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OUT OF.DEBT?
(Continued from page 18}
until you bave gone borne a nd
talked it over. S it on it for a day, or
a week-even a month. In most
cases, it will still be tbere wben you
go back. Tbe salesman would like
you to believe it's a once-in-a-life–
time opportunity- pass tbis deal up
today and it will forever be gone.
If
tbat's tbe case, let it be gone. At
least you won't go bankrupt.
As you budget, base your bud–
geting expenses on wbat you
need-not
wbat you want. Set up a
system of budgeti ng that best
adapts to your own needs-and be
sure you stick to it!
What About Credlt Cards?
Early in tbe article, we talked about
credit cards and installment buy–
ing, wbicb bave a great deal to do
wit b our present day financia! situ–
ation.
If
it were not for mortgages,
most of you probably would not
bave tbe borne you now live in. You
probably could not be d riving your
car, using your furniture or even
wearing tbe clotbes you bave on.
It is not wrong to bave a credit
card-or to take out a 30-year
mortgage on your borne. Tbat is, it
is not wrong if you can
adequately
make the
payments. But many
over-extend tbemselves. For tbese,
it is not all rigbt. Perhaps sorne
sbould not be sitting on a particular
item of furniture or tbey sbould not
bave tbat extra coat tbey bougbt at
tbe depar tment store on credit.
Tbat put an extra strain on tbe
budget tbat was already near tbe
breaking point. A wallet full of
credit cards for balf of tbe stores in
town can become a curse.
If you can't control installment
buying, don't bave credit cards–
and don't open cbarge accounts.
If
you bave been able to control
credit buying, be careful it doesn't
sneak up on you-tbousands get in
trouble tbinking tbey bave enougb
money to go abead and say,
"Cbarge it."
A word about installment buy–
ing. Wbi le bire-purcbase or time–
payment buying can at times be
44
helpful, it must be used witb great
care and caution. Tbe cost of credit
is out of sigbt- and most people do
not stop to tbink of wbat they're
doing when tbey buy on time. In
the last few years, credit buying
pla ns bave become increasingly
more expensive. Interest rates are
soaring beyond 24 percent per
annum and credit cards can now
cost upwards of $50 a year. That's
expensive credit!
Truth in lending laws in t be U.S.
bave helped consumers understand
exactly bow mucb it's going to cost
to take out a loan orto make a credit
purchase. Be sure you fully under–
stand the terms of tbe loan or tbe
credit arrangements. You'll bave to
determine if t be item you wish to
purcbase is wortb the interest
cbarges-or wbetber it would be
better to save and buy it for casb
later.
Start Now!
It
is never too late to start straight–
ening out your family financia! prob–
lems. Tbe longer you delay, tbe
deeper in debt you are going to be.
The 1980s well could be a t ime
of economic concern greater than
any since the Depression of tbe
1930s. Gold and silver prices bave
fluctuated wildly up and down in
tbe last few years. Interest rates
have soared and fallen. World econ–
omy rides t be roller coaster ups and
downs with balance of trade defi–
cits and costs of importing oi l from
tbe Organization of Petroleum
Ex port ing Countries (OPEC).
Double-digit inflation has us still
rocking and reeling .
Tbe financia! future is at best
uncertain.
You want to be on sound footing.
You want you r finances under con–
trol and blessed by God. The laws of
financia! success start witb God and
end with your wise money manage–
ment. Break any aspect of tbose laws
and you will suffer economic crisis.
Keep them and you will weather
tbe storms. Try them and see if they
won't work for you. Write for our
free booklets
Ending Your Financia/
Worries
and
Managing Your Per–
sonal Finances.
They will go into
even greater deptb of tbe wbys and
bows of getting out of debt. o
You'll read:
• What most people don't
know about financia! ad–
versity
• How to make God your
partner
• Actual examples of
people who put God lo
the test
The
PLAIN TRUTH