subject: Borrowing Money Is The 8th Deadly Sin [print this page] In my view, one of the factors which have brought our economy to its knees is instant gratification, which manifests itself in the thoughtless use of credit. We are all familiar with the slogan buy now, pay later. An incredibly alluring and destructive philosophy, it leads to addictive behavior.
Studies show that over 50% of divorces are rooted in money issues (excessive spending, gambling, and shopaholic activities), and if you do the research you"ll find that the majority wars have a financial component to them. Throughout time we have been warned, "Neither a borrower nor a lender be, for loan oft loses both itself and friend, and borrowing dulls the edge of husbandry." and "The borrower is slave to the lender". In my book, that says it all!
Remember when people took pride in saving? At that time, we weren"t held captive to our credit scores, nor was there a need to restore our credit. We basically saved up for what we wanted or felt we needed. Unfortunately, saving money has become an outdated concept; all the same, it can help you regain your financial equilibrium. Here are some points to reflect on:
1. There"s no need to shop for bargains if you"re going to pay with a credit card. On average, the price to borrow money (through credit cards) is 26%, where most markdowns average 5% to 20%. Do the math.
2. Don"t use the mall for entertainment purposes or because you"re bored. This only encourages impulse buying "" the bane of every shopaholic.
3. Never shop without a list. This assures you only buy what you need.
4. Make sure you have the money to afford your list by keeping track of your bank balance. Use an old-fashioned checkbook ledger (free at your financial institution), and faithfully note all deposits and withdrawals. The difference between the two is your actual balance.
Today, most people have dug such a hole for themselves that they can"t climb out without help. Fortunately, there are some reliable and honest companies out there specializing in credit score restoration and debt reduction. Online Credit Strategies is a good place to start.
by: Mick Bernard
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