Loans and Credit should be Illegal

[integral]

For the average person no matter what your situation is your better off never having access to credit with interest. What ever the situation you are in your better off taking the path that does not involve any dept. That means never having access to a credit cards and every opportunity that pops up in your life that requires a loan your better off not taking it because there's a equally good opportunity that does not require a loan that you will find if only you did not have the option of a loan clouding your field of vision. Its a trap.

For the wise they can use these loans to get ahead but for 99.9% of people they will use it dig themselves into a hole when they could of avoided the entire situation if only they where forced to find other options. 

The main trap of credit is it limits your field of vision preventing you from finding alternate paths.

Edited April 25, 2023 by integral

[at_anchor]

That's correct. You could probably make a deal with the owner when buying a house to pay him over time the sum that he wants right away so you don't even need credit to buy a home i guess.

[thepixelmonk]

16 minutes ago, at_anchor said:

That's correct. You could probably make a deal with the owner when buying a house to pay him over time the sum that he wants right away so you don't even need credit to buy a home i guess.

Yeah pretty much this. There are things like buying houses and cars which become impossible for the "average person" if you take away credit.

Edited April 25, 2023 by thepixelmonk

[integral]

25 minutes ago, thepixelmonk said:

Yeah pretty much this. There are things like buying houses and cars which become impossible for the "average person" if you take away credit.

Exactly don't buy a car or house when you cant afford it. Ridiculous.

Save up, make money, succeed then buy a car and house. 

Edited April 25, 2023 by integral

[thepixelmonk]

5 minutes ago, integral said:

Exactly don't buy a car or house when you cant afford it. Ridiculous.

Save up, make money, succeed then buy a car and house. 

They can afford it though. Tens of millions of people handle their credit just fine. The vast majority of the population is working class. They aren't going to be buying houses outright in their lifetime. Are you going to deny raising a family and owning a house to the majority of the population? Like what are you even talking about. Making it illegal is ridiculous. And this is coming from someone who doesn't use credit whatsoever, all I have are debit cards and I do generally follow the advice of never using credit. But making it illegal is just plain stupid.

Edited April 25, 2023 by thepixelmonk

[integral]

4 minutes ago, RebornConsciousness said:

You'll never have your own house if you won't take a loan from the bank

Exactly and you shouldnt have a home and a house if you need take out a loan, getting your own house was never an option to begin with its a foolish decision, a trap set infront of you to keep you poor by banks. Dont be a fool and live beyond your means. 

Edited April 25, 2023 by integral

[integral]

6 minutes ago, thepixelmonk said:

The vast majority of the population is working class. They aren't going to be buying houses outright in their lifetime. Are you going to deny raising a family and owning a house to the majority of the population? Like what are you even talking about. Millions of people handle their credit just fine. Making it illegal is ridiculous. And this is coming from someone who doesn't use credit whatsoever, all I have are debit cards and I do generally follow the advice of never using credit. But making it illegal is just plain stupid.

Yes they have no business owning homes, its a fake luxury designed to keep you poor and a wage slave. 

The credit system is designed to milk you. Most people in todays society would be wise to find a group of people they get along with that all work and live in the same place together to minimize expenses as much as possible.

Having children is financial suicide, another trap people living in a unrealistic fantasy think they have the random luxury to afford, people cant afford children. 

Edited April 25, 2023 by integral

[thepixelmonk]

4 minutes ago, integral said:

Yes they have no business owning homes, its a fake luxury designed to keep you poor and a wage slave. 

No it's a very real luxury that allows people to support their families and live full lives which the rest of the world is utilizing perfectly fine, while you're sitting here being myopic and crying about "wage slavery".

[integral]

12 minutes ago, thepixelmonk said:

No it's a very real luxury that allows people to support their families and live full lives which the rest of the world is utilizing perfectly fine, while you're sitting here being myopic and crying about "wage slavery".

Thats the illusion and only true for upper middle class who work there ass off to keep there financials high. It all comes crashing down with any financial set back. They dont own the house they are living in, its a huge liability. The real reason this entire thing has worked for some is because the housing market miraculously keeps going up year after year, its not because taking out loans is a good financial strategy. 

Edited April 25, 2023 by integral

[integral]

10 minutes ago, RebornConsciousness said:

They care about their own interests, just like everyone else, just like you

Ye I'm not pointing to a conspiracy I'm saying the business model of the banks is to get you to take out a loan. The reason it works out for people is because they are investing in the house market and it worked out for them because it keeps doubling every 10 years. If that was not the case it would be a clear cut terrible financial decision to take out a loan.

People can develop skills and work a moderate to high paying job and make a lot of money as long as they don't increase there living expenses as they make more money (what everyone does another trap). There are traps everywhere. 

If you want to be rich you need assets not liability and you need to maximize income and lower expenses. People do the opposite. 

Children and a house are liabilities. 

Edited April 25, 2023 by integral

[Leo Gura]

Primary function of loans and credit is not to buy a house or car but to capitalize a business. The whole business world runs on it.

Edited April 25, 2023 by Leo Gura

[thepixelmonk]

1 hour ago, integral said:

If you want to be rich you need assets not liability and you need to maximize income and lower expenses. People do the opposite. 

Children and a house are liabilities. 

Many people vastly prefer having those "liabilities". If you don't care about family life or owning a house and want to dedicate your life to becoming rich, great more power to ya. Literally making credit illegal and telling tens of millions of americans that they no longer have access to basic american family life... that's beyond stupid mate.

Also what leo said. Literally the entire business world runs on it. Like entire systems would collapse. Obviously have no idea how any of this works at all.

Edited April 25, 2023 by thepixelmonk

[integral]

37 minutes ago, thepixelmonk said:

Many people vastly prefer having those "liabilities". If you don't care about family life or owning a house and want to dedicate your life to becoming rich, great more power to ya. Literally making credit illegal and telling tens of millions of americans that they no longer have access to basic american family life... that's beyond stupid mate.

Also what leo said. Literally the entire business world runs on it. Like entire systems would collapse. Obviously have no idea how any of this works at all.

Maybe making it illegal is a stretch but i would say we need major credit and loan protection in place to protect people from poor financial decisions. People need protection that prevents them from entering into debt.

The American dream is not working for everyone. The majority live pay check to pay check while others eventually declare bankruptcy, your over focused on the minority that have high paying jobs, no one is giving people a financial education. 

Edited April 25, 2023 by integral

[thepixelmonk]

33 minutes ago, integral said:

Maybe making it illegal is a stretch but i would say we need major credit and loan protection in place to protect people from poor financial decisions. People need protection that prevents them from entering into debt.

The American dream is not working for everyone. The majority live pay check to pay check while others eventually declare bankruptcy, your over focused on the minority that have high paying jobs, no one is giving people a financial education. 

If implemented well protection systems would be fine. Banks can certainly participate in predatory practices which, ya not cool at all.

[Hardkill]

4 hours ago, integral said:

Maybe making it illegal is a stretch but i would say we need major credit and loan protection in place to protect people from poor financial decisions. People need protection that prevents them from entering into debt.

The American dream is not working for everyone. The majority live pay check to pay check while others eventually declare bankruptcy, your over focused on the minority that have high paying jobs, no one is giving people a financial education. 

That's why it blows my mind that there hasn't already been a massive uprising against the rich and corporations and the government to demand affordable housing. The right-wing billionaires, far-right Republican politicians, and right-wing corporate elites in America have already gotten away with having stolen about 50 trillion dollars from the poor, working poor, working class, and upper-middle class since around 1980. Plus, construction businesses and most politicians haven't wanted to build more houses for people in America since the beginning of neoliberalism. It's really no wonder why more and more people can't afford their own home without being in debt.

One day, there will be untold violent attacks on the right-wing billionaires, far-right Republican politicians, and right-wing corporate elites in America because of their boundless greed and how unbelievably out of touch they have been with the masses over the past several decades. Believe me, I wish such violence didn't have to happen, but it is inevitable and what goes around comes around. 

Edited April 26, 2023 by Hardkill

[Vrubel]

@integral Credit free economy is definitely not a competitive system. 

Sharia-based Islamic banking still uses all kinds of backdoors like asset-based financing. Which is practically the same as credit lending. 
In medieval times money lending was almost exclusively the domain of Jews. But even Christians lent money but instead of an interest rate, you were expected to be late on your payment and pay the fine. 

9 hours ago, integral said:

If you want to be rich you need assets not liability and you need to maximize income and lower expenses. People do the opposite. 

Yes, Assets are the key to wealth. Though in Europe where I live assets get taxed the shit out. You might argue this is good because it helps redistribute the wealth to lower-income people as well but in reality, all it does is screw over the middle class because for them it will be much harder to acquire and benefit from assets while the truly exceptional wealthy still can afford it. 

[Javfly33]

On 25/4/2023 at 10:01 PM, integral said:

Exactly don't buy a car or house when you cant afford it. Ridiculous.

Save up, make money, succeed then buy a car and house. 

This

[Javfly33]

On 26/4/2023 at 9:41 AM, RebornConsciousness said:

Ok, sounds nice in theory, but are you actually going to be able to not increase your living expenses, or to completely minimize them? Some high paying jobs require you to present yourself a certain way, you can't just ride to work in some cheap ass car and live in a cheap ass house or in yo mamma house. And in general, higher paying jobs will be more stressfull with more responsibility and more workload. Are you going to be able to handle that while living like a monk?

House shouldn't be counted as a liability, because realistically you need a good place of living in order to be the most productive. IDGAF what these internet gurus say

And I say that as a guy in his early 20s who wants to exploit the fact that I'm living for free with my parents as much as possible. I'm not rushing to buy a house but if it'll take me taking a loan from the bank in order for me to have one, I'll take it.

Yeah but you also can't realistically predict at which exact point is market going to crash. Or if it's going to. It is all just speculation

Why you have such a rush to have a home?

Live renting until you can buy one directly in cash in one go.

That way your life will be congruent.. imagine how successful you will be at the point of having a house since you pay it with no loan. Then you will really appreciate the luxury of having a home!

 

Oh, and dude, I lived the past 5-6 working years sharing apartment. Now it's been a year since I live on my own. My productivity hasnt gotten better, if any it gotten worse lol.

I'll.give you that, yes, it's much more comfortable having a place on your own, and in some cases like mine which I have a spiritual yoga practice it facilitates the fact that I can use the salon to do the practice, and etc.

But at the end of the day it's just superficial commodity.

Also, the difference between "stress" living in your own home Vs a rented home it's practically non existent. I don't get your point in this regard.

 

And regarding cars, you can buy used cars. No need to buy them new. Buy them new when you really can afford to buy them new.

 

Congruence!!! It's amazing what type of thinking has capitalism and consumerism has implanted in your guys head! 

Edited May 8, 2023 by Javfly33

[Roy]

Bring back usury!!!

[integral]

1 hour ago, Roy said:

Bring back usury!!!

0 interest rogue crypto loans is where its at now a days. 

Edited May 9, 2023 by integral