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Five credit lies to stop believing

In tough economic times we need to cut back where we can and up our savings as much as possible. Practicing restraint like this takes a lot of guts and determination, because it is human nature to want to buy things we love.

That is why it is also normal to want to believe that little voice in our heads that encourages the purchases we know we can’t afford. If you are trying to get your finances together but find yourself justifying purchases with any of the below, be wary. These little lies are keeping you from reaching your financial goals.

#1: I’ll get my act together next month…

By making more debt you will have even less cash flow next month. Don’t postpone your action plan. If it is too strict, adapt it so you will be able to do better next month.

#2: Buying this on credit now will make me happy…

We are all human and that is why we take pleasure in spending money on entertainment or buying those shoes you need for work. Just be careful that this type of behaviour doesn’t cost you more over the long run due to astronomical interest fees etc.

#3: I’m already in trouble this month, what harm will another purchase do…

By adding new debt to your current debt will make matters worse as your instalment and interest will be higher next month. Be courageous and don’t make new debt.

#4: I’m buying things that are on sale, so it doesn’t count…

Sales are a wonderful way to save some money. However, if you are buying on credit, you have to take interest into account and work out whether you are really saving. If you won’t be able to pay it back over the next month or two, it is probably not worth it.

#5: It is normal to have to buy things on credit because everyone is struggling…

It is true that many people are struggling; in fact, nearly half of all credit-active South African consumers are not making ends meet. That is why it is essential to curb overspending and budget wisely so that you don’t have to make new debt in tougher times.

With clear financial goals in place it will become easier to ignore that little voice, listen to your own and stick to a monthly budget.

If your monthly debt instalments are making it difficult for you to make it every month, get help! Let Debt Rescue help you on the road to becoming financially free.

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