March, 2013

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Credit has its purpose, but it is a tool

When I bought my car, I didn’t mind the credit because I knew exactly what the amount was, what I would pay each month, and how many months until the debt was gone. I never had to worry that the amount of debt for it would increase. I never had to worry that my interest rate would be jacked up by the bank. I never had to worry that, by only making minimum payments, I might still be paying it off in 20 or 30 years!

I guess in my mind, the problem is the credit card and related debt, that has no set boundaries – except to try to keep one locked in to it and always tempted to use more. As “ok” as I felt about my car debt, much of my credit card debt was originally about paying for repairs/etc for it. Much of the credit card debt since has been about the mobile home I can’t sell and can’t afford all needed repairs on.

So even the “safe” credit – like cars and homes – has led me into credit card debt and beyond. That’s why I’m feeling so “ick” about any credit at this point. I’m planning to sell the car in the next few months, and not buy another. I’m also planning to never buy another home, as anything I can afford will require more repairs than I can keep up with.

The day I’m finally out of this trap with the mobile home, etc., will be a very blessed day!