| Doris Dobkins is the publisher of $mart Money New$. You can subscribe by
visiting her web site at
CreativeFinances.com |
What
is your lifestyle like? Do you sometimes feel like your finances are
out of control and you are living on the edge? Our lifestyle today
has become one of "buy and charge". Society pounds this
message incessantly, wherever you turn. It is even easier for us to
make money than to keep it.
Today, families are living more and
more on the edge. "Household borrowing has risen almost 60% to
$6.5 trillion in the past five years." The Wall Street Journal,
July 5, 2000. Most of us don't even think twice about charging
something we can't afford to pay off when the bill comes.
As a result, "Families across
America have accumulated $505 billion in credit card debt, averaging
a balance of nearly $8,000 per household." USA Today, January
5, 2001
But it's not all your fault. :) The
media spends billions of dollars each year to help you make
decisions on where to spend your money. They tell you where you
should live, what you should buy, what kind of car you should drive
and all the while, pushing you closer and closer towards the edge.
Meanwhile, lenders, credit card
companies (I'll refer to them as "blood-sucking leeches")
are getting the majority of your income each month. Take a moment
and calculate what percentage of your paycheck each month is going
towards any type of debt. Is it 50%? Is it 85% or could it even be
90%?
Actually, maybe you'd rather not know
what you are paying out monthly in interest and debt payments. It's
too depressing unless you'd like to make a change and slowly backup
from that "edge".
If so, your first step will be to
learn to hate credit with a passion. It is not your friend. It is
pushing you towards the edge and the only way to fight back is by
getting yourself out of debt!
Pay off your debts, and stop the
instant gratification spending. If you can't pay off a debt within
25 days, don't make the purchase. It's the only way to beat the
system.
Join me in my efforts to "Beat
The System" and live away from the edge of financial disaster.
--End--
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