I was born in 1949. My parents and grandparents went through the Depression. This was a difficult time for them and credit was nearly unheard of for average people but people with money used credit and it was their demise.
My grand mother told me one day as we drove through a neighborhood with very large expensive homes that “these people, most of them are only a paycheck away from ruin.
I appreciated her wisdom and lived like her until marriage when my wife believed you got ahead and were able to more enjoy life with credit. the credit card balances would get scary but she would counter with “ you only have to pay the interest”.
As I would cancel a card she would open new ones, when I would find out I would cancel the card and start paying off the balance, it was hell.
We were married for 25 years when I couldn’t stand it any more, after several marriage councilors who thought I was crazy by wanting to live within my means we finally split.
A couple years later I met another woman who liked to live within her means. After giving my ex over a quarter million we were actually saving money. We were able to pay off our home and buy several others as rental and a Florida vacation home besides.
The difference in stress and satisfaction, feelings of security etc. is impossible to describe. We have more and enjoy what we have. I have never made a lot of money but have always wanted a Corvette. All that interest I saved finally bought me one. I have always wanted a nice camera and lenses, all that saved interest and wasted money finally bought me one.
Get out of debt. When you have plenty of money in the bank life is just less stressful, you don’t worry about how you are going to make the next payment. I don’t owe anything to anybody, no interest. My biggest expense each year is taxes and I just write a check.
Do it to be happy, get out of debt.
Nice. I agree. My parents also went through the depression.
(Sorry that money split your marriage. )
My grandparents’ stories of hunting for 3 pennies to buy ice to make ice cream back in their poor days affected me. And my parents lived within their means.
Fortunately, my husband and I agreed to do our best to live without debt. We bought a humble home and paid it off in a few years so that I could stay home with our children. No debt. We pay cash for our cars - usually buy used cars which are fine with us. Not into fancy.