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
westernrvparkowner 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.
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.
While there is a lot of truth in your statement it has nothing to do with buying an RV. Financing toys is a fools game. Poor people stay poor by continuously making bad decisions like financing a depreciating asset.
