never buy on credit or loans again
March 23, 2009 6:14pm CST
what if the whole world decided to never buy on credit or loans again. just save and buy what we could afford in cash. i think this would be the best thing for all of us.it would sure send a message to the banks and credit card companys that have held us all as slaves to thier high rates for so long.guess what they would be forced to do work hard and honest like we have had to do.i think ever one should try to be debt free. they would tell us we need to spend but that is because they want our money.is thier any one out there that is debt free ? what a wounderful feeling that would be.
24 Mar 09
In 2003, I was 27 y.o then, I had debt on my three credit cards. I had it because I always want to buy the latest in the market. I always have a new cellphone,new bags, new clothes, dine in to expensive restaurant. In short, I always want people to envied me with the material things I have. But upon arrival of my statement, I cant believe my eyes that I am already in big debt. It was 5X higher than my monthly pay. It was the time I realize that I no longer want the burden. I started to read financial books to have an idea how to start paying off my credit card debts. I learned from the books that I should start paying the one with the highest interest rate while the other two will have to be paid a little more than the minimum requirement. After paying off one card, I have to pay the next one until I only have one more card to pay off. I also have to minimize my expenses. I stop impulsive buying & started delaying my gratification (meaning I should let a day pass thinking if I really need that thing). In 2006, I am debt free. I am currently paying on cash & if ever I used my credit card, I make sure that I pay the full amount on its due date. I realize that living within my means is better. I believe that discipline should really come from within. If you want to be debt free, you can do it. Just know what to prioritize
• United States
24 Mar 09
yes thanks for this advice . it has to feel so good to have such freedom from debt i am hoping to be there soon . it does take a little while to get there and to stop your self from buying things you really do not need can be really hard some times.i was tired yeasterday and thought about takeing my kids and my self out to eat it would have cost me about 30 dollars to do that instead i went home to cook and now will put that money towards a bill. we really do not need all of that material stuff we all buy.if our bills are paid and we have it yes that is ok but if we have bills we should work towards that first. and with me having triplet boys i really need to save as much as i can. in my future i have three boys going to college at one time, driving at one time ,insurance at one time . i really need to choose wisley what i spend my money on. and i do pick up every penny i find i really use every one of them.
25 Mar 09
I think we should go back to how our parents lived no hp,no loans,just saved up or went without.the trouble with that is we would never have anything as if we had saved up cash or our caravan we would be to old to go away in it by the time we had enough.If you are careful and watch the interest rates and decide if you can afford the payments fine if you decide it is not that important to you don't bother.It all depends on what it is and how much credit you already have,credit can he a useful thing if used wisely,I know at the moment people are losing their jobs and having hours cut,so it is not normal circumstances,although you are right most of us want a life now and are not prepared to wait or go without.It is something we will have to learn again.xxIf the world stopped using credit tomorrow it would get worse as that is how most businessess work.
• United States
25 Mar 09
yea most do work that way i try to use as little credit as i can.i had one lady tell me she can not believe how much she can get done now that she is trying to save. she said she is at home more now and her house is cleaner then it has ever been .she said her hours were cut but she is starting to realize how much time and money she was wasting . she said she shops carefully now she cooks at home instead of eating out. her family and her play more games and things at home and things are better then ever at home she saves on day care. some of this lost stuff really could be a blessing .
26 Mar 09
I found that out when i stopped working as well,the runs around the supermarket not really looking.Eating out as there was no time to cook.Now I cook all my own food indoors and play with kids over the park when they come over,or play on the wii with my youngest son and watch football with him have the time now and I have stopped wasting money as well.Feel a lot happier as well thank goodness.x