THE REAL COST OF CREDIT!

Want to hear a sad but true story. We have a young man in his late twenties earning $100,000 a year with no house payment. He buys a luxury car, spends $2,000 a month eating out, and has $30,000 in credit card debt. The debt is all for non essential items: clothes, furniture, vacations, etc.

Guess what? He is laid off, can’t make his car payments or credit card payments, he declares bankruptcy and moves back in with his parents. He had no savings to whether his unexpected storm.

People have a problem with spending!

Did you hear about the man and his girlfriend who were living in cardboard boxes? The guy goes into a McDonald’s and buys a $1 item and winds up winning 1 Million dollars. Fast forward one year. He buys a motorcycle, a ring for his girlfriend, three homes, and files for bankruptcy.

Again we have spend, spend, spend! He could have banked his money and lived off of the interest.

I heard of a lady who had $150,000 in credit card debt on over 30 different credit cards. She was earning $50,000/yr. How could she do this? One credit card purchase at a time. Needless to say she had to file for bankruptcy.

If you ever have to go to bankruptcy court you will not find people happy to be getting rid of their debt. You will find teary eyed, scared individuals that are afraid that people will find out how big a fool they have become. It’s no laughing matter. It’s a serious and sad matter!

I am not out to heap condemnation on anyone. I am trying to get people to wake up to the fact that there is no free lunch. Somebody has to pay!

Jacques
CreatingWealthThatLasts