Credit cards are a bigger scam than the average ICO
A lot of people seem worried that the millennial generation will not be able to live off credit like previous generations. While I'm not about to give any financial advice I'm going to express my opinion on credit.
Credit cards are debt cards
Credit is a scam to trick people into going into debt. Once you receive credit then you spend money you don't have to help banks put you in debt to them to pay them back with money you might never receive. It's essentially you betting that you'll have the job security to pay them back and in the current market it makes little sense in my opinion to have a credit card or use credit at all. If one cannot buy the property with cash or without a loan then it's likely a debt trap, scam, etc.
- There are many legitimate scams and legitimate traps. Credit cards in my opinion are as much of a scam as ICOs.
- It's about acquiring assets not credit (or debt).
- It's about minimizing liabilities while maximizing assets.
- The less you owe to banks and financial institutions the better off your financial health is.
Thoughts?
Feel free to sign up for RobinHood for a chance to win free stocks: Click here to sign up. RobinHood is a free app which allows you to trade stocks.