Consumers Have Overdosed on Credit

Many Americans have fallen victim to risky loans – applying for high interest credit cards, purchasing homes they can’t afford and paying financial loans on private schools for their kids. Recently, when I looked into admitting my daughter into a pre-k program at a local private school here in my city, I discovered that the total costs for 10 months would be over $11,000! Sorry, I may be willing to go into debt for my daughter’s college education, but not for Pre-K. Does that make me a horrible parent? –HARDLY!

If you get into a financial bind due to too much overdosing on credit, you’d actually be better off applying for a short-term online loan. These loans are paid back within 2 weeks and are intended to help consumers make ends meet between paydays – not accumulate more debt! This also offers a less expensive alternative to paying over limit fees, late fees or bounced check fees.

So, the next time you consider applying for another line of credit to purchase something that is not in your budget, please reconsider. Instead, put money aside each week for as long as it takes. It may take several months to save enough money for the item, but it will help you realize if it is really that important to you. Saving the cash will also help you appreciate the item more and will also teach you, as well as others in your family a lesson in patience.

Americans need to learn how to just say NO to overconsumption and ridiculous financial behavior.