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So here we are all over the world borrowing money from ourselves and making large institutions rich for doing nothing, am i missing something or do you agree?
Originally posted by Biigs
My dad told me when i was young, if i want something that i cant afford you cant wait till its affordable.
If you need something you cant afford then a loan/HP is okay.
luckily everytime ive needed something, ive just the thing i wanted at a later date.
Bad thing is that i dont have a credit rating, because i never borrowed so actually he was wrong and i could be in a potentially worse place for it.
So i kept all my money so far which is both good and bad. If the economy collapses and i end up with less than a mass borrowing freak, im going to be extremely upset.
edit on 26-3-2012 by Biigs because: (no reason given)
Originally posted by Iwinder
reply to post by LittleBlackEagle
You are not missing a thing there, for us what we have paid out in interest is incalculable to say the least.
We did pay off our home very early due to an inheritance that just covered our outstanding balance.
After doing that we have only gone cash here and that includes vehicles.....
But before that we were paying heavily just like you stated in your OP.
I would love to have some of that back as we would be living high on the hog now, but as you pointed out already only certain people can live good.
Some must pay and someone must reap the profits.....
Excellent post and S&F.
Regards, Iwinder
Originally posted by DrumsRfun
reply to post by LittleBlackEagle
So here we are all over the world borrowing money from ourselves and making large institutions rich for doing nothing, am i missing something or do you agree?
Not all of us.
I don't do credit or financing and never have and to this day have not a single debt.
If you can't pay cash then save for it because you can't afford it.
Credit is another word for debt....I don't do debt.
To each their own though.
Originally posted by LittleBlackEagle
Originally posted by Iwinder
reply to post by LittleBlackEagle
You are not missing a thing there, for us what we have paid out in interest is incalculable to say the least.
We did pay off our home very early due to an inheritance that just covered our outstanding balance.
After doing that we have only gone cash here and that includes vehicles.....
But before that we were paying heavily just like you stated in your OP.
I would love to have some of that back as we would be living high on the hog now, but as you pointed out already only certain people can live good.
Some must pay and someone must reap the profits.....
Excellent post and S&F.
Regards, Iwinder
i think it's safe to say if people could have borrowed for their home or to start a business directly from the Fed we the people would not be in a depression currently. we are here not only because of the middlemen making money off our backs, but then they gambled it away and lost money they never had.
Originally posted by facelift
reply to post by LittleBlackEagle
More Debt info than interest, but you can find the average amount of interest paid out at the bottom:
www.creditloan.com...
DEBT – The Refinance
Refinancing a mortgage is often an attempt to consolidate overwhelming debt from a variety of sources.
On average, about half of refinances result in a higher overall loan amount.
The average American has a total of 13 credit obligations right now.
Over a lifetime, the average American will pay over $600,000 in interest.
Originally posted by n00bUK
I have zero debt and never owed any company nothing.
I'v been saving to buy a house for 2 years, I dont have allot in there and understand it will take me 10-15 years to buy a nice house, but I'd much rather do it how I am than get a loan out and pay massive interest rates. I pay rent at the moment which is a pain in the butt, but I keep my bills to the minimum and reduce my energy consumption to reduce my bills. I'v also just bought a bike so I'll be riding to work from next week (task!)
I buy things I can afford. I choose to live a good life, go places and be able to eat healthy food rather than buy over priced clothes, new cars and junk food.
I also shop at more than one super market, I go to various places for different types of food to again, keep the cost low - as well as helping local shops in the mean time by buying their meat and veg which is allot more tastier and the use by dates are much longer than the super markets.
Out of a £2,500 joint income with my partner, we save around £1000 a month. With pay rises and job progression
, more can get saved and faster I can buy my house, ouright with cash
Only buy what can you afford
Originally posted by Biigs
Mortgage £200,000 @ 1.99% = 300 payments over 25 years for £850 total payed back 255,000
In the bank £200,000 @ 6% interest for 25 years with no additional savings added you will still have 200,000 and it wont be worth the same amount of gold.
so the bank uses my £200,000 to lend to a guy for his mortgage and makes 55,000 in 25 years. But in actual fact if i dont top it up or get an insane interest rate, i cannot beat inflation. Doomed to make nothing while MY MONEY is being used to make the bank money.
sounds totally legit.edit on 26-3-2012 by Biigs because: (no reason given)
Originally posted by n00bUK
I have zero debt and never owed any company nothing.
I'v been saving to buy a house for 2 years, I dont have allot in there and understand it will take me 10-15 years to buy a nice house, but I'd much rather do it how I am than get a loan out and pay massive interest rates. I pay rent at the moment which is a pain in the butt, but I keep my bills to the minimum and reduce my energy consumption to reduce my bills. I'v also just bought a bike so I'll be riding to work from next week (task!)
I buy things I can afford. I choose to live a good life, go places and be able to eat healthy food rather than buy over priced clothes, new cars and junk food.
I also shop at more than one super market, I go to various places for different types of food to again, keep the cost low - as well as helping local shops in the mean time by buying their meat and veg which is allot more tastier and the use by dates are much longer than the super markets.
Out of a £2,500 joint income with my partner, we save around £1000 a month. With pay rises and job progression
, more can get saved and faster I can buy my house, ouright with cash
Only buy what can you afford
Originally posted by LittleBlackEagle
reply to post by blueorder
it's not your fault, you made your payments and they screwed you out of interest and are working on collapsing the economy through hedging and legal gambling. just ask jon corzine how it's your fault.