If you listen to the TV and radio advertisements you would think you can and should borrow money for just about anything. Credit card companies and banks encourage this by constantly sending you credit card offers and increasing the limits on your existing credit cards. They use compelling arguments to try to convince you that you owe it to yourself to borrow money. You deserve to live a better, more fulfilling lifestyle. It's the American way! As a result, many people are sucked deep into debt by borrowing money for things they should have never gone in debt for in the first place. So when is it a good idea to borrow money?
Except in rare circumstances, the only two things you should ever go in debt to buy are a house and a car. These are both large-ticket items that most people could not afford to pay cash for, but are necessities that most can not do without. Any other items should not be purchased unless you have the means on hand to pay for them.
Read full article here
Posted on Shalom Adventure by: Brenda Miller