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RE: How Much Car Can You Afford?
Great article and I couldn't agree more. I've bought one car on time and wound paying it off with an income tax rebate (my wife wanted a minivan). Every other car I've owned I paid cash for. I'm like you, I DO NOT like paying interest on anything. One thing that really gets to me is people buying groceries with credit cards. To me there is just something fundamentally wrong with paying interest on your food.
I pay for my groceries with a credit card. I get a little cashback and religiously pay it off in full every month. But I think you are talking about people who put it on the card and make minimum payments. Yea, that'll keep you paying interest forever.
Exactly! I had an American Express that I paid off religiously every month so I could avoid interest payments. Before I put my friend Larry to work in Ohio, he lived off credit cards. He would max one out, get another with a higher limit and pay it off. Kinda like the national debt!