the big problem with Gap Insurance !
If you buy gap insurance on a new RV you are acknowledging right from the purchase that you owe more than it is worth ! Why would you buy and finance something that has less worth the instant that yo...
Forum Discussion
seaeagle2 wrote:Credit is perhaps the greatest wealth building tool and distributor of wealth ever created. If the ability of average people to borrow money was eliminated , wealth would be even more concentrated amongst the few and no one would have the ability to improve their lot in life. Take housing as an example. If you couldn't finance the purchase of a home, you would be forced to rent your shelter. The landlord could then extract ever higher rents because the renter would have no alternative to renting. Saving money for a cash purchase would become more difficult and there would be no inventory to purchase anyway because property owners would always have a steady supply of renters. You don't sell the goose that lays golden eggs.
My comment would be, obviously, it would be best to pay cash and never have any debt, and hats off to those who are able to make it work. If you choose to be underwater, Gap insurance is a wise move...
Responsible use of credit allows people to buy homes, purchase and expand businesses and improve their standards of living. It only becomes a problem when people either misuse or abuse credit.
