{"id":1660,"date":"2014-07-30T00:15:47","date_gmt":"2014-07-30T08:15:47","guid":{"rendered":"http:\/\/www.cultofmoney.com\/?p=1660"},"modified":"2014-07-29T11:04:13","modified_gmt":"2014-07-29T19:04:13","slug":"how-to-break-your-debt-addiction","status":"publish","type":"post","link":"https:\/\/www.cultofmoney.com\/how-to-break-your-debt-addiction\/","title":{"rendered":"How to Break Your Debt Addiction"},"content":{"rendered":"
<\/a>I\u2019ve never had much debt. It always felt wrong.<\/em><\/p>\n When I was 18 I was stupid and maxed out a couple of credit cards totaling around $2,500. I quickly smartened up, paid those suckers off, and cut up the cards. The only other debt I have ever acquired was a car loan (which in hindsight was a bad move) that I paid off in two years, on a super low salary mind you, and the loan I took out to buy my trailer which was also paid off in two years thanks to a small inheritance.<\/p>\n So no, I\u2019m not perfect \u2013 just close to it. (Kidding. Sort of.<\/em> No seriously, I\u2019m kidding.) But it baffles me at how easy it is to get addicted to debt.<\/p>\n One of my closest family members just kills me in this aspect. She finances EVERYTHING. Household appliances, super nice cars, clothes, jewelry, make up \u2013 you name it.<\/p>\n Outwardly you\u2019d think she has it all. She\u2019s beautiful, has an awesome personality, and everything under the sun. But what most people don\u2019t know is that she is drowning in debt \u2013 and she\u2019s okay with that.<\/p>\n But how?<\/em><\/p>\n Unless we\u2019re talking student loans, a car loan (for a car that is much needed), a mortgage, or investment property loans I just cannot understand why people would want to take on debt.<\/p>\n Excess debt is not okay. Here\u2019s why.<\/p>\n It robs you of financial freedom \u2013<\/strong> When you\u2019re making ten to twenty monthly payments on your debt you\u2019re never going to get ahead. All of your money is going to interest. Your debt balances will remain stagnant and you have no financial cushion<\/a>. You can\u2019t save up money for emergencies or any other large purchases.<\/p>\n It creates stress \u2013<\/strong> I can\u2019t imagine having ten to twenty credit card payments per month. How hard would that be to keep up with? When you\u2019ve accumulated this much debt the only thing you can do is rob Peter to pay Paul.<\/p>\n And knowing that you owe so much money? That\u2019s a pile of unnecessary bricks on your shoulders.<\/p>\n What About the Future? \u2013<\/strong> What\u2019s going to happen when you\u2019re too old to work? File bankruptcy? Live in an old folk\u2019s home and hope that your social security checks can support you? What about the financial burden you leave to your kids?<\/p>\n If my Dad was in a position like this I wouldn\u2019t be able to watch him suffer. It\u2019d be me taking care of him and I\u2019m sure that\u2019s not his grand plan for my life or his.<\/p>\nDebt is An Addiction<\/h2>\n
Excess Debt is Not Okay<\/h2>\n