By Evan Vitale
In this blog post, we’ll wrap up our series on debt and, more importantly, how to get out of debt. While it’s true we always carry around some form of debt, it’s certain not enjoyable to have a lot of credit card or tax burden debt hanging around your neck.
It’s true that we are living in a time where debt seems like it’s encouraged. We’re bombarded with credit card offers in the mail and by the cashier at the department store. We’re told how easy it is to buy tickets and rent a beachside condo for a vacation in Jamaica and how we can earn points for spending, spending, spending so we can upgrade flights at any time, etc.
In addition, loan brokers tell us that we can borrow up to 125% against our home equity and, if we need quick cash, you can get a loan on your car title.
At times, it definitely sounds like a mound of debt is the way to go, but it’s not pleasant when it’s time to pay the piper.
When money is tight, many people take the easy route and pay for things with a credit card. Try to avoid that temptation, especially if it’s not for essentials such as food, medical, gasoline, etc.
Instead of going into more debt, see if there are opportunities for more work or overtime at your place of employment, seek out a part-time evening or weekend job or tighten your belt and spend less money.
Debt isn’t always a bad thing. You’ll need to carry some level of debt when buying a house or a car or going to college. Someone once said to foster the debts that help the cause and banish the ones that don’t.
Always be looking for ways to control your spending and debt. Cut back on unnecessary purchases and expenses. Save. Save. Save.