Credit Society ($979 Billion)

[FunInTheSunParticipant 8286]

I live in a credit society and this has me worried. The U.S. government doesn’t know how to budget the tax revenue it already gets, so it borrows money (while simultaneously ignoring fraudulent spending). Also, many Americans use credit cards to finance luxury items they can’t afford. According to this article, Americans have about 979 billion dollars worth of credit card debt:

http://www.cnbc.com/2017/05/17/how-much-the-average-us-family-has-in-credit-card-debt.html

That, combined with over 19 trillion dollars worth of government debt, is a serious problem—with an annual interest rate! The American economy is kept alive by consumer spending. If an American becomes unemployed, and cannot get government benefits, the debt payments can no longer be made. If banks don’t make a profit, they’ll reduce the loans to consumers and business owners. That means less consumer spending, less profits for businesses, and no new jobs! Then the government doesn’t get paid. So they’ll raise taxes on those of us who still have jobs, or they’ll just keep pushing their bonds to investors. But what happens when the investors stop purchasing the bonds because they’ve lost confidence in this system?

"I saw that there comes a point, in the defeat of any man of virtue, when his own consent is needed for evil to win-and that no manner of injury done to him by others can succeed if he chooses to withhold his consent. I saw that I could put an end to your outrages by pronouncing a single word in my mind. I pronounced it. The word was ‘No.’" (Atlas Shrugged)

[Freeman_KParticipant 3524]

If I quote stealthy, bottom line is we are monkeys with car keys and for me personally any situation in society which is not all out wartime is a major improvement from default human state.

Credit society is something we have to navigate and is problematic. Majority of people have no problem going into insane debt levels and that drives up prices for example for homes to levels where most people have to go into debt to join the charade. It really amazes me how many people have no concept of freedom. Few weeks ago i saw an idiot actually thinking that fact that he got huge credit was a gift from society to him, something to be proud of where guy with most credits winz. FML.

The choices we make, not the chances we take, determine our destiny

[AwakenedParticipant 35206]

I gave up “worrying’ about all this stuff long ago.

There’s NOHING you can do about it, so why let it take up space in your head ?

In a World of Justin Beibers Be a Johnny Cash

[Anonymous 1]

The world is going to end with or without my permission. It is up to me to have the right bottle of whiskey on hand for when it does.

[FunInTheSunParticipant 8286]

Awakened wrote:

There’s NOHING you can do about it, so why let it take up space in your head ?

I worry about it because people riot when they don’t get what they want.

"I saw that there comes a point, in the defeat of any man of virtue, when his own consent is needed for evil to win-and that no manner of injury done to him by others can succeed if he chooses to withhold his consent. I saw that I could put an end to your outrages by pronouncing a single word in my mind. I pronounced it. The word was ‘No.’" (Atlas Shrugged)

[TuneoutParticipant]

Just be thankful you’re one of the few that see thru the ‘debt and greed are good’ BS spewed out by the banks and corporations.

Just make sure you live in a remote,traditional,self sustaining area far from a large urban setting in case TSHTF.

All the false veneer of PC will fall away and the true nature of the two legged animal will rear it’s ugly head.

Lifes a bitch,but you don't have to marry one!

[AwakenedParticipant 35206]

FunInTheSun wrote:

I worry about it because people riot when they don’t get what they want.

People are going to riot whether I worry about it or not.

In a World of Justin Beibers Be a Johnny Cash

[Anonymous 3]

What to worry about: if you personally have any debts. Companies will definitely get aggresive when s~~~ hits the fan.

Let me explain. I seen it here in Hungary almost a decade ago, lot of stupid idiots (significant part of population) bought homes on swiss franc or euro based bank loans, meanwhile HUF is not a very good sort of money. Home prices skyrocketed to unaffordable levels, people kept buying. When s~~~ hit the fan with the world level credit crash of 2009-10 (or so), it was a catastrophe here. (and it took a lot of very big and politically incorrect and ugly government effort to stop the whole country from crash, like using up pension funds and forcing lower rates on the banks etc. ) Still, there was the last trial of a situation, where people paid THREE TIMES the money on their apartment what they bought (from a fradulent building enterpreneur who did not pay his bank loan of the project), and almost lost their homes, the bank sued them to pay it again. Finally the court ruled in the people’s favor as far as I know now.

So, if things go real crash, don’t have debt at all. (and that involves not having girlfriend, who wants you to move together in an apartment on bank loan and create children and take away all your time and money)

[DarkRyuParticipant 2354]

I LOVE credit cards! I get 1.5% cash back on every purchase. I just pay it off in full before the due date and I get free money every month. I have NEVER had ANY credit card debt in my life. I waited to get a credit card until I didn’t NEED a credit card! THAT is how a SMART person does it.

[BeerParticipant 11832]

Freeman_K wrote:

It really amazes me how many people have no concept of freedom. Few weeks ago i saw an idiot actually thinking that fact that he got huge credit was a gift from society to him, something to be proud of where guy with most credits winz. FML.

Yeah…it truly is amazing. I have a coworker who the other week was talking about how he saved money by buying a new truck. I forget the exact numbers he said but he pretty much did something like went from a 650 dollar a month payment for another year to a 600 dollar a month payment for 6 years and he’s saving money because his monthly payment is cheaper.

The idea that he could have just kept driving his old truck, paid it off, and had NO car payment never crossed his mind…but somehow borrowing 30k or whatever he borrowed “saved” him money lol. People like that will never get ahead in life.

DarkRyu wrote:

I LOVE credit cards! I get 1.5% cash back on every purchase. I just pay it off in full before the due date and I get free money every month. I have NEVER had ANY credit card debt in my life. I waited to get a credit card until I didn’t NEED a credit card! THAT is how a SMART person does it.

Exactly. My credit card is a convenience item for me. I generally use it for everything, get 1.5% cash back as well, never have to walk around with a pocket full of change, and its paid in full each month so I’ve literally never paid a penny in interest for using it. If I was considering buying something on it that would make it so it couldn’t be paid in full at the end of the month, I’d just opt to wait another month and save some more or go down to the credit union and talk to them about a loan because credit card interest rates are probably the highest you’ll ever pay for borrowing money.

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