Enslaved By Debt?

Posted by Jeff | Monday, July 14, 2008

(This post is based on the Parenting Seminar we conduct for parents in the high schools we have been to. The topic is entitled “Avoiding Financial Tension”)

I have mentioned in the previous posts that saving money is the best way to prepare for financial emergencies. And since saving can be really difficult, it helps when we employ services of companies and individuals to help us into the habit of saving regularly.

However, most people do not practice this habit. They naturally choose getting a credit card, quick payday loans and such. Not that this is totally wrong, but getting into the habit of borrowing, taking on more loans than you are able to handle not being able to manage making regular payments sometimes becomes pattern for many people who get into loans. This pattern or habit can enslave anyone who is not careful with the way he or she handles finances. There are people who borrow to pay off existing debts. Again, this isn’t totally wrong, especially when the plan is to end the borrowing cycle. But one’s resolve to do so must be very strong or again, being accountable to someone or a group of individuals can help one overcome the borrowing habit.