Do not conform any longer to the pattern of this world, but be transformed by the renewing of your mind. Then you will be able to test and approve what God’s will is—his good, pleasing and perfect will. Romans 12:2
The economic debacle in the US, Europe, and other major countries are the macroscopic view of the credit situation of each household. The lifestyle of credit has gained access in our society in the guise of convenience and social status, a subtle and soft encroachment of greed into the spirit of community.
What the creators of the credit card system envisioned as prelude to cashless society, where people would just carry a small card and use it as a medium of exchange instead of cash, which carrying it is risky and inconvenient, has become society’s reality nightmare.
We are now really a “cashless” society because the lifestyle of credit has engulfed and upset the economic life of many families, strapping them to the debt trap, creating a lifestyle of debt enslavement.
There are only few credit card holders who really care to learn how the credit card system works in terms of interest rates and repayment schemes. Most of the customers are enticed by promotional offers, easy and fast access to loans and credit, availability of cash advances.
As there is no harm in getting a slick, shiny and beautifully designed card, many of them got one without hesitation.
Did anyone ever ask how compound interest computation affects your loaned amount?
Sad to say this, but there are those whose narrow understanding of the credit card system is that they can buy anything by just handing over the card to the cashier, have it swiped through an input device, sign a receipt and presto!…they got what they want.
So you choose to live a lifestyle of credit because you see it as convenient and place you at the mainstream of the society that has embraced the notion that paying through credit card is more reputable than paying in cash.
However, when the credit card bill arrived, your eyes popped open in shock to see the high collectible amount that you have to pay. Now you are in a critical debt situation.
You settle to pay the smallest monthly charge but deep inside you know that you are not solving your debt problem.
Worse, you might be considering accessing another credit line to pay your existing credit or maybe avail yourself a cash loan just to cover up your credit card bills because you have reached your cash advance limit.
It is not too late to live a lifestyle that liberates. This is not a quick fix solution to your current financial travails.
But think about this, I believe that having a credit card would attract you to credit in the same way as having a debit card would attract you to save and earn more to build up the funds in your debit card.
Despite your financial woes, commit to live a frugal life and take delight on the simple and inexpensive things.
In response to your financial crisis, you have to run a budget, cutting out the unnecessary ones and sticking to the basic needs of the family.
Make the hard decision of forsaking your dining out. Instead, spend less eating at home with your family and friends, opting for cheaper cable subscription, implementing power-saving measures, and many other activities that would save you from unnecessary expenses.
Do not anymore conform to the lifestyle of credit that would enslave you financially.
Remember that it is not them that would suffer from the pangs of hunger and undignified existence because your personal economy hit rock bottom; it is you and your family.
There is no substitute to living a lifestyle that liberates you from debt. It begins with setting your mindset to not spending the money that you do not posses in your hands.
Renew the habit of saving for the “rainy day” so that when the “storm” comes you will sleep peacefully and comfortably in your home enjoying the benefits of living a lifestyle that liberates.