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Financing Major Purchases by Debt

This is a financial blunder most of us make. When we need to make a major purchase, we often buy it on installments. Little do we realize that by doing this we are getting into debt. Not only we are paying for the item but we are also paying additional interest. And then for months we have to stress over paying the installment still the debt is cleared. I have been guilty of this. I made all my major purchases by debt – be it my car or television or mobile phones or laptop etc. The result was that I am always into one or the other debt, paying regular installments since ages. When we buy on installments, sometimes we overspend and then stress when the amount of installments starts taking a toll on monthly budget. Wouldn’t it be better if we save up for our major purchases and buy through cash instead of accumulating debt? This is a lesson hard learnt.

What do you think?

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Written by swalia

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