Quote:
Originally Posted by 2008M36MT
I'll echo that. Everything I own is paid off. CC debt baffles me, how a person can have $50k saved but carry $10K in CC debt at 25% interest is pure insanity. Talk about having no clue about how money works.
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Isn't that a tautology? If it isn't paid off, you don't own it. The bank does. Right?
But, for example, even if you have paid off the mortgage on your home, you don't really own it. Because if you don't pay your property taxes, you no longer have your property.