Quote:
Originally Posted by bobtodrick
I truly feel for the people that take the bait. The banks are too willing to let you get into debt, as long as you pay the interest charges...and I do a slow burn everytime I get the 'you've been preapproved' letters in the mail, knowing how many people fall for them.
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I like getting preapproved letters. I have over 30k I could borrow if I need to but I won't touch it unless something drastic happens and I need that kind of money quick. It is a lot easier to borrow money from something you already have then to have to ask for a loan from a bank in a tough time. You just have to be smart about it and leave it as a rainy day fund, if you use it just because you have it will get yourself into trouble.