Bloomberg ReQuIrEs
BLOOMBERG REQUIRES
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Fight Debt Pay With Cash
With the ongoing mortgage crisis still unfolding, a lot of homeowners have had to go to great lengths to keep on track with their mortgage – even using their credit cards to make mortgage payments! While credit cards can be a great thing to have in case of emergencies, they have a lot of harmful side effects and it can be argued that they are bad for society as a whole. Once it was the norm to pay with cash. If you couldn't afford something, you simply didn’t buy it. The current credit crunch has led to a lot of financial institutions, even the largest among them to borrow from the Federal Reserve to remain solvent. Here are some figures from the Federal Reserve which may surprise you: In the years 2006-2007, US consumer debt was $2.46 trillion! Most of this is credit card debt. Other sources tell us that a little over 8% of U.S. households are carrying more than $9,000 in credit card debt. The biggest problem with credit cards is how easy it is to get one. Millions of appli
22 Tips to Fight Debt !
1. Live below your means 2. Don't spend to impress 3. Wealth is not measured in material objects 4. Live a comfortable life not a wasteful one 5. A penny saved is a penny earned 6. Redefine your definition of wealth 7. Borrow and share everybody wins! 8. Avoid the shopping centres 9. Limit your intake of advertising its bad for your wallet 10. Buy with cash 11. Find a better deal and save the difference 12. Adhere to a long term investment strategy 13. Curb your consumerism 14. Stay healthy, medical problems are expensive 15. Stay in and relax 16. Gradually prepare yourself for a rainy day 17. Stop competing in fact forget about the Jones altogether 18. Get out of the easy street mentality 19. Avoid impulse buying, buy things you truly need 20. Time is money, properly manage your finances 21. Find ways to give without spending 22. Never pay retail It's no fun when you're struggling with your finances, drowning in debt, getting th