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Being Debt-Free Isn't Just Old Fashion It's Wise

Being Debt-Free Isn't Just Old Fashion It's Wise
"In the past, debt freedom was a prevalent concept. Our elders had savings accounts and were proud of the fact that they owed no one anything. Even as far back as the 1960s, there was virtually no credit available for purchases other than a residence or a car. Initially, there were no credit reporting agencies, so obtaining a loan was difficult for families. Due to this, the majority of individuals utilized layaway plans at department stores to make sizable purchases. People would make monthly payments until a sizable purchase was paid off, at which point they would take it home. I recall my family purchasing our first color television in this manner when I was a child.Now, debt-free status is a thing of the past. Creditors have done an excellent job convincing Americans that they can have something now and pay for it later. Most individuals with credit card debt are paying for items they may no longer own. This is why bankruptcy has become so prevalent throughout the years. Chapter 7 bankruptcy discharges all unsecured debt, including credit card debt. As a result, some Americans have no issue charging more on their credit cards than they could ever pay back, knowing that they can simply file Chapter 7 bankruptcy to eliminate the debt.Early in the 21st century, Americans went on a spending binge fueled by the equity in their unaffordable residences. They utilized all of their assets to live like music stars. What happened to the days when our grandparents were pleased to claim that they had no debt?In 2007, it was time to pay the bills, but many Americans had no equity left in their homes to use as collateral for a loan and were unable to make ends meet. As a result of losing their homes to foreclosure, many were compelled to file for bankruptcy. Those who were fortunate enough to have sufficient home equity or a well-paying position at a company that was not shut down survived. Now, as a result of quantitative easing, banks are extending credit and people are once again overspending on their credit cards and removing equity out of their homes, as the real estate market has almost returned to its 2006 level. All of this is setting the stage for a repeat of 2007-2008. The majority of people are unaware that America never recovered from the last recession. Due to the dollar's status as the world's reserve currency and the United States' ability to print dollars at will. It has worked for the past four decades, but now the majority of the world questions the dollar's value. Now more than ever, Americans must be wary of incurring excessive debt. The impending collapse of this house of cards is only a matter of time. The time has arrived for the prudent to become debt-free at any cost.
" - https://www.affordablecebu.com/
 

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"Being Debt-Free Isn't Just Old Fashion It's Wise" was written by Mary under the Finance / Wealth category. It has been read 103 times and generated 0 comments. The article was created on and updated on 31 May 2023.
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