Death Trap Of Easy Credit

Debt will steal your joy and rob you of the freedom to do what you want to when you want to do it.  The Bible says “That the borrower is the slave to the lender” and that is so true. Debt places us under a lot of pressure. It is so easy to get into but, hard to get out of it. Yes, I call it death trap of easy credit.

Credit Cards.

Credit cards are very handy items to have in your procession, but they have to be managed. They are easy to obtain with almost, no credit checks. Once we have them we charge everything on them because the monthly payments are minimal, but at that rate it will take about five to ten years to clear of the debt off of a card with a modest limit. What happens most of the time is that we end up falling behind as a result of some unplanned event. Therefore we borrow from one credit card to pay the other. Before we catch ourselves we are deeply in credit card debt.

Car on Low Interest Payments

This is another debt trap. Cars are advertised for as little down as $28.00 with low monthly payments of $28.00, because of our good credit we fall for these wonderful plans, but do we realize that our payback time will be longer and as a result we will be paying more for a car that is deprecating in value every year. As the car deprecates it requires higher maintenance in addition to car-parts even while we are still be paying for it. So you end up paying for the car monthly and also paying the garage to fix it. We start thinking that if we refinance it will easy thing up, but refinance means extending the note on the car.

Some individuals go to the bank and get a small loan to fix the car. Now it is paying back the credit cars, the car note, and loan and supporting the home. Things will become a little tight, but the due payments are being paid monthly because of our good job, but things change, everyone seems to forget Murphy’s Law.  No job is safe nor secure any longer.

Not only, is no job safe nor secure, but you can’t afford to become sick for any time, because it will affect the bills being paid. If  a month or two of serving the debt is missed it will start to rise like a  wave becoming higher and higher and as a result you start to drown in debt, as you fall further and further behind in your payments. Credit agencies will start calling.  You start to avoid answering the phone and opening the mail. Debt destroys you emotionally.

Debt not only also affects our ability to adequately support our families but it also robs us of sleep. Mentally we are overwhelmed with worrying how on Gods earth we will be able to pay off our debts. This causes us many sleepless nights filled with worry and anxiety. I HATE DEBT WITH A PASSION, because it steals years from our lives. In my next blog I will share with you the steps, we need to take in order to obtain our freedom from the trap of debt. There is a way to escape from the Death Trap Of Easy Credit.

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