Getting into debt for no good reason is very stupid.
I’m not talking about emergencies; I’m talking about getting
into debt for possessions you can live without. I.e. a flash new car.
The modern world makes us believe, if only we had that
shiny new material item, we’d be all happy. That’s bollocks. Yes, a shiny new
thing might make you happy for 5 minutes, then that fleeting happiness goes and
it’s onto the next thing.
Loans absolutely are for mugs (and that includes me, I’ve
been a mug.) Save up your money, and only buy things that you can afford.
0% loans are a con too. And I’ve been conned many times
(because I’m a mug). That 0% credit card with a £10’000 credit allowance that
you don’t need to pay back for 2 years - it’s a con! It cons you into acquiring debt that you’ve got to pay off eventually. 0% loans for cars. 0% loans for furniture. It’s
all a big con. Save you money and buy things when you can afford them.
Rant over.
Time to stop being a mug.
I’m going to clear all my debts. And never go into debt again.
If I want something, I’ll have to save up for it first. Only when I can pay for
something with my own money (not borrowed money), will I get it.
The only things worth going into debt for are
appreciating assets like property. Assets where the appreciation is higher than
the loan APR % and then some.
Be happy with what you have. And stuff you can’t have
(because you don’t have the money), well, stuff it!
