Comments by "P M" (@pm2886) on "25 Minutes of INSANE Credit Card Debt in 2024..." video.

It's bizarre to know some people actually borrow money for vehicles. That's like the first thing you learn about finances. Never borrow for a depreciating asset!
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@musa7606 Wrong. It's NEVER okay to borrow for a car. If you can't afford to pay cash for it, you can't afford it. Save money until you can pay cash, or buy a cheap car if you absolutely must have a car (and if you've put yourself in a situation which relies on a car, without actually being able to afford a car, you're some kind of idiot). Live somewhere with good public transportation until you can buy with your own money. That's what sane people do. Cars are depreciating assets. It's a golden rule to never borrow on anything which depreciates .. for obvious reasons. Honestly, I've never seen such willingness to borrow on vehicles. Very few people do that where I live. If we're poor we just drive beaters or take the bus. No wants a car so badly they're willing to go into debt for it.
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@musa7606 Here's what I said "if you've put yourself in a situation which relies on a car, without actually being able to afford a car, you're some kind of idiot". Why would you even apply for a job which required a car, if you had to borrow money for that car? That's insane. When I didn't have a car, I only took jobs which were accessible by public transport. I would travel 90 minutes each way by bus & train, so I could live in a cheap housing area. I came out tens of thousands of dollars ahead, than someone who drove that same route in a financed car. Again, the choice to put yourself tens of thousands behind, is insane. So I don't believe for a moment that people make the decision purely on financial grounds. They do it because they really want a car, but they don't want to save the money necessary. They also want more car than they could ever pay cash for - in other words a car they can't afford.
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@musa7606 I pointed out that I used to travel 90 minutes each way by bus and train. Nowhere near my job, obviously. Way outside the city, in a 'poor' area. No bubble involved. Again I'd ask why you elected to live in an area which meant being reliant on a car, if you couldn't afford a car without borrowing? That's a choice you made. No one forced you to live in a place with no public transportation - you chose that. For anyone who isn't rich, the logical thing to do would be a) find a way to earn enough money to pay cash for a car, or b) move somewhere which has public transportation. These are the choices we peasants have to make, to avoid being down by tens of thousands (money we can't afford to lose - obviously).
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@CassandraY But you choose to live in that location. Besides .. what do people in your area do if they don't have a car? Bus? Train? Bicycle? There must be other options besides driving. And you still haven't explained why you couldn't just save up for a cheap car, to avoid borrowing.
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