Downgrading your lifestyle is far better than taking a loan to lead a lifestyle you cannot afford.
The temporary luxuries of a loan are long forgotten when the stress of the burden of repayment sets in.
We are taught to avoid taking loans as far as possible unless there is a dire necessity and we have the ability to pay back.
An unnecessary loan often suffocates, strangles & returns to haunt us in a way that we had never imagined.
Many people incur debts simply because they want to lead a lifestyle they cannot yet afford. They enjoy the use of what does not really belong to them and may never be theirs.
Such people end up paying throughout their lives with the constant risk of losing "their belongings" if for some reason they cannot cope with payments.
Lead a simple life, work hard, always live within your means, be happy with what the Almighty has apportioned for you and try never to incur a debt.
Earning your money "before" paying for what you want is better than craving to make use of what does not belong to you and slaving to keep up with payments!
Unfortunately, debt has become a way of life for the average American citizen. Most people here end up in debt for most of their adult lives: mortgage payments, credit card payments, student loans, medical bills, etc. I read somewhere that the average American pays something like $20000 of credit card debt by the end of their working life.
It's all part of the vast conspiracy, a form of economic slavery to keep the average working-class citizen endebted to the government...
Nice thread, Haafizah! I agree with the sentiment.
Apart from our mortgage (which we paid off within 10 years) I have never owned a credit card or had any loan/debt of any kind. If we can't afford something, we either a) go without or b) save up for it.
What troubles me is that our children are now taught by society that debt is normal. University students can expect to leave uni with a high debt hanging over them ... I don't like that at all ...
I work part time for a debt collection company and i can tell you, where i am from, debts are a big problem. Other than the inevitable such as study loans and housing loans, some people even take loans to gamble, buy electronic stuffs and even to get married! It's such a disease here. And it has caused many ppl to fall into bankruptcy.
It's probably the lifestyle and social pressure, everyone wants what the other guy has so that they won't be looked down upon.
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