When most people hear the term, “silent killer”, they think about cancer or carbon monoxide poisoning. I think about car debt.
It seems like everyone is comfortable with a car loan these days. They give reasons like:
“I need to have a dependable car to hold onto my job” “One of our cars is fully paid for, so it’s okay to have a loan on the other one” “My car gives me confidence when I drive into work each day. Having a nice car improves my performance and my ability to get promoted.”
In reality, they’re all saying the same thing. And it’s:
“I’m insecure about myself and I’d rather go into debt for my car than buy a piece of crap that I’m going to get laughed at for.” The Curse of the Car Loan
We actually touched a little bit on this yesterday (“What is Your Net Worth, . . . → Read More: What’s Your Best Get Out of Debt Mobile?