Seth's Blog: Consumer debt is not your friend
What an eye opener blog post!
My take? I save.
I spent the first 9 years of my life in Communist Hungary and the following 10 in the hopeful but weak capitalism which followed the fall of the ‘System’ and was mainly about paying back a huge debt that the country accumulated behind the Iron Curtain. Which meant ‘Greek conditions’ – meaning high taxes (in excess of 50%) from an already low income.
We never had credit cards, in fact I never knew what credit was until very recently. I saw my mother buy a car for cash. In fact I saw her buy a property for cash... and seeing 2.5 million Forints (Hungarian currency) sitting on the dining table in the mid-nineties still remains vivid in my memory…
If we wanted something we saved first. It’s a wonderful thing. Teaches you discipline and gratitude.
What an eye opener blog post!
My take? I save.
I spent the first 9 years of my life in Communist Hungary and the following 10 in the hopeful but weak capitalism which followed the fall of the ‘System’ and was mainly about paying back a huge debt that the country accumulated behind the Iron Curtain. Which meant ‘Greek conditions’ – meaning high taxes (in excess of 50%) from an already low income.
We never had credit cards, in fact I never knew what credit was until very recently. I saw my mother buy a car for cash. In fact I saw her buy a property for cash... and seeing 2.5 million Forints (Hungarian currency) sitting on the dining table in the mid-nineties still remains vivid in my memory…
If we wanted something we saved first. It’s a wonderful thing. Teaches you discipline and gratitude.
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