Link up
Last week, Lifehack.org had an article about living without credit. It certainly does apply to my intended goal(s) in life. The article gave a few good reasons to live without credit:
- It forces you to live within your means.
- Things cost more than what they cost.
- It forces you to discipline your spending.
- You cannot default on cash.
I concur with all the points made in that article and I have to confess that I have come to a stronger understanding that debt (for all the goodies it can get you) is malevolence. Unless one knows precisely what they are doing when dealing with debt, one should tread lightly; or else, the next thing you know, you end up with a huge load of monies you owe to multiple creditors.
November 20, 2007 at 5:26 am
I agree. Although credit is sometimes a necessary evil.
I don’t mean to make assumptions about you because of your name, but does your religion prevent you from applying for credit?
November 20, 2007 at 12:12 pm
Well, my religion does prohibit the earning and paying of interest but when you live in the West, sometimes certain compromises have to be made. I mean, I do not put my money in savings accounts (not because of the interest part) but because I think I can earn higher returns by investing in stocks. Therefore, it all works out in the end!