The story recounts a friend’s decision to cover an old tattoo with a new, larger one, drawing a parallel with debt consolidation. While covering up the tattoo doesn’t remove its existence, the same applies to debt consolidation—it merely combines debts into one, larger sum. If the irresponsible spending continues, the debt, much like the tattoo, becomes larger. The author advises users of debt consolidation loans to have a repayment plan and to avoid treating the loan as a cure-all or using it too frequently.
Are you aiming to have a personal spending surplus, just like the Government? Too bad you can’t just print money the way they do.
You could sing that title to the tune of Tennessee Ernie Ford’s 16 Tons (what do you get, another day older and deeper in debt), but Stats Canada published another interesting and information filled report… Read More »Another Quarter Richer but Deeper in Debt
Gail Vaz-Oxlade warned about banks’ rights to seize money from customers to repay their debts, a practice known as a debt cash grab. This action, made legitimate through banking agreements, occurs frequently when customers amass significant or delinquent debts. Big Cajun Man advises considering diversification of assets and debts, and caution against consolidating all banking with one institution for enticing deals.
Are you creating a massive financial chain to drag around your financial life? Debt is the chain that will drag your financial life as sure as Jacob Marley’s did.