In Credit We Trust But Not Blindly
Monday, December 22, 2014, 6:00 AM | Leave Comment
Man lives in the sunlit world of what he believes to be reality. But… there is, unseen by most, an underworld, a phenomenon that is just as real, but not as brightly lit…Tales from the Darkside? Nope! Tales from the Debtside.
Of course, debt starts accumulating when you keep getting credit without worries or concerns how you’d pay back the debt.
That has become the American Way! For some who don’t very much care about how to return the debt to its proper owner, the initial innocent-seeming debt becomes prelude to many more unpaid debts.
After a while, financial life becomes unbearable ending in bankruptcy. RIP!
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Debt is the toxin that feeds fear and fear is the toxin that feeds debt.
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If you buy more than you need, you gain more debt than you want.
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The person who thinks debt-free life is possible is the one who is going to get rid of debt in life. Make real effort to do so.
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We can easily forgive a child who is afraid of the dark; the real tragedy of life is when men are afraid of the light – Plato
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Any credit repair company that promises to remove legitimate bad debts from your credit history is lying.
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Under the Consumer Credit Protection Act, such information remains on your credit report for about seven years.
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The disappearance of bad credits, if any, is only temporary.
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For help, check out the National Foundation For Credit Counseling.
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Credit card spending and loans from banks are in their trillions of dollars and something has to give. We no longer spend what we have earned, we spend what we haven’t earned on the back of house price rises and yet more loans.
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The banks are prospering and fat cats are awarding themselves massive bonuses, but it cannot continue.
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Beware the debt time bomb may bring the walls of the western world clattering to the ground.
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In general, eating donuts is not the problem for obesity in America. Our constant craving for food is the real problem, especially when this kind of food items are so readily available.
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Similarly, it’s great when credit is readily available to many folks – read millions. Craving for credit has become a bad habit for many. When they know they won’t be able to return the money to its original owner, many folks still get credit.
Be very cautious…
Be very cautious about getting loans. Remember, when you borrow money, you’re actually renting it. So whatever you rent, you must return it to its owner completely intact.
Credit repair firms…
Some folks trust advertisements on TV – because it’s on TV (George Costanza from Seinfeld) especially the ones about debt repair. Unfortunately, many blindly trust the commercials and follow to their financial demise.
Credit card spending is increasing…
It’s great for the economy that people spend. However, it’s financially detrimental to individuals and families who borrow but can’t pay back whereas banks are getting fatter.
Craving for Credit is the real problem!
We live in such a consumer driven society – credit cards just help us get what we want when we can’t afford it. In our society we overeat, overspend, over consume.
The Credit Card Song by Old Man Pie
Ahead of its time this is a cartoon animation that’s been up on the web since 2006 and is all about the credit crunch crisis.
