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Maybe this mess will encourage people to actually save up for things, instead of borrowing. Remember that idea? Seems kind of quaint, but when I was growing up in the sixties that was pretty sound advice. My dad drilled it into me - for him, growing up in the Depression and watching families get kicked out onto the street kinda gave credit a bad name.
Result being, I've always saved up for cars and paid cash. The only money I owe right now is on my mortgage; it's a fixed rate and a good one. I'm paying it off ten years early, because I set aside extra cash each month.
I am not materialistic and I don't own a lot of toys. Every now and then I experience a pang of envy when I see friends with swimming pools (bought with borrowed money), motor homes (borrowed money)...the list goes on, and on.
So it bugs me when I'm asked to cover the people who ran up debt, played with it, took advantage of others. The economy is not tanking - the economy was artificially inflated and it blew up in America's face. We've been living a lie for a long time - and now we're being paid back.
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