I cannot return to work tomorrow without sharing this thought.......... The United States is a country where maintaining a good and healthy financial credit makes all things possible. A joint income of 50 thousand dollars (which is a relatively small amount of money) can get you a house, a good car and a used boat, Those that keep paying the minimum/maximum on their credit cards can project financial success to friends and relatives whilst holding very low paying jobs. Banks have continued to increase lines of credit, despite the recent economic recession. My question is?......is living off bank credits really freedom?......Does it really help us meet our long term goals of ownership?......or is it simply there to fulfill our immediate desire for a life we cannot afford based on our income. In the Mid East, this kind of practice is frowned upon. You are encouraged to spend only what you can afford. There is actually a doctrine in the Quran, that considers borrowing money as immoral. I am not comparing the 2 systems because i cannot do so. I am trying to articulate whether one cannot say that the system of borrowing in the West could also be considered immoral. Where is the freedom, when your home can be taken away at any time during 30 years of your life?......where is the freedom when you loose your car after a couple of missed payments?.......what do you say to your kid, when you can no longer afford private school fees? I do not like debt. I do not want debt and I will never recommend debt. What i stand for is that no matter how little or how much we earn, we can live within our means. The trick is not to covet thy neighbors wealth........Have a good week all!
Posted on: Sat, 31 May 2014 07:17:42 +0000
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