I live in a nice place inherited from my parents in a posh locality in a sleepy town.

My brothers and sisters sold their inheritance for a ridiculous amount, for the simple reason that their jobs demanded them to stay away from this town and this money could pay for the house mortgage debt they have in the metros.

I do not have a luxury car, washing machine, cooking range or even a refrigerator or an automated water filter. Worst, I do not have a regular job. And, I do not have DEBT. I only do free lancing and giving cookery classes, all at home.

I do not have the luxury things, not because I am incapable of generating wealth. If I leave the place for a job just for the purpose of generating revenues I perhaps would not be taking care of my parents in their last years. I perfected the art of remaining above poverty line, living within the financial boundaries – without debt and without wants. I studied in the best school, college and university and I do not consider myself deprived or poor for the value adding skills I picked up there that had put me in control of any situation, especially managing within limited means, without debt. I am Creative. And I believe it’s a skill any body can develop, to reduce the credit card debt, college loan debt and mortgage debt. Willing to make a conscious choice to manage money wisely is the creativity we all need the most in the times of recession to avoid debt.

Debt is a financial suicide if you use a credit card for the things once bought, start losing in value such as:

• Going on vacation
• Buying designer dresses and accessories
• Repaying other debt
• Buying gifts for others
• Furniture for the new house/replace the old one

Debt you afford to owe for the things that would increase in value and generate revenue sooner or later, are as follows:

• Get a college/University degree: It will give you skills to earn better
• Buy a home: If you rent it out, it will pay off the mortgage
• Start a business: Helps you generate money for you and to repay the loan

When you find yourself in the hole of debt, borrowing more to come out of it is only digging a deeper grave. When I decide I do not borrow for the things I do not need I avoid debt. Luxury stuff is not a need, it is a want. Being rich would have made me happier and more generous. But then I would still be thinking of the distinction between needs and wants and still be trying not to use credit cards, to buy stuff that loses value the moment it comes into my hands. This refusal to get into debt would have nothing to do with my fat bank balance. After all, the richest is the one who has no debt.

Visit www.collectionstopper.com if you are being sued by a credit card debt collector. If a credit debt collector has sued you illegally, you will be represented for free and then sue the debt collector and make them pay you under the FDCPA. For Free! Fill out our free case evaluation form. Your case will be reviewed and you will be contacted usually within 5 minutes to 1 hour’s time.

Posted on February 26th, 2009 by CollectionStopper
Filed under: Uncategorized