Why don't we just live in debt?
Simple example..
Source A gives you a 10 000$ loan. You spend it and then pay it back by taking a loan from Source B.
You then pay Source B's debt by using Source C's loan...and so on.
Loaned money becomes a currency until you die..which is where the last source won't get its money back and you'll be dead anyway.
Really, Cred Forums? I thought this was some next-level revolutionary idea.
I don't think there are that many places who will loan you that much.
I mean, I've basically done this. I maxed my credit cards and then took out a personal loan to pay off the credit cards, and now I'm paying off the personal loan, and I had an emergency so I had to take a different personal loan from a different company to make a payment on the first personal loan. It's not a fun life. Say goodbye to your credit score if you miss a payment.
you would just snowball into more depts since you repay a 10k loan with a bit more than that
Why not default and fuck off to the woods?
It means you become Greece as a person.
this is what our entire banking system is based off of... look up fractional reserve banking
You're just at the bottom of the latter (and you benefit greatly from this system). Dumbass
Canadian education
>burgers being mad that a leaf thought about it before them
Stupid fat fucks.
Debt would be pointless if we continuously lived off it. You say live off debt like everyone always pays their loans back. Not to mention when you die, your debt doesnt just go away.
The point is to use loans temporarily to get to a point where your own money generates wealth.
Credit to debt ratio,idiot.
Two easy reasons:
1) interest. The first loan needs more money paid back than you took, so the 2nd will be bigger (and so on). Eventually you would be asking for an amount that lenders won't give.
2) if you borrow money and spend it to live (so now you have none) if you take out a second loan to pay that back, you will still have no money since you used the new loan to pay the old one. Now you owe money to the new loan people and have no money to live on.
This.
Leafs are you literally retarded?
JUST TAKE ANOTHER LOAN
JESUS CHIST HOW HARD IS THIS?
>I just got my first credit card at 18 and thought about it for 15minutes
A LEAF
That's a Ponzi Scheme and it's illegal
It's an American crossborder that found a Canadian server.
If you don't have an estate then yes, the debt does just go away when you die.
This system already exists at a high level.
Currency is a form of credit.
That's what niggers do, look how they turned out.
Despite this, this is literally how national governments operate.
>gee, i wonder why the economy is fucked
It's sorta what we already do, just on a macroscopic scale.
>implying everyone has an estate.
the problem is they don't "give you money" they pay whatever institution on your behalf.
which means it's not actually (you) that's spending that money.
>Banks hate this secret.
Because real men have kids than leave an inheritance to said kids. Not debt you cuck
it's what we do
but it results in your entire country not being able to get loans and housing prices going way up
our grandparents did this
Trips of truth sadly
What's the downside to taking a bunch of debt and then filing for bankruptcy? Is it that you just can't take out more debt after that for a few years?
I never took out debt in my life up to this point and don't see the need to in the future, so what do I have to lose? I live a simple life and I have skills to work so I can survive without it. I feel like taking out as much debt as I can, living off it as a NEET for a few years and then going bankrupt. Why shouldn't I? Isn't it just free money?
If taking debt and then paying interest off on it is being a slave to the jews, and living on cash is better, isn't taking debt and then defaulting on it better still?
credit agencies track your loans
this type of behaviour would nuke your credit score and you couldn't get a loan to buy a tricycle
>All Canadia IPs are not banned
This happens alot actually
Zimbabwe tried that OP. Venezuela tried that. Eventually you reach the last sucker, and if you print too much money, the money floods the market (whatever your market is) and the money is worth less and less, and buys less and less, until eventually it hits ZERO, if you print too much.
Simple math, simple history.
You won't be able to buy a car, house, or even rent an apartment with shit credit. Even if you can find decent employment with bad credit, you can't pay cash for everything. Adults need credit for major purchases, unless they have millions in the bank.. I'm guessing you're 19 and don't understand how the real world works.
Already thought of. Already countermeasured.
I've never been credit checked for a job or apartment, and I just buy cheap used cars that run fine for $1000. I'm talking about buying time without working, not trying to buy the rich life. So you can't buy a house, what does it take to rebuild your credit to the point you can, 5 years? Assuming buying a house is even a good choice, which if the prices keep as they are, it isn't obvious that it is.
7 years before you can even start to rebuild your credit. And bankruptcy is a deep hole to climb out of. You probably didn't know landlords and employers were checking your credit because you weren't turned down for having a bankruptcy on your credit report. My sister filed bankruptcy 10 years ago and she lives with her boyfriend's mother, despite having a good job. She can't rent an apartment or house anywhere, she can't do shit. If you want to go bankrupt, drive a beat up old car, and live with your mom for the rest of your life, you'll survive for sure, but you'll be a loser.
You borrow 10k from source A and spend it. In that time it accrues 0.5k in interest. You borrow 10.5k from source B and use it to pay back Source A. You still owe source B 10.5k so you take out another loan from source C for that amount. Source B accrues .2k in interests and fees during this intermediate period. You now owe source C 10.7k. This accumlates until the amount you need to borrow to pay back your source becomes so large that no one is willing to loan out any money to you and you're screwed. Further during this entire time you have no cash on hand since you spent the entirety of Source A's loan. Further anyone who bothers to check your credit history will see you taking out chain loans and call you out on your bullshit.
While we're at it, why not just create a battery powered motor that recharges itself