Our country is in more debt than it has ever been.
Jobs are being outsourced, unemployment rates are at an all time high, and families are losing their homes at alarming rates.
Meanwhile the government continues to spend more money that we simply don't have.
The experts say that the "great recession" is over, maybe it is, and maybe it isn't.
I don't mean to be all doom and gloom, but look around, look at your own situation.
We are all guilty of the same thing that the government is currently doing.
We all spent more money that we made.
We did this through the use of credit cards.
And when we ran out of credit we went out and pulled money out of our homes to pay off the debt.
Problem is most of us didn't pay off the debt with the use of those funds, or if we did, we simply went out and ran the cards up again.
What we all need to understand is that we can not spend our way out of debt.
The only way you are going to get out of debt is to STOP incurring more debt.
You need to stop the cycle.
Since we were young adults we have been taught by our "institutions" to obtain credit cards and charge, charge, charge.
It is the American way.
My hopes are that by now you have realized that this mentality is the wrong mentality.
It is time to make a decision.
And that decision is to get out debt.
Stop making your creditors rich while you struggle to take care of yourself or your family, for what, to maintain your credit? Do you plan on working until the day you die, because that's what is going to happen if you do nothing but continue to make your minimum payments on your debts? Take a look at this example.
According to CNN Money, if you owe just $20,000 it will take you over 20 years to pay it off by making your minimum payments and that's if you NEVER use the cards again! It will cost you an additional $20,000 in interest on top of the $20,000.
So in the end you are going to pay over $40,000 to your creditors and give up over one third of your life to do so.
Or worse yet, if you are in your golden years then the reality is you more than likely wont ever see the day you pay that debt off.
Is this what you want to leave your children? I personally don't like that option and neither should you.
Jobs are being outsourced, unemployment rates are at an all time high, and families are losing their homes at alarming rates.
Meanwhile the government continues to spend more money that we simply don't have.
The experts say that the "great recession" is over, maybe it is, and maybe it isn't.
I don't mean to be all doom and gloom, but look around, look at your own situation.
We are all guilty of the same thing that the government is currently doing.
We all spent more money that we made.
We did this through the use of credit cards.
And when we ran out of credit we went out and pulled money out of our homes to pay off the debt.
Problem is most of us didn't pay off the debt with the use of those funds, or if we did, we simply went out and ran the cards up again.
What we all need to understand is that we can not spend our way out of debt.
The only way you are going to get out of debt is to STOP incurring more debt.
You need to stop the cycle.
Since we were young adults we have been taught by our "institutions" to obtain credit cards and charge, charge, charge.
It is the American way.
My hopes are that by now you have realized that this mentality is the wrong mentality.
It is time to make a decision.
And that decision is to get out debt.
Stop making your creditors rich while you struggle to take care of yourself or your family, for what, to maintain your credit? Do you plan on working until the day you die, because that's what is going to happen if you do nothing but continue to make your minimum payments on your debts? Take a look at this example.
According to CNN Money, if you owe just $20,000 it will take you over 20 years to pay it off by making your minimum payments and that's if you NEVER use the cards again! It will cost you an additional $20,000 in interest on top of the $20,000.
So in the end you are going to pay over $40,000 to your creditors and give up over one third of your life to do so.
Or worse yet, if you are in your golden years then the reality is you more than likely wont ever see the day you pay that debt off.
Is this what you want to leave your children? I personally don't like that option and neither should you.
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