It has been an interesting few days and I think it will end up an interesting week. Listening to people’s arguments around banks and financial institutes looking to withdraw and ban the ability to buy Crypto with their cards. I have simply one question why should they be allowed?
Lets talk reality here when you run up credit card debt they normally extend your credit and make it worse. As its not about the ability to pay it off but the ability to repay the interest not the loan. At the end of the day they want you in debt and to keep you in it. One thing it certainly isn’t about is your well being and looking out for you.
Crypto on the other hand may have actually allowed many people to clear debts. It is also rather amusing that they are pulling this right now when the markets are in a perfect buying position. Which would also say that they are working in their own interests as assumed. Because although banks and credit card companies love showing you their rose tinted view of credit which revolves around affording the treats today and not saving for tomorrow. All positive family smiles and showing that success revolves around credit in reality its the opposite.
Its the cause of anxiety, stress and often driven by a fake market of keeping up with the jones’s as well as consumer holidays such as Christmas.
Because for me I answer a question that was brought up in a Facebook today when I said about just cutting up your credit cards and making sure you pay them off. That someone said it goes towards your credit rating.
I have been abroad for years and don’t have any credit rating, I don’t have a credit card and I don’t have debt. I have been debt free for a decade and like last week when I wanted a new car. I went out and bought it with money from my bank account directly. As one of the things these big corporations will never promote is the fact of being debt free is you are in a better position than most people out there. It means your decisions are often to an advantage because you have spare capital available and aren’t constantly trying to pay debt plus interest. Moving home, downsizing, changing your lifestyle can all be easier decisions if debt free.
Which gets back to my point of if there are a lot of people out there who have wiped out debt by buying into Crypto and paying things off rapidly. Why would these corporations want to support Crypto? It is their downfall and unless they can limit its growth they know over time things will become decentralised.
These same institutes that have been rumoured to be investing in Crypto themselves for their own benefit. Yet tell you that you shouldn’t do it because you are using their credit. Which is wrong! You are using your credit as at the end of the day they receive the loan plus interest.
If anything this is proof that the banking system and financial institutes are in a bad state. Along with the fact it was taxpayers in many countries that bailed them out without even a vote. Too much power in too few hands its about time things changed for the better.
The blockchain and Crypto though hasn’t been back handed, manipulative and proactively distructive in the way we are finding these companies act. Which a bit like many power companies out there blocking renewables need to change with the times. The blockchain is disrupting the real world and in very positive ways.