Tuesday, December 29, 2009

Buh-Bye Banksters!

In late October I joined with others in suggesting that people move their money away from the larger banks and also that they should trade in cash as much as possible to starve the credit card industry. See:

There really are alternatives to everything you do now. With money, you need to wise up and not just be a mark ripe for the con.

Some people don't even really engage in the system per se. They are on the borders of the economy. Cash may or may not have anything to do with how they are getting fed or supplying themselves with shelter. Living that way may not appeal to you so here's some more.

You can use local banks for most of everything for which you might have used a larger bank. Consider the credit union option also.

I'm seeing lots of commercials on late night TV for services that check your credit reports/ratings. Here's a funny idea: consider living your life without access to credit. Over the course of 30 years a $100K mortgage might cost you between $500-600K to pay off. What if you simply saved up the $100K yourself and then bought a house?

I know that there are upsides to playing with other people's money even if it is at a rate of interest. You get the house sooner, you might have the opportunity to flip the house for a profit within a short time. And so on...yeah, I get it.

But do you understand what it is costing you in terms of freedom to have things as they are right now?

Maybe we are all giving up far too much for the convenience of living off of money obtained on credit.

And we simply don't have to.