In my opinion, one of the factors which have brought our economy to its knees is instant gratification, which manifests itself in the reckless use of credit. Buy now, pay later. This is an incredibly alluring and destructive philosophy, leading to addictive behavior. The majority of divorces are caused by money issues (excessive spending, gambling, and shopaholic activities), and if you do the research you’ll find that most wars have a financial aspect to them. Throughout time we have been warned, “Neither a borrower nor a lender be, for loan oft loses both itself and friend, and borrowing dulls the edge of husbandry.” and “The borrower is slave to the lender”. In my book, that says it all!

I remember a time when people took pride in saving. At that time, we weren’t held captive to our credit scores, nor was there a need to restore our credit. We simply saved up for what we wanted or felt we needed. Today, saving money is almost an obsolete concept; nevertheless, it can help you regain your financial equilibrium. Here are some points to consider:

1. There’s no need to shop for bargains if you’re going to pay with a credit card. On average, the price to borrow money (through credit cards) is 26%, where most markdowns average 5% to 20%. Do the math.

2. Don’t use the mall for entertainment purposes or because you’re bored. This only encourages impulse buying – the bane of every shopaholic.

3. Never shop without a list. This assures you only buy what you need.

4. Make sure you have the money to afford your list by keeping track of your bank balance. Use an old-fashioned checkbook ledger (free at your financial institution), and faithfully note all deposits and withdrawals. The difference between the two is your actual balance.

Most people have dug such a hole for themselves that they can’t climb out without assistance. There are reliable & honest companies out there specializing in credit score restoration and debt reduction. Online Credit Strategies is a good place to start.