Is your credit more than your collateral?
This is a pertinent question. The answer to this question is why the economy is in its current state. Too many of us (individuals & businesses) eyes were bigger than its pockets.
Credit is great when it isn't abused...
Can you remember a time when you went to a department store to purchase a "needed" item? The clerk stated her sales script..."you can save 10% today when you open a credit card". Your reply without any hesitation Yes. Think about this. You saved 10% today. What if you didn't pay off the total balance although you could've with the cash in your pocket? That 10% discount item is now increased due to: APR and Annual Fee. Can you see where I'm going with this?
"The recession is almost over."~Warren Buffet
Yes, he said it. The guru of the financial world. If you watch the session further it will indicate within the next three years. Please understand that with anything it takes patience. Our economic crisis didn't happen overnight and we won't be able to dig ourselves out overnight.
What can you do to help?
- pay off the credit cards (high int rate first)
- set a budget
- live within your means
- pay with cash
- don't abuse your credit
- establish a household savings acct
More importantly, learn the difference between want and need.
Be inspired,
Bahiyah Shabazz
1 comment:
Girl, I am so definately living within my means. And using coupons and what a difference it is making.
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