Sound Advice to Reduce Debt
Warning: “Credit card use could destroy your good credit rating, devastate
you financially, wreck your marriage and adversely affect your relationship
with relatives, friends and associates. Stress associated with use of
these cards could seriously effect your health and even effect your
weight.”
Some estimates state that over 50% of the American population are suffering
from debt related stress and that around 1 in 70 people will file for
bankruptcy. Consumer debt has rocketed into the billions of dollars
and is only getting worse. Things are getting worse and it's about time
that people started to realize that things need to change drastically
from the old idea, "charge it and worry about it later".
If you have run into financial difficulty or see it coming in the near
future you need to start taking immediate action.
Don't wait until you're gasping for air before you decide to do something
about your financial situation. The quicker you start taking action,
the better off you will be in the future. You need to break free from
the millions of people who are spending their lives living from paycheck
to paycheck. Stop giving all of your hard earned money to the creditors
with no appreciable effect on the balance owed.
The first thing to do is to get over the belief that "it's OK to
have debt". This is a hard lesson to learn for most people when
they are faced with a continuous barrage of media hype telling them
of the virtues of credit (debt). One of the first things
to realize is that credit is not there to help you. It is not
there to improve your life or make things better for you. It's
there for one reason and one reason only, to make money for the banks
and credit card companies.
Credit is a well designed and carefully laid trap that makes the credit
card companies billions of dollars every year. Credit card companies
do not make any money unless you are in debt and it's their intention
that once you're in debt you stay there for the rest of
your life. If you make only minimum payments on a typical card, it will
usually take 30 years to pay off. Or looking at it another way;
it will take you most of your working life. That's as long as
you do not get any late fees, over limit fees or accumulate any additional
charges on the card.
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