ABOUT DEBTS AND THEIR CONSEQUENCES.
I work with many clients and review numerous bank statements, credit card bills, credit reports, and financial statements. I see that a lot of people are piling up credit card debt, taking meaningless loans, and buying simple things on credit.
I do ask them what they did with the money, but they can’t explain. Some are paying more than £600 in interest on all their credit cards per month. In a year, that is £7200 in interest alone.
Let me tell you how to become poor in the UK and the Western World at large. Banks and these credit card companies will usually offer you credit when you don’t really need it. They will offer you loans when you don’t need them. They offer you a credit card, and in an attempt to improve your credit rating, you start piling up debts, find it difficult to pay them off, pay the minimum monthly payment, and become a debtor.
The same thing applies to loans. The interest rate is usually lower than that of credit cards, but if you don’t have something specific to do with it, don’t take it, as it could plunge you into debt for many years. Many use credit cards to go on a week-long holiday, then pay off the debt over the next three years. That is not a holiday but an entrapment to become a debtor. A lot of marital problems and health problems are linked to debts.
It takes years to come out of the financial pit if you don’t become intentional. If you lose your job or your business struggles for a while, then you will be in trouble.
Do not waste your active and agile years paying debts while your financially intelligent friends are building a debt-free future. Remember, godliness with contentment is great gain. I hope this helps someone.
My name is Dele Olawanle. I am a coach. I think, write, and speak to improve lives. Share this post. Follow me for more insights and inspiration. #deleolawanlesnuggets
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No matter what it will cost you, please avoid going to jail, especially in a country like Nigeria. Aside that the general living condition in prison will make your live a million times worse than it was before going to prison, your post-prison life might be extra worse.
Avoid crimes, with everything you have.