When used responsibly, credit cards provide a gateway to financial freedom. But when used freely without restraint, credit cards are absolutely evil. Yet, as Americans, we’re in love with our debt. We can’t seem to get enough of it. The high of immediate gratification is addicting and we often lack the insight to understand what we’re getting ourselves into… until it’s too late.
Taking control of your finances involves more than simply budgeting and saving money. It’s the ability to perceive why we have a certain relationship with money and how to improve upon it.
If you’re struggling with your personal finances and can’t seem to get a handle on debt, here are 11 bad debt quotes that’ll make you want to cut up your credit cards (or at least reach for them less).
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1. “If you can’t pay cash, you can’t afford it.” ― Dave Ramsey
Dave Ramsey is the modern-day king of personal finance. And he knows exactly what he’s talking about. A credit card purchase is an indefinite loan. Put off the purchase until you can pay with hard earned cash.
2. “The borrower is slave to the lender.” ― Proverb 22:7
When you’re in debt, you live without freedom. You work nearly every day to pay it off. For a person in debt, losing their job produces immediate panic. There’s no time to relax and take a break from the workforce. They simply can’t afford it. They’re slave to debtors.
3. “Debt is like any other trap, easy enough to get into, but hard enough to get out of.” ― Henry Wheeler Shaw
Traps are tricky things. It’s easy to waltz into a trap, enticed by the treat. Only when you’re in it, do you find you’re in a world of trouble. More often than not, we don’t learn our lesson and come back for more.
4. “Creditors have better memories than debtors.” ― Benjamin Franklin
The satisfaction of a purchase is never long-lived. However, memories of creditors remain constant.
5. “Every time you borrow money, you’re robbing your future self.” ― Nathan W. Morris
This is one of my favorite quotes. It speaks volumes about the nature of debt.
6. “Debt is the worst poverty.”―Thomas Fuller
Your last dollar is not yet yours when you’re in debt.
7. “Never spend your money before you have earned it.”
― Thomas Jefferson
Earn your money before you spend it or spend your life paying it back.
8. “Better to go to bed hungry than wake up in debt.” ― Proverb
Worry and anxiety from debt will destroy you faster than hunger ever will.
9. “Interest on debt grow without rain.” ― Yiddish Proverb
Interest is a weed that grows regardless of conditions. You have to completely eliminate all debt for it to cease growing.
10. “Debt can turn a free, happy person into a bitter human being.” ― Michael Mihalik
It’s difficult to maintain a smile when you’re buried in debt. Debt acquires interest remarkedly fast. If you’re not making enough to make a dent, it can quickly lead to depression.
11. “Debt is the slavery of the free.” ― Publilius Syrus
We’re born free, but enter slavery on our own accord with debt. It’s a heavy price to pay… for a fleeting moment’s happiness.
Now that you’ve read these quotes, write them down. Keep them front and center.
Clarity concerning spending habits and debt will introduce a fresh outlook for your financial future. You’ll be happier and less stressed out about your finances. You’ll actually have money to save up for bigger and better things. You’ll learn to enjoy life to the fullest!
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