November 19, 2007

Link up

Last week, had an article about living without credit. It certainly does apply to my intended goal(s) in life. The article gave a few good reasons to live without credit:
- It forces you to live within your means.
Things cost more than what they cost.
It forces you to discipline your spending.
You cannot default on cash.

I concur with all the points made in that article and I have to confess that I have come to a stronger understanding that debt (for all the goodies it can get you) is malevolence. Unless one knows precisely what they are doing when dealing with debt, one should tread lightly; or else, the next thing you know, you end up with a huge load of monies you owe to multiple creditors.


Valley Girl said...

I agree. Although credit is sometimes a necessary evil.

I don't mean to make assumptions about you because of your name, but does your religion prevent you from applying for credit?

Adeem Zafar said...

Well, my religion does prohibit the earning and paying of interest but when you live in the West, sometimes certain compromises have to be made. I mean, I do not put my money in savings accounts (not because of the interest part) but because I think I can earn higher returns by investing in stocks. Therefore, it all works out in the end! :)