I couldn't afford at the time to pay mine off quickly..so I was stuck with those monthly repayments for 3 whole years.. ..all that interest.. ...plus I remember now, there was a financial penalty if I paid the balance before the allotted period . I have never been in debt for so long in my entire life... !! I actually get the chills sometimes when I think of all the people in the world, who have no option to survive but to be in constant debt..
When we were first married, we started out with nothing. We bought furniture on credit. It took us ten years to pay for it. We agreed, no more credit unless it was absolutely necessary. We scrimped and saved to buy our first small house. We eventually sold that and put the money aside. We rented an old farm house for three years and saved money until we had enough to build this house. We did have to borrow enough to add the final touches but paid that back in three years. We have never gone lacking but we learned how to get along without unnecessary things.
@Hal Pollner That's just it: the younger generations have been programmed to "want it now", gimme, gimme, buy on "time pay". I might be dead before my time is up via longevity. Frank