To credit something is to take something with the intent to pay it back at a later time. Most, if not all, banks and micro finance companies deal with credit. Many people from The United States and Europe have a habit of using credit. In the following paragraphs, you will learn why crediting things can be a bad idea.
If you are a religious person, you probably know that God doesn’t want you to be indebted to anyone or anything. He wants his children to always give and not have to borrow.
Secondly, putting things on credit, such as gas, clothes, groceries, etc., can give you a lot of stress and sleepless nights in the long run. Sure, it’s easy to borrow money and just pay it back later. But it can be a real big pain if you are not careful.
Interest is what causes high stress and emotional break downs. Interest rates are usually very high thus making you pay a lot more for something than you normally would if you didn’t put it on credit. And if you don’t pay a little over the minimum amount due each month you could end up paying double or triple for your purchases as the amount borrowed (credited) would just keep accruing and stacking up month after month.
There have been plenty of people and businesses out there that have either put a few things on credit or borrowed money from a bank and now they can’t sleep because of the situation they end up end due to the interest rates. Also, debt collectors end up calling constantly and some even will come knocking on your door. Even the IRS could get involved.
You could even go to jail from not being able to pay the loan or maybe even go bankrupt. So why go through all the headaches, stress, and sleepless nights that this path could potentially lead to? Just think twice before making credit decisions. It could hurt you in the long run.