The Dangers of Credit! | Jaspreet Singh

If I make 50 grand a year, I only have $50,000 worth of buying power, you would think. But no, you have more because of credit. We live in a credit-based economy. So if I can only spend $50,000, that means I can only stimulate the economy by $50,000. And that's where this clever financial strategizer came in and said, well, how do we get somebody making $50,000 a year to stimulate the economy by $80,000 a year? Credit cards. lines of credit, other forms of debt. That way now what is debt? You're taking next year's income, spending it today, and then you pay it back next year plus interest. So now you constantly, you're working just to make everybody else rich. You're working to make your bank rich, you're working to make Gucci rich, you're working to make everybody else rich except yourself.