Credit can become evil when consumers become so over reliant on credit cards that is clouds their common sense. In my part of the country, it appears that one out of ten families is losing their cars and one out of ten is losing their homes!
Often times it’s not that they can’t afford the debt it’s because they overbought. Too much car or too much house for what they really could afford. I cannot stress enough how debt is the master that has no pity, mercy, or empathy.
A lot of today’s financial mess has been caused by easy credit and no self control. Debt allows people to buy what they don’t need with money they don’t have.
Spending money you haven’t earned leads to ruined marriages, spoiled kids, and a broken spirit. Most people are forced into bankruptcy due to job loss, major medical bills, and divorce with no financial reserves available. If they had had cash on hand maybe they could have weathered the storm.
The only good debt I can think of (if there is such a thing) is for a home and a college education. And then only in moderation. You can get a modest house and a good education at a state university.
Be true to yourself and you won’t have a broken spirit.
Jacques
CreatingWealthThatLasts
2 comments:
Jacques, that is very good advice. To many people get into we have out grown our house we need a bigger one. Now that we have this big new house we need new furniture. And on, and on, it goes. Getting more and more into debt. How do they ever get out of the mess. Same with the country and it's debt.If the country does not get it's debt under control we are all going to be in over our heads-like it or not. That goes for our children, grand children and maybe our great grand children. How can the government force them into this indebtedness when they are not even born yet. We the people are going to be hurting soon.
Dan and Deanna "Marketing Unscrambled"
Hi Jacques .. good for you .. no debt is definitely better than some debt, or ghastly large debt is even worse ..
Thanks - Jacques
Hilary Melton-Butcher
Positive Letters
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