ANSWERS: 14
  • For some it is slavery because it causes them to be in deep debt since they don't use it correctly AKA treat them as loans instead of free money.
    • Linda Joy
      When I get my check I want to spend it how I want to not how I have to.
  • credit: 2-6 percent of total charge being split between creditor company and creditor bank. If you charge 100 dollars, 2-6 percent, 2-6 dollars, will be split in half. For the 6 dollars, 3 dollars will go to the creditor's bank and 3 dollars will go to the crediting company. Then only 94 dollars will be deposited into the merchant's account.
    • Linda Joy
      I get all of my money!
  • No. Credit is voluntary, slavery is not.
    • mushroom
      True, but for those without discipline, it's the old story of getting in over their heads.
    • Hardcore Conservative
      Poor discipline leads to hard lessons learned.
  • i think its true
  • When you borrow from a person or institution you become a slave to the one you have borrowed from until the loan is repaid. If you take out a loan with a banking firm you are paying on money that does not exist except as a computer entry yet you are paying the interest first then the principle
  • More indentured servitude. You could pay them off and be free.
  • Hmm! Sounds like minororities status, slave to handouts!
    • Linda Joy
      That's one way to look at it!
  • Credit = slavery ? No, not necessarily. It depends on your situation and your reason for using credit in the first place, as well as if you have the wherewithal to pay back the loan (which is the most important thing to consider). I know first hand, what it was to borrow mega bucks to expand my business, and I also remember eating peanut butter from time to time to make sure my employees got their full paychecks,while I repaid the loan. The point is ... I had a good business plan and was prepared for the consequences. The thing is.. I didn't lose a cent, and paid off the debt. The entire time I was paying off the debt I was tucking cash away at the same time. Once I was free of debt.. I expanded my business again, only this time I wasn't paying interest. I expanded six more times using my own money instead of going back into debt. So ... credit = slavery ? No, it's a tool ... if you use it wisely..
    • Rick
      Thank you Ice man. I could not say it any better even though my experience has been a personal one and not a business I think it works the same way.
    • Ice man
      Yes, I agree it works the same way.
    • Linda Joy
      Good answer!
  • Depends on how you use it. If the balance keeps going up then it moves toward slavery as paying it down has less and less of an impact. Usury fees for lending are excessive above 7%
  • Disagree, just as food variety does not equal obesity since it's the person who makes the conscious decision to shovel too much crap into their mouth. Credit is a problem for people poorly informed and ill educated in handling it properly.
  • Yes and no, just don't borrow too much!
  • Slaves had no choice. People do have choices, credit debt is one of them. A poor (no pun) one at that.
  • What are you? A Commie? Credit is like water - too much will make you sick, too little and you'll be sick. Credit has always existed even before biblical times. It's the abuse and misuse of it that causes problems.
  • You end up paying more for the item just for the convenience of paying for it later. I paid cash for the vehicle I'm driving because I didn't want to pay the interest. Very happy I was in a position at the time I could do that. And yes, credit is a form of slavery.
    • Rick
      Good answer I had gotten in financial trouble ( be more concerned how to pay it) using a single credit card then I happened to think about it and paid it off. Ever since, I used them like loans instead of free money. Until 3 con artists which is another story and I wound up in bankruptcy court. My 7 years is over but I still have not applied for any cards even though by myself I would be able avoid trouble. But then I think I learned not to be an easy target (Example one of them said "you but me a computer and I'll pay for it" I looked at that one with the thought they if I did that one would pay for it before they got it). But why tempt? Lol

Copyright 2018, Wired Ivy, LLC

Answerbag | Terms of Service | Privacy Policy