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Dont Trade Your Future for Todays DooDads
"Easy Low Down Monthly Payment," "Buy Now Pay Later," "You Deserve the Car Today and We Can Finance It for You," & "Spend Today, 0% APR until Next Year!" We see those statements above every where today, on TV commercials, car dealership, banks and magazines. Those statements have put a lot of people into a financial disaster, because the statements make a lot of people believe that acquiring bad debts is an ok thing to do. One of the main reasons why a person gets into a financial disaster is because he/she can't wait when it comes to buy the things she wants. They keeps buying doodads and liabilities (things that lose values/luxury that goes beyond your current means) because they have no control of their spending habit. For example, I have a friend who loves to use her credit cards to buy jewelry when she is depressed! Today she has over $20,000 bad debts. Every month, she can only pay off her interests from her credit cards only! Her office looks nice and well decorated but her financial statement looks very grim. She only lives from paycheck to paycheck to pay her debts. Another example is if you buy a $500 computer with your credit card that has 18% interest, within a year you will pay approximately $300 interest from your card if you only pay the minimum payment every month for 12 months. A $500 computer + $300 interest = $800. So you pay $800 for a $500 computer. That's not very smart move to make. Someone who is smart won't pay $800 for a $500 computer! In a year, that $500 computer won't even sell for $500 anymore on eBay or a garage sale. A luxury car is another good example, a friend of mine decided to buy a luxury car because he thought he could afford the monthly payment, but what he didn't realize was, a luxury car requires a luxury maintenance cost! It's called the true cost of owning a car! The month payment of a car is not the true cost of owning a car! Go to edmuds.com to find out the actually true maintenance cost of your car. The car that he bought ended up owning him. He had to pay the repair cost, gas, waxing it, cleaning it, and other maintenance fees. Don't even think of owning a luxury car is you can only afford the monthly maintenance. So this is the wisdom key that I want you to remember "Don't Trade Your Future for Today's Doodads." It's not worth it & wise to buy something that will lose values by using your credit card. Think long term instead of short term. Think of what will happen with your financial future before you buy things on credit. Think of the amount of the interest that you will pay to the credit card company. The next time you're tempted to buy liabilities or thing that you know that you can't afford yet, wait, take the time to wait! Say this to yourself "I will not trade my future for today's doodads." Go to www.pebden.com to find more information about financial education products. © Copyright Pebden.com 2005, All Rights Reserved. Entjik Jeffrie MORE RESOURCES:
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GOOGLE SEARCH How to Save Money on Your Credit Cards Credit card companies make their money on the 85% of us who fail to pay the outstanding balance each month. Even if you are not in a position to pay the balance each month you can still save some money if use your card wisely. Rewards Cards: Are They Worth It? Virtually all consumers will have a credit card at some point in their lives. Is this an understatement? Probably, as most consumers carry multiple credit cards. Annual Credit Report and Free Annual Credit Report Getting an annual credit report review has been the advice of many financial managers as they guided their customers to be aware of all information on credit reports. Would the idea of a free annual credit report be good news? Consumers are thrilled with the new federal mandate that demands the three major national credit bureaus offer a free annual credit report to anyone requesting copies of their personal credit reports. Learn The Truth About Identity Theft Identity theft is the fastest growing crime in America, according to a recently released FTC study. Did you know that the term "identity theft" did not exist until just a few years ago? It is a recent phenomenon that is causing a great furor around the world. Convenience Can Be Costly You've just opened your credit card bill and attached to your statement you find a "convenience check" included. It may already be filled out with a dollar amount such as $300, $500, or even $1,000. Credit and Its Cost What is Credit?Credit is money granted by a lender (or creditor) to a debtor (or borrower) whereby the lender defers receiving payment of the debt for a period. In exchange for the credit allowed, the lender will get back the money lent plus interest. Credit Traps Snag Consumers Nearly 20 years ago I worked for a small consumer advocacy organization in Washington, DC. Each week we received sacks full of mail from consumers across the country requesting our list of credit cards with low interest rates and no annual fees. Fair Isaac Corporation Credit or FICO Score As I am not from the US, I had no idea what FICO meant before researching it. FICO stands for Fair Isaac Corporation, a company based in California. 4 Steps to Creating Good Credit As a consumer you've learned the importance ofestablishing a good credit rating with your lenders. Whether you are shopping for a new home or auto, or searching for the best deals on insurance, your credit worthiness will be judged by your credit rating or credit score. Defeating Credit Card Debt With Self Control Credit card debt is a major social problem in some Western countries. To rid yourself of credit card debt, it is best to recognize the problem as both a social and individual problem. Credit Card Rates - Negotiating Rates with Your Credit Card Company Ok, let's face it, everybody hates high credit card rates, and they drain hard earned money out of your wallet. As a valued consumer, it is apparent that you learn how to negotiate to get the absolute best rate that you possibly can. Beware the Shopping Mall Monster Like me, you've probably been offered a fair old number of these by now.. 10 Tips To Prevent Credit Card Fraud Imagine opening your credit card statement one morning and discovering to your horror that you suddenly owe thousands of dollars - on purchases that you never made.Impossible?Credit card fraud on the rise, so you need to treat your card and its information with extreme care. Credit Problems? Heres How to Manage Your Creditors If you find that creditors are calling you almost daily or that one of more of your bills has been turned over to a collection agency, you should know how to manage your debts.First, prioritize then or rank them in terms of the ones that can give you the most trouble the soonest. Home Loans - Repair Your Credit Before You Buy Before you take out a home loan or make any major purchase, you should be aware that any prospective lender will want to take a look at your credit report. Your credit report is a record of all of your past financial dealings, and any loans, credit cards, judgements, bankruptcies or other major financial transactions are listed there. I've Heard About FACTA; What Does It mean? What FACTA means is that if you, as an individual, lose the information on anyone you have ever hired; or, for any business in the United States of America that collects any personal information on people, if the information should be lost due to not destroying the information properly, then two things can happen. First, there are federal fines of up to $2,500. Dealing With A Collection Agency Step I - Selecting A Collection AgencySelecting a credit collection agency is perhaps the most important and difficult task. Some factors you must consider while selecting a collection agency are:- Experience and professionals- Geographical presence- Expertise- Fees and charging model- Customer references- Collection Agency Services has covered this topic in depth through various free collections reports and articles on this site. How To Prevent Fraudulent Credit Card Transactions What Are Possible Signs of Fraudulent Transactions see at Web Hosting Companies?Customer wants to pre-pay for a yearDomain Name Registration for 5 years or moreOrders using free email address providers like Hotmail, Yahoo, etc.Usage of multiple cards to complete order. Collection Agencies: What Do They Do? Collection agencies are businesses that collect past-due bills and accounts receivable for other persons or businesses in exchange for a fee. Collection agencies charge for their services one of three ways:1) A flat fee. How Businesss Mess Up Their Credit Policies In "Become the Squeaky Wheel" a book recently published, Michelle Dunn demonstrates the major areas a business should focus on to ensure a satisfactory customer experience.One mistake business owners make is not having a credit policy in place when they open their business. |
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