Many people are in financial debt today because they are trying to find their security, identity and esteem in material things. So they end up buying things that they don’t need to impress people who really don’t care!
This erroneous mindset leads to the destructive habit of folks spending beyond their means, making only partial payments on their monthly credit card bills, and overextending themselves with mortgages they cannot afford and car loans they cannot service. Then, they end up wondering why there is no provision for their debts.
Being caught in this destructive habit and debt cycle is not healthy or sustainable. Let’s understand that having more things cannot and will not complete who you are. When you become debt free, your identity and purpose become crystal clear. Find your security not in material things but in the knowledge of living financially free.
Before this current age of easy credit and massive credit card marketing, people saved up for things they wanted and cherished them when they finally were able to buy those treasured possessions. Our home is the only thing that we should buy on credit AFTER we have saved enough to make a considerable down payment and can afford the monthly payment preferably on a 15 year loan. Save for everything else and it will seem so much more valuable.
I agree. Credit has become the substitute for contentment.