Credit card companies and department stores are relentless in their efforts to get you in debt. Once you graduate from high school, you will begin receiving credit card offers, all stating that you have been pre-approved. When you make a purchase in a department store, they offer you $10 off your total purchase if you will just fill out an application for a credit card. This is what you need to know about getting in debt, before you take the plunge.
Debt will enslave you. Most people do not start out planning to become enslaved to debt. You make your first purchases with every intention of paying them off at the beginning of the month. It becomes so easy to buy things that you want, and it is suddenly no longer important if it gets paid in full each month. Before long the amount is so large, there is no hope of paying it off for a long time.
Debt will make you a “preferred customer”
During this period the credit card company graciously raises your maximum charge amount every so often. After all, they want you to know that you are a preferred customer. It is all part of the plan to lure you farther into debt. At this point you begin to feel helpless, and you lose hope of paying your debt.
Debt robs you of what you enjoy
Once you are enslaved to debt, it will rob you of the things you enjoy. There is no longer any money to travel, to participate in your favorite sport, to go out with your friends and the list goes on and on. You have to count every penny that you have just so you will have the money to pay the minimum payment. The worst part of all is that many people, out of desperation, start charging on a second or third credit card.
Debt causes marital problems
The stress continues to mount, and the problems within your marriage increase as each begins to blame the other for the debt that has accumulated. It may become so bad, that debt collectors begin to call or make visits to your home. At this point there appears to be no solution, and it isn’t uncommon to hear of men taking the lives of their families and then committing suicide. Those who continue on suddenly find themselves in danger of losing their home and everything they own.
Debt will control your life
By this time, debt is totally controlling your life. It dictates what you can do, where you can go, what you can eat, what kind of car you can drive and every other aspect of your life. You begin to put up a false front to those who know you in order to hide your situation as you continue to spend.
What you need to know about getting in debt is that the best solution is to never start going in debt. If you use a credit card to build credit, put the money for each purchase in a savings account so you will have it when the bill comes due. Safeguard your money, and only purchase what you can pay for. Learn to be content with what you have.