post
    I loathe debt. I understand its use as a tool. I have harped on it for years, preached against it to my children and written the last six presidents to do something about it. It ruins lives when used irresponsibly.
    The debt isn't nearly as bad as the interest.............folks like giving their money up to interest.
    Today, debt free and no interest to pay out. My buddy in Fort Wayne just refi'd (2nd mortgage) his house to do some small updates. He'll be paying off the interest until he dies without touching the principle.
    It's never about the principle of a loan, it's the freaking interest, penalties, and late fees that chew up personal finances. The most infamous of these loans are the unsecured loans, compounded interest rates will kill personal economy. Loans are for the banksters, not the little people.........
    For waltky: http://quakes.globalincidentmap.com/
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  10. #19
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    donttread's Avatar Senior Member
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    Quote Originally Posted by Tahuyaman View Post
    Of the four pillars listed, the credit card debt is the biggest problem.

    Agreed but at least that is self limiting unlike government debt which seems to know no reasonable bounds . And God forbid having lots of it should effect your credit rating like common sense would dictate . Just ask S&P about that.

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