Changing the Way We think About Debt Across the Country
Terms like, “you have to spend money in order to make money” and statements like, “debt is just a tool to prosperity” are just myths that get people into serious financial trouble. Before the recession hit, people wouldn’t even think about using a prepaid debit card, especially when they could get so much more with their credit card. If we glance back on the nation’s reliance on credit cards we will be able to see how we ended up with a struggling economy.
We can start by looking at the brilliant marketing strategies created by corporations that convinced people they needed more stuff to be happy. This eventually evolved into the mentality that the more stuff you have, the wealthier you look, and the higher your status is in the community. Other marketing strategies just flat out convinced people that they couldn’t live without certain products, because the level of comfort or enjoyment the product brings would outweigh its cost in dollars.
We can also glance at how big banks spent billions of dollars annually trying to make us think that we all needed to borrow more money. The marketing tactics from big banks convinced us we could have whatever we wanted right away, and we would just pay for it “later”. This resulted in consumers spending money they didn’t have on things they didn’t need and everything would be just fine. We just pushed the idea of paying for it “later” to the back of our minds.
When consumers are in constant debt all while still consuming, it’s hard to differentiate between needs and wants. When there was no more time to pay “later” debt became a harsh reality. The problem was there wasn’t any money to pay up because we never had it in the first place! Many thought the solution was to spend their way out of debt. This method paired with the lenders who were willing to let their customers continue to fall deeply into debt eventually resulted in the banks needing to be bailed out by the government. The country slipped in a recession, of which our government is still trying to spend it’s way out of.
Victims of these strategic marketing plans lost their homes, cars, credit, jobs, and their faith in the system. There was a better solution all along. It’s simple, do not spend money you don’t have. a Ready debit, prepaid debit card is the perfect way for consumer to stay in control of what they are spending.
The truth is debt brings on enough risk to offset any advantage that could be gained. With all the companies trying to convince us to spend more money in order to be happy, we have forgotten that being debt free will actually bring incredible peace and tranquility in life. Getting accustomed using prepaid cards, and not spending money you don’t have is a much safer way to develop spending habits. In the end you can’t put a price on the peace of mind it will bring you to be debt free!
Learn more about a safer way to spend by using a prepaid credit card. Go to www.readydebit.com and let Ready Debit put you on the path to financial stability.
