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You and Your Debt by Nikki Willhite "Some debts are fun when you are acquiring them, but none are fun when you set about retiring them. " Ogden Nash People love to spend money. It is fun to bring home a shiny new car, sink into a soft new sofa, or install a big plasma television screen on the wall. What isn't fun is the "paper trail" that follows you afterwards if you put it on credit. When you buy on credit, you are turning over part of your life to someone else. Money comes from your time. You are giving your future time to someone else when you buy items on credit. You need to think carefully before giving away the most important part of your life- your time. There are good reasons to go into debt, but even those are overstated. Most people have to take on debt to buy a house. However, as we've seen the last few years, over-extending yourself financially to buy a house can be disastrous. Using credit for schooling is a good investment in yourself. However again, you must use good judgment. Students spend $67,000 and more to learn to be pastry chefs, when they can only expect to earn $6-7 an hour. You better have a good business plan if you are considering starting a small business. Most of them fail. Buying a car is another debt that should be considered carefully. Cars are transportation, not status symbols. Don't take on huge car loans, when with a little work you can find reliable transportation that you can afford. ONE IMPORTANT THING TO REMEMBER is that everything changes, and that includes how much money you have at your disposal. You cannot assume, when you take on debt, that you will have as much money tomorrow as you have today. If you or your spouse lose your job, take a pay cut, or become ill, or for many other reasons,  you may not have the cash flow tomorrow that you have today. When you miss credit card payments, your interest rate soars. Things can go badly very quickly. Your credit should be used wisely. Think twice about those "wants" that may cause you a lot of misery down the road. There are lots of ways to be happy without spending money. Use your credit wisely. Collect interest, don't pay it. You can can get there- if not today, than tomorrow. About the Author: Nikki Willhite, mother of 3 and an interior design graduate, has been writing and publishing articles on the topic of frugal living for over a decade. Visit her at www.frugalhappyfamilies.com - where you will find hundreds of frugal living tips and articles. Frugal Happy Families- more than just money!

 

 

 

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