Financial – Debt is “Economic Bondage”

September 9th, 2009 Posted in Financial

Feel like you don’t have enough money to go around?  Creditors calling?  It is a sinking feeling when this happens.  Tear up the credit cards and go on a cash only purchase regimen.  Get within your financial boundaries.  Purchase only what you need.

Use all extra cash to pay down your existing highest interest rate debt.  Make minimum payment on the others until the highest debt is paid off, then pay off the next highest.  If there is no extra money after you go on a cash purchase regime, you will have to increase income by a second job or consider downsizing your lifestyle, perhaps both.  Bottom line is get out of debt.

Debt is the 21st century form of indentured servitude.  You will be working for the lender until you pay him off.  What if I could guarantee you an investment that will pay you 13%, 15% or even 20%.  You, like me, would be eager do it.  Well it is simple, become a credit card company.  That is how much interest they charge you to borrow their money, what a deal for them.

You must learn to live within your means.  Once you have lowered and stabilized your debt load, build an emergency fund.  Your goal should be to get out of and stay out of debt.

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