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BlogCatalog April 15, 2009

Posted by 2bdebtfree in Financial Debt Budget.
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Don’t Fall Victim to the Debt Society. March 4, 2009

Posted by 2bdebtfree in Financial Debt Budget.
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debt_society_zombieIt is never too late to start working on becoming debt free. Here at the debt freedom class we want to help everyone that has fallen into the Debt Society. We feel that we need to keep up with the Jones’ new this or that. But what we don’t know is that the Jones probably bought that new whatever on credit. Which means? They don’t really own it yet. They have it and they can play with it, but they will also be paying for it for in the long run. I mean in the looooong run. If the Jones’ bought new fancy living room furniture for 0% down and no payments for 2 years. The original cost was $3,000. If they made payments for those 2 years it would only be $125/mo. That sound cheap. Here’s the problem with that , lets say Mr. Jones lost his job. He has no emergency fund and can’t pay for the furniture for the next 2 years because he ran up his credit cards while looking for a new job. So after those first 2 years are up the interest was 29% on his furniture. He now owes $4,740 and the interest keeps piling on…. The Debt Society wants you to believe that low payments are the way to go. Truth is this, it just adds risk to your financial future.

By the way, that furniture the Jones’ own is now 2 years old, starting to look a little ragged, and has some stains. Does anybody really want to pay $4,740 for stained and ragged furniture? …I didn’t think so….