WHY YOU SHOULD (6)
by adminA lack of respect for money, combined with the absence of a system for handling personal finances, largely accounts for our nation’s inancial unhappiness. So many Americans do not yet see how the orce of consumerism is eating away at their lives. Is it eating away t yours? Perhaps it’s time to take a hard look at how consumerism ight be affecting you.
Indebtedness:
Becoming a Slave to Lenders and Easy Credit
Another force at work in many people’s lives goes hand-in-hand with consumerism. It’s called indebtedness, and unless its power to ontrol you is completely understood, you will fall victim to credit card ompanies, lending institutions, banks, and other entities that ait with bated breath to put to work for them the compound interest hey collect from you.
Unfortunately, most people don’t realize that when the initial loan amount is combined with double compound interest, they can end up aying three times the amount they actually borrow!
Credit card companies and other credit issuers are keenly aware of this fact. These entities know that double compound interest is the ay to make money. That’s why they send out more than two billion ffers for new credit cards each year, even to those with bad credit, o credit, or those who have declared bankruptcy.
aken from : Money Mastery “10 Principles That Will Change
Your Financial Life Forever
