Comment by sojsurf | Hacker News Reader

Comment by sojsurf | Hacker News Reader

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I disagree with the statement that credit is basically mandatory. The issues you raised may be real, but borrowing money does not solve any of them, it just hides them. My experience is that credit cards are predatory and offer an easy alternative to basic fiscal responsibility: Living within your means (more humbly than you might want), knowing what expenses you should expect and planning for them.

Utility bills, rent, taxes are predictable. Even most car repairs should not be an emergency. If you buy a car, or know anyone that has ever owned a car, you can confidently know that you will have unexpected car-related expenses. It happens to everyone and it should not be a surprise. If you own a car, immediately start putting some money aside so that when you get a flat, or crack the windshield, or need a new bearing, it's not an emergency.

If you have children, teach them money management. It's one of the most valuable skills for adult life. Additionally, talk to your local school district about teaching financial literacy courses!

> My experience is that credit cards are predatory and offer an easy alternative to basic fiscal responsibility: Living within your means (more humbly than you might want), knowing what expenses you should expect and planning for them.

There's a wrinkle here: basic fiscal responsibility currently exists at odds with the reality most people need to exist within to be content.

30 years ago, a middle-aged person in the United States could generally (though not always) count upon financial progress, and this mirrored most of American history. Financial progress is a synonym for societal progress in many ways.

That's no longer the case. A middle-aged person today is less likely to own property, have adequate savings, be debt-free, etc. than their parents were.

Credit has become a way to numb the fact that more and more of the money never trickles down. The fact that it's available and so widely used points to a society that's looking for that easy alternative, but not to basic fiscal responsibility; instead, one to basic access to the value created by labor.

> basic fiscal responsibility currently exists at odds with the reality most people need to exist within to be content.

Thanks for pointing that out. There are expenses that have gone up significantly compared to the average income. At the same time, the bar for "contentment" has gone up significantly

I live in the Midwest. Many of these neighborhoods have homes in the 1200 sq ft range (111 m^2), with two bedrooms, maybe a third small one, one bathroom and a basement. Talking to older neighbors, it used to be normal for a family with five or more children to live in a house like this. Cars were simpler and more affordable. There was one phone line per household, not per person. There was no internet access or cable TV subscription. You mowed your lawn with a mechanical, human powered device.

There's nothing wrong with having a bedroom for each child, but is it necessary for contentment? Definitely not.

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