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Political beliefs (Credit & Debt)

I think one of the most ridiculous issues in today’s society is… personal debt.

There is no reason to put yourself in debt that you cannot pay off in a single year.

I think no bank, no credit lending institution should be able to loan any money for more than one year.

Meaning that any loan must legally be paid off within one year or credit may not be extended again until it is paid off in full.

The only exception I might make is for house loans. And in those cases, it should not be more than 10 years.

I seem to recall my parents purchasing a car when I was a child and the cost of that brand-new vehicle was a portion of their yearly wages.

I just purchased my first brand new car… and it cost 75% of what my yearly salary is and, it will take me 5 years to pay it off.

I think if we mandate that things must be paid off quickly you will see prices go down and people  SAVING  for the things they want again.

Don’t get me wrong here.  I often say that people should have a right to enter into an agreement of their choosing. However; there comes a point where these lending practices pass the line of creating economic slavery. 

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