Working-class people should avoid loans like a plague.
The only (individual) people whom loans benefit are capitalists, landlords, and the like, as they can spend money to increase their incomes, meaning that they can take a loan and end up with more money than they need to pay specifically as a result of taking said loan.
Thoughts on mortgages (if one can afford them, of course)? Seems to me like the interest is a smaller price to pay than rent if you don’t intend to move for a while
Thoughts on mortgages (if one can afford them, of course)?
Depends, but yes, there is a case for it. At least arguably, the same applies to student loans in places where you are basically forced to take them to get educated (I am fortunate to live in a saner place - I didn’t pay anything for my education, and was, in fact, paid (a tiny amount) to study).
Nevertheless, loans are generally very bad for working-class people, and should be avoided when possible and when the alternatives are not even more costly.
Seems to me like the interest is a smaller price to pay than rent if you don’t intend to move for a while
In this case, you are lowering your expenditures elsewhere, so, in that case you do benefit.
Working-class people should avoid loans like a plague.
The only (individual) people whom loans benefit are capitalists, landlords, and the like, as they can spend money to increase their incomes, meaning that they can take a loan and end up with more money than they need to pay specifically as a result of taking said loan.
Thoughts on mortgages (if one can afford them, of course)? Seems to me like the interest is a smaller price to pay than rent if you don’t intend to move for a while
Depends, but yes, there is a case for it. At least arguably, the same applies to student loans in places where you are basically forced to take them to get educated (I am fortunate to live in a saner place - I didn’t pay anything for my education, and was, in fact, paid (a tiny amount) to study).
Nevertheless, loans are generally very bad for working-class people, and should be avoided when possible and when the alternatives are not even more costly.
In this case, you are lowering your expenditures elsewhere, so, in that case you do benefit.