mike regish wrote:

My folks always taught me to pay cash, which I did for a long time. But then
I found out that in some cases, prices went up practically as fast as I
could save the cash for them, and I didn't have anything to base a credit
rating on, so I got loans and credit cards. Pretty much worked out the same
and I had the things when I wanted them.

Yes, in the short-term, no, in the long-term. Where does the money you
pay to the bank come from? Does it just magically appear?

No, it is money that you no longer have to pay for the fun things in
life or even the necessities as the case may be. Yes, to save cash for
large purchases does delay the initial purchase or two, but once you get
ahead of the cycle you are ahead forever.

It really isn't hard to understand. If you pay $50,000 in interest in
your lifetime, that is a couple of cars that you weren't able to buy.


Matt