"There can be no freedom or beauty about a life that depends on borrowing and debt."
Credit tends to enslave us. The cost of credit is interest . Credit seems desirable to us because it makes it possible for us to use goods and services before it's paid for. It may allow us to buy goods of value when we don't have cash. Credit can though, lead to excessive spending and crushing debt.
Indebtedness can accumulate almost without notice. It makes spending so easy that we spend more money than we have. The illusion credit gives of material well - being might be compared to going to an imaginary amusement park. As one enters the gate, he is informed that there is to be no exchange of money. Instead a card is fastened to you and is punched with the prise of each purchase or ride.. Off the visitors go to have a glorious time.
There is a toy here and sweets to be purchased,rides to take and a fun house to visit. For each item there is a charge, when the card is punched. When it's time to leave, the amount spent is added up from the card and one looks in disbelief. He is sure he didn't spend that much money! He couldn't have! But pay he must, for he is in debt until he does.
Without saving first and pay in cash, the tendency is to spend too quickly and to pay a higher price and before we know it, we have lost our financial freedom and the interest on our debt begins to mount. We aren't in control, but a prisoner to debt.
A family had planned a vacation and first had to fetch their son in a distant city. They did not budget for the extra trip, so they borrowed money. However, circumstances prevented paying the debt off for nearly 5 years and during that time the interest on the loan had multiplied. When they finally managed to pay the debt, the interest alone was the same amount borrowed. Their vacation left a bitter taste as they realized that they should have saved first.( This is based on a true occurrence.)
Once in debt, interest is your companion, every minute of the day and night. You can not shun it or slip away from it, you cannot dismiss it, it yields neather to entreaties, demands, nor orders; and when you gets in its way or cross its way, or fail to meet its demands, it crushes you.
Save now and buy later and buy later, you will be much further ahead. You will spare yourself high interest and other payments. The money you save may provide opportunities for you to buy later at substantial cash discounts.
If there is any one thing that will bring you peace and contentment, it is to live within your means and if there is any one thing that is grinding, discouraging and disheartening it is to have depts and obligations that you cannot meet. We are encouraged to get out of debt, live within our means and pay as we go.
Sources : RS courses of study. Pixabay, Google images.
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Good topic. So part of our daily Western lives, but as they say...“Interest on debts grows without rain.” - Yiddish Proverb
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STOPThanks. I'm glad you like it.
I love your Post... I have Credit Cards, but I pay them in full when I get the bill... When you do it that way, there's never an interest or finance charges... I've been debt free for a very long time... Great Post...
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