| Free from debt is free from care? | |
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| Sep 13, 2007 22:56 |   |
 | Since I was very young, I have heard old proverbs like "free from debt is free from care' and " A good debt is not as good as no debt". These proverbs indicate the traditional value of thrift. But, time has changed, the economic growth has changed the consumer's view. Obejectively, the rising real estate price and daily necessity price make people have to be in debt. Also, the "credit consumption " help the youngsters realize the dream of "Buy Now, Pay Later". Subjectively, every human has the dream to seek a better life. It is hard to define what a good life is, but a better life implies to possess more "stuff". "Buy now, pay later" make most middle-income youngsters get into debt. When immersed in the dazzling consumers' goods at the shopping malls, few people can resist the temptation. (To be frank, i can't) Put your favoriate goods into shopping basket to your heart content. Is credit-card purchasing a trick? |
| Sep 14, 2007 00:42 | #1 |
| ...well it can be a trap or a trick if you do not have the discipline to control you spending. Buying a home is one of the few times that going into debt is reasonable. All other debt has the potential to entrap you and steal your freedom. |
| Sep 14, 2007 02:42 | #2 |
| Like the visa and master card. Many youth are now Card Slaves due to the incontinent use of credit cards. |
| Sep 14, 2007 04:37 | #3 |
| "Buy now, pay later" is a good way to help you to realize your dream in advance. Debt is a kind of motivation. It will motivate you to work hard. Why not have a try? Money can buy future possibility. |
| Sep 16, 2007 11:08 | #4 |
| Hi here's a few number dating from 3-4 years back regarding personal debt in Canada (~30 millions people living here: 2 or 3 big Chinese towns...): Average Canadian household debt in 2004 through personal loans, lines of credit and mortgage debt: $69,450.00 (~half a million yuans!!!!) OK they include loans for houses in there, BUT they also include childrens... I might be wrong, but if you take away mortgages for houses, it would still be around 30,000$ (200 000 yuan). Credit cards are evil: stay away as much as you can from them...if possible for sure! My trick is I never use them if I know that I don't have the money to completly pay them the next month. Here's another interesting statistic I came across a few weeks ago: the average Chinese family own savings estimated at 30,000$ --> RMB 200,000: the same as the average Canadian debt! Last year, millions of new cars have been sold in China. As oppose to Canada, where everyones buys a car by taking a car loan with a bank (and pays it back in 4 or 5 years - and a good proportion of customer are also now renting the car for roughly 60% of a loan), in China, 70% of the car buyers last year paid their car in cash money.... Why do you think that every car companies in the world have invested billions of dollars (multiply x7 for yuans) in China to make and sell cars there? OK, I don't want to drift from the subject of the thread by bashing on problem brought from the capitalism, but I thought that those few numbers were insteresting to share here... / AL |
| Sep 25, 2007 22:46 | #5 |
| Al 32, Very insteresting statistics. "Credit cards are evil: stay away as much as you can from them...if possible for sure! My trick is I never use them if I know that I don't have the money to completly pay them the next month." Partly, I agree with you that there are some tricks or baits in credit consumption, since it often got people into heavy debt. Well, on the other hand, credit cards are helpful. When you have no money for the time-being, but you need money urgently, credit card can help you out of the embarassing situation. |
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