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Was talking to a guy the other day, one of the workers that he is boss of where he works bought a new camper on 10 year loan @ 6.5% int.
Payment would be $6955 year on $50,000 camper = $69,550 total payment.. Amount of income tax required to pay for camper would add around another 50%. Would put total cost = $104,000 total cost to pay for camper.If person made $25 hour would take 4173 hours to pay for camper or about 2 years of labor to pay for something that will have little value in 10 years.
If $6955 per had been invested in something that returned 6.5% year = $100, 000 @ the end of ten years.
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Insanity of 10 year consumer credit loans Vs Investing those $
