Dumb Debts

I saw a video clip this morning from the Dave Ramsey show where they were talking about a neighbor who financed a dog. Really!? Somebody financed a thousand dollar dog!? Here’s the video clip.

I would like to say this is uncommon in life, but we have grown into a paradigm that we can buy anything we want and make payments on it. We have to have it now. No, don’t save up a couple of months for your new TV, make smaller payments on it now until you’ve paid more in interest for it than the thing is was worth to begin with. This is just dumb.

Think I’m wrong? When was the last time you bought anything on your credit card (not debit card, two different things) and didn’t pay for it at the end of the month. Sure, you make the smaller payments but the interest is still growing. But it’s justified because you needed it now. Keep doing this and you’ll look up one day with a massive credit card balance and no way to pay for it. And no, you didn’t need it. You wanted it so badly that you justified a really bad decision to make you feel better.

Anyway back to the dog thing from the video. We really need a paradigm shift in our country and quit buying things on debt. Yes, you can buy smaller and larger things in life without going into debt. It’s called being mature by delaying pleasure and saving.

What are your thoughts on this?

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