If you don't know who Peter Schiff is, you might want to spend some time searching for him on YouTube. He was the one guy who was right about the economy, and he went on cable tv regularly warning people about the crisis well before anyone else saw the signs.
He faced repeated ridicule in 2006 and 2007 when he went on television to debate these issues, but he is the only one whose views were borne out by the events that followed.
I set this up so readers will understand that what Schiff writes should be taken seriously. This weekend he wrote this column, about credit cards.
From the first paragraph:
Savings, not credit, is the lifeblood of a healthy economy. When not used properly credit can be like a cancer that sickens an otherwise healthy economy.
Read the rest and remember that anyone who suggests credit should be used as a substitute for income is setting you up for disaster. Schiff is right when he says "Americans should be saving for a rainy day, not adopting the attitude that if it rains I'll whip out my credit card."
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Posted by: Account Deleted | July 25, 2009 at 04:34 AM