tag:blogger.com,1999:blog-2855408205087880572.post8505965322698813140..comments2023-10-31T06:14:11.621-07:00Comments on The Springboard: THE SAD TRUTH ABOUT CREDIT AND THE "NOW" GENERATIONJim Bauerhttp://www.blogger.com/profile/01006512813543822031noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-2855408205087880572.post-44129144583086521342008-04-07T13:45:00.000-07:002008-04-07T13:45:00.000-07:00We all have debt to some degree-at least I would t...We all have debt to some degree-at least I would think its safe to say that <EM>most</EM> of us do. I understand how credit effects <EM>me</EM> personally, and when I do make use of it I do generally feel I can responsibly decide how not to let it impact me negatively. In other words, I'm able to decide when enough is enough. I don't use credit in <EM>place</EM> of income. I only borrow what I know I can comfortably pay back.<BR/><BR/>I remember something that Richard Kiyoksaki said on <EM>The Millionaire Inside</EM>, which aired on CNBC not that long ago, about debt. He said there's two kinds. Good debt and bad debt. <EM>Good</EM> debt, by his definition, is debt that someone else pays for you. A house you rent out would be an example of this. <EM>Bad</EM> debt is debt that you have to pay for. In that example he cited a college education or a car loan as bad debt. It's just one way of looking at it all.<BR/><BR/>Having said all that, I do think that there is another side to this credit dilemna that played a strong role in the past jump for cheap cash, and that's simply that wages have been stagnant and good paying jobs are hard to come by. We've lost a ton of jobs thanks to NAFTA, and cheap Chinese labor. I mean, part of the reason credit becomes so tantalizing is because what's left after we pay our bills for the fun stuff is very little.Jim Bauerhttps://www.blogger.com/profile/01006512813543822031noreply@blogger.comtag:blogger.com,1999:blog-2855408205087880572.post-9498199440818862922008-04-06T08:49:00.000-07:002008-04-06T08:49:00.000-07:00I agree that many Americans have tried to take a s...I agree that many Americans have tried to take a shortcut to prosperity.<BR/><BR/>Yet I think it's important to realize the difference between people who use credit for a thought out productive goal and people who use it just because they can.<BR/><BR/>There is also no small amount of responsibility that belongs to the predatory lenders and the government that failed to restrict their unethical and illogical practices.<BR/><BR/>It's actually gratifying to see some of the big sharks take a hit. Too bad the Killer Whale government keeps baling them out.<BR/><BR/>Mistakes without consequences fail to provide a learning experience.Eruditeehttps://www.blogger.com/profile/09956950213506160798noreply@blogger.com