Reddit Personal Finance Getting A Live Person On The Phone Avoiding Dumb Debt at All Costs

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Avoiding Dumb Debt at All Costs

Everyone has seen television commercials with slogans like “Buy now, later” and the like.

You don’t need to save your money for that new car, wide screen TV, that new smartphone, or vacation to a tropical island when you have all of these things.

Instant gratification is a very expensive habit; One that takes you through a lifetime of financial challenges.

Some advertisements contain misleading statements; One I saw read, “Helping you move forward.”

That kind of slogan shows that the finance company is benefiting the borrower which is far from the truth.

Loan sharks and finance companies thrive on financial ignorance; Even those with a basic foundation in personal finance will avoid loan sharks like those who test positive for Covid.

Before signing on the dotted line one must find out whether the item is wanted or needed.

Many people go into debt because they want to live a champagne lifestyle on a lemonade budget just to impress their friends. They are not happy to live modestly.

An expensive lifestyle is expensive in the long run.

The parable of the prodigal son is a perfect example. Here was a young man who squandered his inheritance and lived in poverty because of his lifestyle.

He had not only blown his inheritance but was probably living on credit.

It is debt that actually kills a person’s chances of financial success. That interest rate is dead money; This is the cost of debt.

Paying interest on things you buy on credit increases their cost, and most things you buy on credit depreciate as soon as you take possession of them.

“If you don’t have the money you won’t buy it,” is a common philosophy.

What you think you can’t live without others have learned to live without.

It all comes down to the choices we make.

There are some situations when it may be wise to borrow, such as when the value of the item you are purchasing will make it financially worthwhile, such as student loans. This means you may or may not get a good paying job but you must be absolutely clear about what you want to do otherwise the course will be a total waste of money.

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