Debt-a dirty word for the financially literate
“The borrower is a slave to the lender.” Proverbs 22:7
If you don’t have the money you don’t buy it is a quote I once heard from a church leader and he is right. Debt is a cancer on the financial health of people and just like physical cancer, the cure is often painful and requires a change in behaviour. It is all very well to keep your debt under control but you must learn to live within your means if you are able to. If the books make terrible reading then you still must do something about it such as seeking financial advice and going to a budget advisor.
Credit card spending is one of the main causes of debt because it makes credit easily available. Once you have convinced your bank of your credit worthiness you are virtually guaranteed a credit card. All the bank is concerned about is making a profit. They are not concerned that you are getting in debt and if you get behind in your credit card repayments, the interest rates really bite hard.
It is not just those on modest incomes who are in possession of a credit cards. Those on medium and high incomes use them as well.
So what does this tell you?
It tells me that what motivates people to use credit cards is greed and selfishness. It is the “keeping up with the Joneses” mindset. Some people spend their whole lifes trying to keep up a persona, that is keeping up a self-image just to impress others. That nice car or expensive house house may impress others but at the end of the day if it is bought with borrowed money then it will result in the borrower’s life being ruled by the lender.
Many people are pennywise but pound foolish! They take note of all of the bargains and will purchase one item over a competititor because it is 10p cheaper yet would think nothing of purchasing other stuff on credit and paying interest on it which means they are paying a higher price for everything bought on credit.
It is important to live by your own financial objectives and circumstances. In short: Stop being a people pleaser and be yourself!
The information here is the opinion of the writer. If you need financial advice then ask your budget or financial advisor. Feel free to pass on, share, and print this post.
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