Debt is one of life's valuable teachers. Until there is debt, few want to change a destructive lifestyle, care anything about responsibility, or simplicity. Deep financial debt creates a desire to eliminate debt and be debt free.
Debt teaches:
- Responsibility
- Simplicity
- Desire to Change
- Humility
Debt Teaches Responsibility
Debt creates responsibility in an individual. Credit cards and bank loans help achieve goals. Loans and credit cards, used properly, allow 'instant gratification,' but can come with a high cost attached. The secret is to be able to pay the balance on receipt of the bill. If not, consider waiting to make a purchase until the cash is available.
Debt Teaches Simplicity
Living in the mainstream and keeping up with the Jones' style of life is costly. The world says 'to get ahead, go faster.' Many times this lifestyle acquires huge debt. Living a life of frugality is slower, simpler, and more satisfying in the long term. Living the simple life, debt free, is also healthier.
Debt Teaches a Desire to Change
After receiving credit calls daily for payment on loans and bills, a desire to live differently arises. A new disrespect for having a telephone also happens! It is not stressful to live with less money, but adding daily credit calls to that is a terrible way to live. Become debt free and the creditor calls will stop.
Few people ever desire a change in lifestyle without provocation. Creditor's calls achieve that state of mind over time.
Debt Teaches Humility
Humility, as a word, is misunderstood. Humility simply means truth. If the debts on credit cards and loans are more than income will cover, then getting out of debt is imperative. Once truth is accepted, the process of becoming debt free can begin…not before.
It may seem humiliating to allow others to know the truth about debt over-load, but once accepted, strife goes away, stress decreases and the real meanings of life come to the forefront.
With humility comes integrity. Integrity knows there is no free lunch. Money is scarce and it should be handled as any other valuable. Spend money wisely, save some religiously, and use a little along the way to help the less fortunate in life.
Living integrity is 'doing what should be done, even when no one is looking.' Debt is one of our greatest teachers. It is not nearly as much fun getting out of debt as it was getting into it.
Sources:
10 Credit Card Mistakes Every Consumer Can Avoid, Odysseaqs Papadimitriou, Published November 09, 2010, FOXBusiness
7 Important Money Lessons for Teens, Ron Haynes, March 25, 2011, The Wisdom Journal
Early-warning Signs of Credit Trouble, Kimberly Lankford, July 20, 2009, Kiplinger's Personal Finance
Beverly Bright - Beverly worked in industrial/commercial Architectural Drafting and Design for 35 years and owned and managed her own business for 17 of ...
Join the Conversation