Stop financing cars, and vacations pay cash.
Stop all auto pays from your checking account.
So, you want a car but can you afford it? Financing may be the easier option, but it could leave you with a hole of debt. Did you know that 85% of cars purchased are financed? Meaning approximately every hour, an American is working to earn money needed for the car loan of the car that took them to work in the first place. Imagine being in debt because of something that depreciates in value. Paying cash is the better option.
At least 61% of Americans have at least one bill in auto payment. It is convenient and a great way to maintain a good credit score. As much as they are good, they can be a costly mistake. If a company billed $850 instead of the usual $85, would you notice? Imagine also paying for a service you no longer use.
The same applies to vacation. Write down the costs you need for that getaway. Save for a couple of months and enjoy a perfect holiday debt-free.
Therefore, to stay in control of your finances, you may have to stop auto pays, which is not hard to do. Write and call the company to notify them that you have withdrawn permission for them to take payment, write and call your bank, give the bank a ‘stop payment order’ and monitor your account.
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