Doomed to Debt?
Posted by Gail | Filed under Debt Traps
Today is Day One of this week’s Credit Card diet. If you’re in, make sure you go to FB to the School Lenders page and join. And tell all your friends and family.
Heaps of people bemoan their debt while booking their next cruise. Are you one of the idiots who can’t find the money to repay your old bad spending habits because you’re too busy traveling (on credit), eating out with friends (on credit) or shopping (on credit.)
How many of the following questions do you answer “yes” to?
- I’m not very good at planning.
- I don’t think too much about what I’m doing, or why I’m doing it.
- I always have to be active.
- I’m impulsive.
- I’m often anxious or apprehensive about making the wrong choices.
- I crave excitement and novelty.
- I’m pretty good at ignoring possible negative consequences.
Psychologists have done some research on the issue of debt personality. Some believe that people who answer yes to these questions also have a tendency to rack up debt.
If you’ve got a bunch of debt and you’re just making minimum payments, it’s time to face up to the fact that each time you whip out a card you’re SPENDING MONEY and that at some point in the future THAT MONEY WILL HAVE TO BE REPAID?
It’s easy to use credit. It’s hard to pay it off. And if your circumstances change and you find yourself with less money in the family pot, you can really strap your ability to roll with the punches if you’re carrying around a bag of debt.
It’s time to become a little more reflective in your thinking. It’s time to learn to plan. And it’s time to stop disregarding the possible negative consequences of your rampant spending.
Want some real excitement? Try living on half your income so you can put the rest to debt repayment. Have the urge to be active? Get another job and use all the income to pay off your debt. Impulsive? Eliminate the temptation: don’t carry your cards and stay out of the malls.