Treading water or running on a treadmill, each require work; however, you cover no ground, make no progress, and move no closer to your goals. This is how many people maintain their finances. The “one paycheck at a time” life style, little savings, just enough each Friday to pay bills. Typically people will borrow money to make purchases because the mentality is that if they can pay the monthly payment, then it is affordable. The real goals of these people are much larger than the materialistic items they possess. The issue is their priorities are out of order, living for today instead of the future.
The common problem among many people in today’s society is their comfort in making everyday purchases while increasing their consumer debt. Convenience is the temptation and instant gratification is the result, but at what price? We live in a buy it now, pay for it later world. There is a mountain of debt and little to no savings. There are ways to control money and avoid cash advances, credit cards, and loans and begin the road to financial recovery!
I shared a link to an Article on Lifehacker.com on the debt trap!