Is debt really a necessary evil? It’s certainly not easy to get out of debt and stay out of debt
You want it. End of story. So you decided that you need to have it, but the problem is, you can’t afford it right now. Or can you?
Sound familiar? Unfortunately, many people decide that they want something and that they’re going to get that something before they actually figure out whether or not they can afford it.
So, credit cards, personal loans, auto loans, student loans, and mortgages pick up the slack to bridge the gap between what you know you can’t afford right now and what you learn you CAN afford to buy over time, “if you sign right here”…
So you spend, you get the things you want because hey, life is short- why not just get the things we want upfront and work backward to pay them off, with interest, so we can enjoy them while we’re actually able to, like now!
This is the credit buying cycle, and credit can be a huge challenge for people to master.
I’ve heard credit referred to as “a double-edged sword” which actually makes perfect sense because credit can help you or it can hurt you in a variety of different ways at different times.
Plans and ideas are neat and tidy, but reality is a mess
Instead of thinking of credit as a double-edged sword, I think of credit as a sword whose dull edges become sharp and whose sharp edges become dull depending on your situation. In other words, something that seems like a great idea to finance now may not seem like such a great idea if you lose your job and can’t afford to make the payments for it.
You make plans to pay off your debt quickly and efficiently, and you work the numbers in your mind, we know we can afford that car or that vacation, that is, assuming we can continue to earn the income required to make those payments and don’t keep charging that credit card up to an even higher balance. We want to get out of debt and stay out of debt but it can be really hard to tone down our spending.
We feel like we are responsible with our money and can tackle any challenge that comes our way by working hard, knuckling down and getting through it one step at a time. So we borrow, and for a little while, or maybe even a long while, things are great and were making headway towards being debt-free or finally getting that credit card balance down to a point we could easily wipe it out.
Then disaster strikes, or maybe life just happens and we borrow more and save less. A small credit card balance turns into a larger one and things start to feel like they’re getting out of control…
If you’re one of the few people who can repeatedly charge up and acquire debt and pay it off exactly when you think you can, well congratulations. Unfortunately many have more trouble doing this than they want you to think and by the time some people are ready to get out of debt, they may have a long, uphill battle on their hands.
I can help you, just tell me what kind of debt you’re interested in paying off
Success With Money Takes Smart Planning and Simple Fundamentals
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