Lies That Keep People in Debt
Debt - everyone seems to have it. It's just normal, right? We have to be in debt to make it, right?
Debt keeps our money bound up. It causes us to get into more debt to pay for our basic needs like food. It keeps us from being in control of where our money goes.
Here are a few Lies that keep us in debt that we don't have to believe anymore (ramseysolutions.com.).They are just that, lies.
- Debt is normal (or even beneficial)
- There are good debts - and tax benefits (no, there really aren't)
- 1 in 4 Americans who have debt are in collections for at least one of their debts.
- Having a budget limits freedom
- Many don't even know how much debt they are in because they don't track it
- If you are watching where every dollar goes, you will understand how much you are throwing away on debt.
- Out of 80% of Americans currently using a budget, 88% say they keeping a budget helped them stay out of debt.
- Not using debt is a scary lifestyle change
- Debt seems comfortable. You have always had it. But it's just as easy to buy things without debt. If you don't have the money, you don't buy it.
- Millions of people are living without debt. You can do it.
- Getting out of debt isn't a priority
- Debt sneaks up on you. You may not realize just how much you have. You just keep making the monthly payments.
- If you are only paying the minimum payments, it keeps getting bigger even if you don't get into any more debt. Interest accumulates and compounds.
- What could you be doing with those minimum payments or those car payments instead? What would your retirement fund look like if you invested in that instead of debt?
Make no mistake, creditors are making a lot of money on our debt. We are causing others to be wealthy when we pay them thousands of dollars in interest and fees as we remain poor.
"Debt is normal, choose to be weird."
You can master your money... and I can help!
Contact Michelle Serna by filling out the Contact Me form.
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