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Ramit Sethi Says Car Payments Are a 'Wealth Killer' - Here's Why

13 May 2024 | Abstracted from GoBankingRates

"...more than 100 million Americans have taken out auto loans...taking out auto loans also means the same Americans are now trapped in debt and paying high interest rates. The money spent on paying off an expensive car is no longer available to put towards building wealth.

"Instead of looking at the monthly payment, Sethi recommends using ratios instead...start by choosing a car you can afford and not the car you think you should have."

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